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SECURITIES AND EXCHANGE COMMISSION (Release No. 34-53521; File No. SR-Amex-2005-072) - page 14 / 32





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acquire the number of Shares sold short, acquire the Shares through the creation process, and

deliver the Shares to close out the short position. In both instances, the Exchange states that the

arbitrageur serves efficiently to correct price discrepancies between the Shares and the

underlying silver.


Availability of Information Regarding Silver Prices

Although the spot price of silver will not be disseminated over the facilities of CTA, the

last sale price for the Shares, as is the case for all equity securities traded on the Exchange will

be disseminated over the CTA’s Network B. In addition, the Exchange states that there is a

considerable amount of silver price and market information available on public Web sites and

through professional and subscription services.

Investors may obtain on a 24-hour basis silver pricing information based on the spot price

of an ounce of silver from various financial information service providers, such as Reuters and

Bloomberg. In addition, the daily London silver fix is also disseminated by various market data

vendors and is available from the LBMA’s Web site. Reuters and Bloomberg provide at no

charge on their Web sites delayed information regarding the spot price of silver and last sale

prices of silver futures contracts and related options, as well as information about news and

developments in the silver market. Reuters and Bloomberg also offer a professional service to

subscribers for a fee that provides information on silver prices directly from market

participants.35 Complete real-time data for silver futures contracts and options prices traded on


In addition, EBS also provides an electronic trading platform to institutions such as bullion banks and dealers for the trading of spot silver, as well as a feed of live streaming prices to Reuters and Moneyline Telerate subscribers. EBS was launched in September 1993 by a group of the world’s largest foreign exchange market making banks. The Exchange states that EBS is the pre-eminent provider of precious metals and foreign exchange trading solutions to the precious metals and interbank spot foreign exchange


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