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SECURITIES AND EXCHANGE COMMISSION (Release No. 34-53521; File No. SR-Amex-2005-072) - page 26 / 32

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K. Surveillance

The Exchange represents that its surveillance procedures applicable to trading in the

proposed Silver Shares will be similar to those applicable to the iShares COMEX Gold Trust, the

streetTRACKS Gold Trust, trust issued receipts, Portfolio Depository Receipts and Index Fund

Shares currently trading on the Exchange. For intermarket surveillance purposes, the Exchange

currently has in place an Information Sharing Agreement with the NYMEX for the purpose of

providing information in connection with trading in or related to COMEX silver futures

contracts. The Exchange submits that its surveillance procedures are adequate to properly

monitor the trading of the Shares.

Also, as noted above, the Exchange states that Amex Rule 1204A(b), which requires that

the specialist handling the Silver Shares provide the Exchange with information relating to its

trading in physical silver, silver futures contracts, options on silver futures, or any other silver

derivative, will facilitate surveillance of specialist handling Silver Shares.

III. Discussion

After careful consideration, the Commission finds that the proposed rule change, as

amended, is consistent with the Act49 and the rules and regulations thereunder applicable to a

national securities exchange.50

The Commission received a total of 255 comment letters on the Exchange’s proposed

rule change. Of these 255 comment letters, 248 comments supported the proposed rule change

and 7 comments opposed the proposed rule change. In general, those commenters opposed to

the proposed rule change argued that approval of the Silver Shares would result in serious

49

50

15 U.S.C. 78f(b). In approving this proposal, the Commission has considered its impact on efficiency,

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