The Chicago Board of Trade (CBOT®) will launch 5000 oz. Silver Options in June 2006 (exact date to be determined), on the CBOT’s electronic trading platform.  The 5000 oz. Silver Options will trade from 6:18 p.m. to 4:00 p.m. (Central Standard Time), Sunday through Friday.
 
 
Please view the following features for the CBOT 5000 oz. Silver Options:

Ticker Symbol:
OZIC - Calls
OZIP - Puts

Underlying: 
One 5000 oz. Silver Futures contract

Trading Hours:
100% Electronic, 6:18 p.m. – 4:00 p.m.,
Central Standard Time, Sunday – Friday

Exercise Style:
American

Contract Month Cycle:
The nearest six 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. Including the current cycle, a total 5 July and 5 December contracts will be available at all times.

Strike Price Increments:       
Trading shall be conducted for put and call options with striking prices (the "strikes") in integral multiples of 10 cents per troy ounce per Silver futures contract (i.e., 7.00, 7.10, 7.20, etc.), in integral multiples of 25 cents per troy ounce per Silver futures contract (i.e., 6.75, 7.00, 7.25, etc.), in integral multiples of 50 cents per troy ounce per Silver futures contract (i.e., 6.00, 6.50, 7.00, etc.), and in integral multiples of $1.00 per troy ounce per Silver futures contract (i.e., 5.00, 6.00, 7.00, etc.) per the CBOT Rules and Regulations.

Levels of Strike Price Increments:
At the commencement of trading for an option contract, the following strikes shall be listed:  For the first six nearby trading months, Integral multiples of 10 cents: one with a strike price closest to the previous day's settlement price of the underlying 5,000 oz. Silver futures contract and the next 6 consecutive higher and the next 6 consecutive lower. Beyond the initial band, in integral multiples of 25 cents: the next six consecutive higher strikes above, and the next six consecutive lower strikes below, the initial band.

Min. Price Fluctuation:  
1/10 cent per troy ounce ($.001) or $5 per contract (except for cabinet trades executed in accordance with e-cbot functionality)

Max. Price Fluctuation: 
None

Daily Price Limits and Dynamic Price Limit Ranges:
No daily price limits; dynamic price limits 80 ticks.

Last Trading Day: 
The last trading day for standard Silver futures options (Jan, Mar, May, July, Sep, Dec) shall be the fourth business day prior to the first calendar day of the corresponding Silver futures delivery month. The last trading day for serial Silver futures options (Feb, Apr, Jun, Aug, Oct, Nov) shall be the fourth business day prior to the first calendar day of the option month. If the last trading day falls on a Friday or immediately prior to an Exchange holiday, last trading day will occur on the previous business day. On the last day of trading in an expiring option, the closing time for such options shall be 12:25 p.m., Central Standard Time.

Expiration: 
Unexercised Silver futures options shall expire at 7 p.m. (Central Standard Time) on the last day of trading. On the last day of trading in an expiring option, the closing time for such options shall be 12:25 p.m., Central Standard Time.

Delivery:
The options are American-style exercise which can be exercised on any business day on which an option contract is trading. The buyer of a futures option may exercise the option at any day prior to expiration day by giving notice to the Board of Trade’s Clearing Services Provider by 6:00 pm Central Standard Time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised. All option contract months shall expire into the nearest of the standard five month contract cycle. For option contracts traded in March, May, July, September or December, the underlying futures contract will be the corresponding March, May, July, September or December futures contract. For serial option contracts traded in January, February, April, June, August, October or November, the underlying futures contract will be the nearest March, May, July, September, or December futures contract, respectively. For example, the underlying futures contract for a January serial option is the nearest March futures contract.

Position Limits:                     
1,500 contracts in the spot month; 6,000 contracts in a single month; and 6,000 contracts in all months combined; 150 reportable level

ITC Fractional Indicator: 
3

ITC Strike Price Formats:
0006100
0006200
0006300
0006400