Silver Futures and Options

The global benchmark COMEX Silver futures and options contracts are designed to help market participants harness the benefits of financial risk management tools and rein in risk to a level that works best for them.

Much like Gold futures and options, Silver futures and options are used extensively as a safe haven in times of financial uncertainty. Our suite of Silver contracts provides market participants with flexibility and choice in tailoring their risk management programs. Our silver products include Silver futures (5,000 oz) and options, 1,000 oz Silver futures, E-mini Silver futures, Silver Weekly options, Gold/Silver Ratio futures and London Spot Silver Futures contracts.

 

Strike Pricing

In additional to the pre-existing strikes at $0.25 increments, strikes at $0.05 are now available. Click here for full detailed information on strrike pricing for silver options.

Benefits

  • COMEX Silver futures and options contracts are global benchmark products.
  • Deep liquidity around the clock for trade executions.
  • Contracts are listed for 60 months forward, enabling the establishment of a forward price curve. 

Market Participants

Market participants are provided with a central point of price discovery, price transparency and risk mitigation of counterparty credit risk. Market participants include producers, end-users, banks, hedge funds and CTAs, proprietary trading firms and active individual traders. 


Approved Storage Depositories

Approved depositories for the storage of silver deliverable against COMEX Silver futures contracts include:

  • Brinks Inc.
  • CNT Depository Inc.
  • Delaware Depository
  •  HSBC Bank USA
  • International Depository Services of Delaware
  • JP Morgan Chase Bank NA
  • Malca-Amit USA, LLC
  • Scotia Mocatta


Ease of Access

The Silver contracts are available to trade on CME Globex via CME Direct, CME Group’s free front-end trading platform for accessing CME Group markets. CME Globex operates as a Central Limit Order Book, or CLOB. Silver is also available for clearing on CME ClearPort for privately negotiated trades.

CME Globex

The CME Globex platform was the first - and remains among the fastest global electronic trading systems for futures and options. Through its advanced functionality, high reliability and global connectivity, it is now the world’s premier electronic marketplace for derivatives.

Learn more about CME Globex.

CME Direct

Delivered securely across the Internet, CME Direct is a highly configurable trading front end for CME Group markets that offers a complete suite of solutions across the trading lifecycle.

Learn more about CME Direct, CME Group’s free trading front end.

CME ClearPort

CME ClearPort is a comprehensive set of flexible clearing services for the over-the-counter (OTC) market. With OTC clearing through CME ClearPort, you can continue to negotiate your own prices privately and conduct business off exchange – but you gain increased security and efficiency.


Contract Specs

Contract Unit 5,000 troy ounces
Price Quotation U.S. dollars and cents per troy ounce
Trading Hours Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)

TAS: Sunday - Friday 6:00 p.m. - 1:25 p.m. (5:00 p.m - 12:25 p.m. CT)

TAM: Sunday - Friday 6:00 p.m. ET - 12:02 p.m. London time
Minimum Price Fluctuation Outrights: 0.005 per troy ounce = $25.00

Spreads: 0.001 per troy ounce = $5.00

TAS/TAM: Zero or +/- 10 ticks in 0.001 increments
Product Code CME Globex: SI
CME ClearPort: SI
Clearing: SI
TAS: SIT
Listed Contracts Monthly contracts listed for 3 consecutive months and any Jan, Mar, May, and Sep in the nearest 23 months and any Jul and Dec in the nearest 60 months
Settlement Method Deliverable
Termination Of Trading Trading terminates at 12:25 p.m. CT on the third last business day of the contract month.
Trade At Marker Or Trade At Settlement Rules Trading at Settlement (TAS) is subject to the requirements of Rule 524.A. TAS trades off a "Base Price" of zero (equal to the daily settlement price) to create a differential versus the daily settlement price in the underlying futures contract month. The TAS clearing price equals the daily settlement price of the underlying futures contract month plus or minus the TAS transaction price.

Trading at Marker (TAM) is analogous to Trading at Settlement (TAS) wherein parties are permitted to trade at a differential to a not-yet-known price. TAM uses a marker price, whereas TAS uses the Exchange-determined daily settlement price for the underlying futures contract month.
Settlement Procedures Silver Settlement Procedures
Position Limits NYMEX Position Limits
Exchange Rulebook COMEX 112
Block Minimum Block Minimum Thresholds
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Delivery Period Delivery may take place on any business day beginning on the first business day of the delivery month or any subsequent business day of the delivery month, but not later than the last business day of the current delivery month.
Grade And Quality Silver delivered under this contract shall assay to a minimum of 999 fineness.
Contract Unit 5,000 troy ounces
Minimum Price Fluctuation 0.001 per troy ounce = $5.00
Price Quotation U.S. dollars and cents per troy ounce
Trading Hours Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Product Code CME Globex: SO
CME ClearPort: SO
Clearing: SO
Listed Contracts Monthly contracts listed for 6 consecutive months, 3 months of March, May and September and any July and December in the nearest 60 months.
Termination Of Trading Trading terminates at 12:25 p.m. CT on the 4th last business day of the month prior to the contract month.  If the 4th last business day occurs on a Friday or the day before a holiday, trading terminates on the prior business day.
Position Limits NYMEX Position Limits
Exchange Rulebook COMEX 116
Block Minimum Block Minimum Thresholds
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Strike Price Listing Procedures Strike Price Listing and Exercise Procedures Table
Exercise Style American
Settlement Method Deliverable
Underlying Silver Futures
Contract Unit 1,000 troy ounces
Price Quotation U.S. dollars and cents per troy ounce
Trading Hours Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Minimum Price Fluctuation Outrights: 0.01 per troy ounce = $10.00
Spreads: 0.005 per troy ounce = $5.00
Settlement: 0.001 per troy ounce = $1.00
Product Code CME Globex: SIL
CME ClearPort: SIL
Clearing: SIL
Listed Contracts Monthly contracts listed for 3 consecutive months and any January, March, May, July, September, and December falling within a 12-month period.
Settlement Method Deliverable
Termination Of Trading Trading terminates on the third last business day of the contract month
Settlement Procedures Micro Silver Futures Settlement Procedures
Exchange Rulebook COMEX 121
Block Minimum Block Minimum Thresholds
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Delivery Period Delivery may take place on any business day beginning on the first business day of the delivery month or any subsequent business day of the delivery month, but not later than the last business day of the current delivery month.
Contract Unit 2,500 troy ounces
Price Quotation U.S. cents per troy ounce
Trading Hours Sunday – Friday 6:00 p.m. – 5:00 p.m. (5:00 p.m. – 4:00 p.m. CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Minimum Price Fluctuation 0.0125 per troy ounce = $31.25
Product Code CME Globex: QI
CME ClearPort: QI
Clearing: QI
Listed Contracts Monthly contracts listed for Jan, Mar, May, Jul, Sep and Dec over a 24-month period
Settlement Method Financially Settled
Floating Price The floating price for each contract month is equal to the COMEX Silver Futures contract's settlement price for the corresponding contract month on the third last business day of the month prior to the named contract month.
Termination Of Trading Trading terminates on the third last business day of the month prior to the contract month.
Settlement Procedures miNY Silver Settlement Procedures
Position Limits NYMEX Position Limits
Exchange Rulebook COMEX 912
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing