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Tier 3: If there is no last trade price available, then the prior settle is checked against the bid/ask.
a. If the
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prior settlement price is
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outside the bid/ask spread
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, then the contract settles to the
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nearest bid or ask price.
All Other Months
All non-active months settle per the following guidelines:
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http://www.cmegroup.com/rulebook/NYMEX/1a/112.pdf
E-mini Silver Futures
Normal Daily Settlement
The settlements in the E-mini Silver futures (QI) are derived directly from the settlements of the full-sized Silver futures (SI), rounded to the nearest tradable tick.
Example
If the SIZ2 settles 33.292, then the QIZ2 would settle 33.2875.
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Settlement prices for the E-mini Silver futures (QI) may differ slightly from the "true" settlement price. These slight variances in settlements are the result of rounding for display purposes due to differences in the minimum tick sizes between the E-mini Silver futures and the full-sized Silver futures (SI) contracts. Additionally, the settlement price displayed on the CME Group Daily Bulletin matches that of the full-sized contracts for purposes of marking-to-market. The E-mini Silver futures (QI) outrights trade in .0125 increments and the full-sized Silver futures (SI) settle in .001 increments.
Final Settlement
CME Group staff determines the settlement of the expiring E-mini Silver futures (QI) by following the regular daily settlement procedure.
Additional Details
Micro Silver Futures
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