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tick size
In financial markets, a "tick" is a price increment in which the prices are quoted. The meaning of the term varies depending on whether stocks, bonds, or futures are being quoted.
==Bonds==
U.S. mortgage bonds and certain corporate bonds are quoted in increments of one thirty-second (1/32) of one percent.〔Glossary of Fixed Income Market Terminology. Freddie Mac. ()〕 That means that prices will be quoted as, for instance, 99-30/32 - "99 and 30 ticks", meaning 99 and 30/32 percent of the face value. Prices can also be quoted with a "plus", meaning one sixty-fourth (1/64) of one percent or half a tick.〔Fixed Income Securities and Derivatives Handbook: Analysis and Valuation. Moorad Choudhry. Wiley 2010. p/ 376 ()〕 That means that a price is quoted as, for instance, 99-30+, meaning 99 and 61/64 percent (or 30.5/32 percent) of the face value. As an example, "par the buck plus" means 100% plus 1/64 of 1% or 100.015625% of face value.
Most European and Asian bond and futures prices are quoted in decimals so the "tick" size is 1/100 of 1%.〔Interest Rate Derivatives: Fixed Income Trading Strategies. Eurex Frankfurt AG. p.7 ()〕
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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