METALS

The Precious Metals

Spot Spreads

Seamlessly and transparently bridge the COMEX Precious Metals futures market and the London OTC
market with the new Precious Metals Spot Spreads at CME Group. The Spot Spreads easily and efficiently
transfers the risk between COMEX and London in one simple and cost-effective transaction, executed
electronically on CME Globex and automatically fed into CME Clearing.

Understanding the Spot Spreads Key Benefits

The Spot Spreads represent the difference between the new • Offset risk in futures and London OTC markets with
London Spot Gold futures and COMEX Gold futures and, one trade
similarly, the difference between the new London Spot Silver • True intraday price transparency
futures and COMEX Silver futures. The London Spot futures
contracts will be listed daily (Contract Day) and spread • Execute electronically on CME Globex or clear your
against the respective COMEX Gold and Silver futures active privately negotiated trades via CME ClearPort
contract month. Both London Spot futures contracts will • Counterparty credit guarantee and segregated customer
deliver as unallocated London metal two days after the funds of CME Clearing
Contract Day (T+2).
Product Codes
Which Market Participants Will Benefit COMEX London Spot Precious Metals
The Spot Spreads are the most relevant to market Futures Futures Spot Spread
participants who currently trade in both the OTC and futures
Gold GC GSP GC:GSP
markets and routinely transfer risk between the two
markets. Investors and liquidity providers also may use the Silver SI SSP SI:SSP
Spot Spreads to take advantage of arbitrage opportunities
or to manage price exposure. Span Minimum Performance Bond Requirements –
Outright Rates
Contracts Behind the Spot Spreads CC Rate Type ISO Initial Maintenance
Two daily contracts make trading the spot spreads possible:
London Spot Gold Futures (GSP)
COMEX London Spot Gold and London Spot Silver futures.
Spreading the two new contracts with our liquid COMEX GSP Spec USD 6,000 6,000
Gold and Silver futures contracts, respectively, gives you a GSP Hedge/Member USD 6,000 6,000
way to easily manage risk on the difference between futures London Spot Silver Futures (SSP)
and OTC markets.
SSP Spec USD 6,500 6,500
SSP Hedge/Member USD 6,500 6,500
Rates as of 1/6/17. Visit cmegroup.com/margins for up-to-date rates.
London Spot Gold Futures London Spot Silver Futures
Contract Unit 100 troy ounces Contract Unit 5,000 troy ounces
Price Quotation U.S. Dollars and Cents Price Quotation U.S. Dollars and Cents
CME Globex and CME ClearPort: CME Globex and CME ClearPort:
Sunday - Friday 6:00 p.m. - 5:00 p.m. Sunday - Friday 6:00 p.m. - 5:00 p.m.
(5:00 p.m. - 4:00 p.m. Chicago (5:00 p.m. - 4:00 p.m. Chicago
Trading Hours Trading Hours
Time/CT) with a 60-minute break Time/CT) with a 60-minute break
each day beginning at 5:00 p.m. each day beginning at 5:00 p.m.
(4:00 p.m. CT) (4:00 p.m. CT)
Minimum Trade Minimum Trade
$0.10 per troy ounce $0.005 per troy ounce
Price Fluctuation Price Fluctuation
Minimum Daily and Minimum Daily and
Final Settlement $0.01 per troy ounce Final Settlement $0.001 per troy ounce
Price Fluctuation Price Fluctuation
Minimum Spread GC:GSP Minimum Spread SI:SSP
Price Fluctuation $0.01 per troy ounce Price Fluctuation $0.001 per troy ounce
Product Code GSP Product Code SSP
Listed Contracts One daily contract Listed Contracts One daily contract
Termination of Termination of
Daily Daily
Trading Trading
Exchange Rulebook Exchange Rulebook
129 130
Chapter Chapter
Block Minimum 25 Block Minimum 25

For more information, visit cmegroup.com/spotspread or contact [email protected].

CME Group, The Globe Logo, CME, Chicago Mercantile Exchange, CME Direct and Globex are registered trademarks of Chicago Mercantile Exchange Inc. ClearPort, New York Mercantile Exchange and NYMEX are
registered trademarks of New York Mercantile Exchange, Inc. COMEX is a registered trademark of Commodity Exchange, Inc. All other trademarks are the property of their respective owners. The information provided
has been compiled by CME Group for general purposes only. Although every attempt has been made to ensure the accuracy of the information, CME Group assumes no responsibility for any errors or omissions.

Futures trading is not suitable for all investors and involves the risk of loss. Futures are a leveraged investment, and because only a percentage of a contract’s value is required to trade, it is possible to lose more than the
amount of money deposited for a futures position. Therefore, traders should only use funds that they can afford to lose without affecting their lifestyles. And only a portion of those funds should be devoted to any one
trade because they cannot expect to profit on every trade.

All noted examples are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience. All matters pertaining to rules and
specifications herein are made subject to and are superseded by official CME, CBOT and NYMEX rules. Current rules should be consulted in all cases.

Copyright © 2016 CME Group Inc. All rights reserved. PM1956/00/1116