Shanghai Futures Exchange:
The Request for Instructions on the Launch of Silver Futures Trading (S.Q.F. No.122) of your exchange has been received. A reply is hereby made as follows according to the relevant provisions of the Regulations for the Administration of Futures and the Measures for the Administration of Futures Exchanges:
1. Your exchange is allowed to organize silver futures trading.
2. The specific contract listing time is determined by your exchange according to the market conditions and progress of various preparations, after CSRC approves related contracts.
Your exchange should make overall arrangements for the pre-listing preparations, take care to prevent and properly address possible market risk, and guarantee the smooth launch and operation of silver futures.
China Securities Regulatory Commission
April 24, 2012