I read the CME page about the contract, but I still don't get what the actual number means.
it is quoted like this: 110'017 (the two decimal places after the apostrophe are 32nds, while the next decimal place is quarters of 32nds)
so this price of 110'017 would mean 110 and 1/32 and ((3/4)/32)
each point (place in front of apostrophe) is $2000, and the minimum tick is on quarter of 1/32 ($2000/32/4) or $15.625/contract/tick
But what does the price quote actually mean? what does the 110 mean in reality?
on the 30 day fed funds futures, the price is 1-(rate) so 99.98 would mean you get .02% APR on a $5,000,000 note
I just don't understand what is meant by 110'017, can you help me understand?
it is quoted like this: 110'017 (the two decimal places after the apostrophe are 32nds, while the next decimal place is quarters of 32nds)
so this price of 110'017 would mean 110 and 1/32 and ((3/4)/32)
each point (place in front of apostrophe) is $2000, and the minimum tick is on quarter of 1/32 ($2000/32/4) or $15.625/contract/tick
But what does the price quote actually mean? what does the 110 mean in reality?
on the 30 day fed funds futures, the price is 1-(rate) so 99.98 would mean you get .02% APR on a $5,000,000 note
I just don't understand what is meant by 110'017, can you help me understand?