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.