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SECURITIES AND EXCHANGE COMMISSION (Release No. 34-53521; File No. SR-Amex-2005-072) - page 20 / 32





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(“Company Guide”) will be based upon the year-end aggregate number of shares in all series of

Silver Trusts outstanding at the end of each calendar year.


Trading Rules

Silver Shares are equity securities subject to Amex Rules governing the trading of equity

securities, including, among others, rules governing priority, parity and precedence of orders,

specialist responsibilities and account opening and customer suitability (Amex Rule 411). Initial

equity margin requirements of 50% will apply to transactions in Silver Shares. Silver Shares will

trade on the Amex until 4:15 p.m. ET each business day and will trade in a minimum price

variation of $0.01 pursuant to Amex Rule 127. Trading rules pertaining to odd-lot trading in

Amex equities (Amex Rule 205) will also apply.

Amex Rule 154, Commentary .04(c) provides that stop and stop limit orders to buy or

sell a security (other than an option, which is covered by Amex Rule 950(f) and Commentary

thereto), the price of which is derivatively priced based upon another security or index of

securities, may with the prior approval of a Floor Official, be elected by a quotation, as set forth

in Commentary .04(c) (i-v). The Exchange has designated Silver Shares as eligible for this


Silver Shares will be deemed “Eligible Securities,” as defined in Amex Rule 230, for

purposes of the Intermarket Trading System Plan and therefore will be subject to the trade

through provisions of Amex Rule 236, which require that Amex members avoid initiating trade-

throughs for ITS securities.


See Securities Exchange Act Release No. 29063 (April 10, 1991), 56 FR 15652 (April 17, 1991) at note 9, regarding the Exchange’s designation of equity derivative securities as eligible for such treatment under Amex Rule 154, Commentary .04(c).


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