X hits on this document

PDF document

SECURITIES AND EXCHANGE COMMISSION (Release No. 34-53521; File No. SR-Amex-2005-072) - page 7 / 32

92 views

0 shares

0 downloads

0 comments

7 / 32

U.S., regulates market participants and has established rules designed to prevent market

manipulation, abusive trade practices and fraud.

The Exchange states that TOCOM has authority to perform financial and operational

surveillance on its members’ trading activities, scrutinize positions held by members and large-

scale customers, and monitor price movements of futures markets by comparing them with cash

and other derivative markets’ prices.

  • B.

    Product Description

    • 1.

      Creation and Redemption Process

Issuances of Silver Shares will be made only in baskets of 50,000 shares or multiples

thereof (the “Basket Aggregations” or “Baskets”).24 The Trust will issue and redeem Basket

Aggregations on a continuous basis, by or through registered broker-dealers that have entered

into participant agreements (each, an “Authorized Participant”)25 with the Sponsor and the

Trustee, Bank of New York (“BNY”).26 Following issuance, the Shares will be traded on the

Exchange similar to other equity securities, such as shares of the iShares COMEX Gold Trust

and the streetTRACKS Gold Trust.27

24

Initially, each Share represents 10 ounces of silver. Telephone conference between Jeffrey Burns, Associate General Counsel, Amex, and Florence Harmon, Senior Special Counsel, Division of Market Regulation, Commission, on January 13, 2006.

25

An “Authorized Participant” is a person, who at the time of submitting to the Trustee an order to create or redeem one or more Baskets, (i) is a registered broker-dealer, (ii) is a Depository Trust Company (“DTC”) Participant or an Indirect Participant, and (iii) has in effect a valid Authorized Participant Agreement.

26

BNY will charge a transaction fee in connection with the redemption and/or creation of Baskets. In addition, Barclays Capital, Inc., the Initial Purchaser, will purchase 150,000 shares of the Trust that compose the initial Baskets.

27

See supra notes 8 and 11.

7

Document info
Document views92
Page views92
Page last viewedMon Dec 05 16:49:01 UTC 2016
Pages32
Paragraphs730
Words9752

Comments