available on its Web site daily trading volume, closing prices, NAV, and the Basket Silver
Amount, and the Indicative Basket Silver Amount. The London silver fix price is readily
available from the LBMA at http://www.lbma.org.uk, automated quotation systems, published or
other public sources, or on-line information services such as Bloomberg or Reuters. In addition,
the Exchange will provide a hyperlink on its Web site at http://www.amex.com to the Trust’s
Web site at http://www.iShares.com.
Dissemination of Indicative Trust Value
As noted above, BNY calculates the NAV of the Silver Trust once each trading day. In
addition, BNY causes to be made available on a daily basis the required amount of silver to be
deposited in connection with the issuance of Silver Shares in Basket Aggregations. In addition,
other investors can request such information directly from the BNY.
In order to provide updated information relating to the Trust for use by investors,
professionals, and Authorized Participants wishing to create or redeem Silver Shares, the
Exchange will disseminate through the facilities of CTA an updated Indicative Trust Value (the
“Indicative Trust Value”). The Indicative Trust Value will be disseminated on a per Silver Share
basis at least every 15 seconds during regular Amex trading hours of 9:30 a.m. to 4:15 p.m. ET.
The Indicative Trust Value will be calculated based on the amount of silver required for
creations and redemptions and a price of silver derived from updated bids and offers indicative
of the spot price of silver from silver dealer pricing.40 The Indicative Trust Value on a per Silver
General Counsel, Amex, and Florence Harmon, Senior Special Counsel, Division of Market Regulation, Commission, on March 8, 2006.
See supra note 33.