• Expansion of Silver Option Contract Months

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • SER-6349
      • Notice Date
      • 22 August 2012
      • Effective Date
      • 09 September 2012
    • Please be advised that effective Sunday, September 9, 2012, for trade date Monday, September 10, 2012, and pending all relevant CFTC regulatory review periods, the Commodity Exchange, Inc. (COMEX or Exchange) will expand the listing schedule of non-cycle months (January, February, April, June, August, October, and November) for the Silver Option contract (chapter 116, commodity code SO) such that six (6) consecutive calendar months (cycle and non-cycle) are listed at all times.
      Currently, the contract is available for trading and clearing on the nearest five (5) cycle months (March, May, July, September, and December) as well as the nearest of the non-cycle months listed for a period of two (2) months. In addition, any July and December contract months are listed during a sixty (60) -month period from, and including, the current listed futures contract month.
      Under the new listing schedule, the nearest non-cycle months shall be listed for trading and clearing such that a total of six (6) consecutive calendar months (cycle and non-cycle) from, and including, the current listed futures contract month are listed at all times.  The option contract will continue to be listed for trading and clearing on the nearest five (5) cycle months; and any July and December contract months during a sixty (60) -month period from, and including, the current listed futures contract month will also continue to be listed.
      Rule 116.02 (“Trading Months of Silver Options”) is being amended in order to effectuate the expansion of the non-cycle trading months. The rule amendment is presented below in black-line format.
      (UNDERSCORE denotes addition; Strikethrough denotes deletion)
       
      116.02.             TRADING MONTHS OF SILVER OPTIONS
      Silver options shall be listed for trading on (a)the nearest five (5)of the March, May, July, September, and December futures contract months, and (b). tThe nearest of the January, February, April, June, August, October, and November futures contract months such that a total of six (6) consecutive calendar months from, and including,shall be listed for trading for a period of two months from the current listed futures contractmonth are listed at all times, and (c) . In addition, any July and December optionscontract months shall be listed for during a sixty (60) -months periodfrom, and including, the current listed futures contractmonth.
      Please refer questions on this subject to:
      Research and Product Development
      Robert Biolsi                             Bob.Biolsi@cmegroup.com                               (212) 299-2610
      Joann Arena                              Joann.Arena@cmegroup.com                            (212) 299-2356
       
      Metals Products & Services:

      Miguel Vias                               Miguel.vias@cmegroup.com                              (212) 299-2358

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