Silver Options Contract Specs.
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| Trading Unit | One COMEX Division silver futures contract. |
| Price Quotation | U.S. cents per troy ounce. |
| Trading Hours (All times are New York time) | Open outcry trading is conducted from 8:25 AM until 1:25 PM. |
| Trading Months | The nearest five of the following contract months: March, May, July, September, and December. Additional contract months - January, February, April, June, August, October, and November - will be listed for trading for a period of two months. A 60-month options contract is added from the current calendar month on a July/December cycle. |
| Minimum Price Fluctuation | Price changes for outright transactions, including EFPs, are in multiples of one-half cent (0.5¢ or $0.005) per troy ounce, equivalent to $25.00 per contract. For straddle or spread transactions, as well as the determination of settlement prices, the price changes are registered in multiples of one-tenth of a cent (0.10¢ or $0.001) per troy ounce, equivalent to $5.00 per contract. A fluctuation of one cent (1¢ or $0.01) is equivalent to $50.00 per contract. |
| Maximum Daily Price Fluctuation | No price limits. |
| Last Trading Day | Expiration occurs on the fourth business day prior to the underlying futures delivery month. If the expiration day falls on a Friday or immediately prior to an Exchange holiday, expiration will occur on the previous business day. |
| Exercise Of Options | Until one hour after the contract market close, New York time, on any business day for which the options contract is listed for trading. On expiration day, the buyer has until 4:30 PM, New York time, to exercise an options contract. |
| Strike Prices | 10¢ ($0.10) and 25¢ ($0.25) per ounce apart for strike prices less than or equal to $8.00; 25¢ ($0.25) per ounce apart for strike prices greater than $8.00 and up to $15.00; and 50¢ ($0.50) per ounce apart for strike prices greater than $15.00 during the first six nearby trading months. For all other months up to two years to expiration, increments are 25¢ ($0.25) per ounce apart for strike prices up to $8.00; 50¢ ($0.50) per ounce apart for strike prices greater than $8.00 and up to $15.00; and $1.00 per ounce apart for strike prices greater than $15.00. For months greater than two years to expiration, strike increments will be $1.00. |
| Margin Requirements | Margins are required for open short options positions. The margin requirement for an options purchaser will never exceed the premium paid. |
| Trading Symbol | SO |