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SECURITIES AND EXCHANGE COMMISSION (Release No. 34-53521; File No. SR-Amex-2005-072) - page 31 / 32

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C.

Listing and Trading

Further, the Commission finds that the Exchange’s proposed rules and procedures for the

listing and trading of the proposed Silver Shares are consistent with the Act. For example, Silver

Shares will be subject to Amex rules governing trading halts, responsibilities of the specialist,

and customer suitability requirements. In addition, the Silver Shares will be subject to Amex

Rules 1201A and 1202A for initial and continued listing of Silver Shares.

The Commission believes that listing and delisting criteria for the Silver Shares should

help to maintain a minimum level of liquidity and therefore minimize the potential for

manipulation of the Silver Shares. Finally, the Commission believes that the Exchange’s

Information Circular adequately will inform members and member organizations about the

terms, characteristics, and risks in trading the Silver Shares.

31

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