As all the member firms shall be notified：

The listing of silver futures contract on the Shanghai Futures Exchange has been approved by China Securities Regulatory Commission (Z.J.H. ［2012］No.99）. In order to secure the smooth operation of silver futures contract after its listing for trading in the Exchange, you’re hereby notified of the following in this regard.

　Ⅰ. Date of Listing

　　 Trade in silver futures contract is scheduled to commence on May 10, 2012

　Ⅱ. Contract Month

　 The contract months will be from September 2012 to April 2013

　Ⅲ. Benchmark Price

Benchmark price of new contract will be published by the Exchange 1(one) trading day prior to listing of contract.

　Ⅳ. Margin and Price Limit

　　Margin requirement for silver futures contracts is temporarily set as 10% of the contract value, with price limit temporarily see at 7% and price limit on the listing day temporarily at 2 times the set price limit.

　Ⅴ. Open Interest Report

　　When open interest of a silver futures contract reached 60,000 lots (double-side), the Exchange will publish relevant information about this contract such as total trading volumes of FCM members, total open interests (long/short), total trade volumes of non-futures firm member, total open interests (ask/bid), trade volume of top 20 FCM members and ranking of total open interests (long/short).

　Ⅵ. Related expenses

　（1）Transaction fee: the transaction fee of silver futures contract is temporarily set at 0.008% of the contract value.

The transaction fee will be exempted for position liquidation of intraday trades.

　（2）Delivery fee: RMB 1 yuan/kg.

　　Kindly be advised that all members shall be fully prepared for listing of silver futures and properly conduct risk prevention measures during this period so as to ensure the smooth running of the market.