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The new contract is slated to start trading in June. This contract will be listed with, and subject to, the rules and regulations of Comex. The CME Group operates the Comex exchange.
The new 1,000-ounce silver contract will be fully fungible with the full-sized silver futures contract, which is 5,000 ounces. Market participants who accumulate five warehouse depository receipts of the 1,000-ounce contract can convert them into one 5,000-ounce silver futures contract, the exchange said.
This contract will be available on the CME Globex electronic trading platform, for over-the-counter clearing through CME ClearPort and open outcry on the trading floor in New York, beginning with the September 2013 contract month, the exchange said.