Electronic and Open Auction

One CBOT^® 5,000 oz. Silver Futures Contract

Electronic:           6:18 p.m. – 4:00 p.m., (Chicago Time)
Open Auction:     7:10 a.m. to 1:30 p.m. (Chicago Time)

On the last day of trading in an expiring option, the closing time for such options is 12:25 p.m.
(Chicago time)

Trading may be conducted in the nearby Silver futures options contract month plus any succeeding months provided however, that the Exchange may determine not to list a contract month. 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.

$.001 per troy ounce, $5 per contract

None

The last trading day for standard Silver futures options (March, May, July, September, December) 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 (January, February, April, June, August, October, November) 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.

In integral multiples of 10 cents per troy ounce, 25 cents per troy ounce, 50 cents per troy ounce and $1.00 per troy ounce.

Silver futures options are American-style exercise.  The buyer of a Silver futures option may exercise the option on any business day prior to expiration by giving notice to the Clearing Services Provider by 6:00 p.m. Chicago Time. On the last trading day, in-the-money options are automatically exercised unless notice to cancel automatic exercise is given to the Clearing Services Provider by 6:00 p.m. Chicago Time.

Unexercised Silver futures options shall expire at 7 p.m. (Chicago time) on the last day of trading.

Electronic:         OZI (OZIC for calls and OZIP for puts)
Open Auction:   SV  (SVC for calls and SVP for puts)