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SECURITIES AND EXCHANGE COMMISSION (Release No. 34-53521; File No. SR-Amex-2005-072) - page 5 / 32





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The Exchange indicates that there are no authoritative published figures for overall

worldwide volume in silver trading. There are published sources that do suggest the significant

size of the overall market. The LBMA publishes statistics compiled from the five (5) members

offering clearing services.21 The Exchange notes that the monthly average daily volume figures

published by the LBMA for 2004 range from, a high of 143.4 million to a low of 75.5 million

troy ounces per day. Through May 2005, the monthly average daily volume has ranged from a

high of 152.1 million to a low of 76.9 million. The COMEX also publishes price and volume

statistics for exchange-traded transactions in contracts for the future delivery of silver (and

related options).22


Futures Exchanges

The Exchange states that the most significant silver futures exchanges are the COMEX

and the Tokyo Commodity Exchange (“TOCOM”).23 Trading on these exchanges is based on

fixed delivery dates and transaction sizes for the futures and options contracts traded. Trading

costs on these exchanges are negotiable. The Exchange represents that as a matter of practice,

only a small percentage of the future market turnover ever comes to physical delivery of the


Information regarding clearing volume estimates by the LBMA can be found at http://www.lbma.org.uk/clearing_table.htm. The three measures published by the LBMA are: volume, the amount of metal transferred on average each day measured in millions of troy ounces; value, measured in US dollars, using the monthly average London PM fixing price; and the number of transfers, which is the average number recorded each day. The statistics exclude allocated and unallocated balance transfers where the sole purpose is for overnight credit and physical movements arranged by clearing members in locations other than London.


Information regarding price and average daily volume on the COMEX can be found at http://www.nymex.com/jsp/markets.md_annual_volume.jsp.


There are other silver exchange markets, such as the London Metals Exchange, the Istanbul Gold Exchange, the Shanghai Gold Exchange, and the Hong Kong Chinese Gold & Silver Exchange Society.


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