3 ms·
There’s a 1/16 on there. I assume it is a historical oddity. NYSE prices were done in fractions up until a few years ago.
by hapless 7y ago
There’s a 1/16 on there.
I assume it is a historical oddity. NYSE prices were done in fractions up until a few years ago.
- twic 7y agoBond futures still are [1]: * Minimum Price Fluctuation: One thirty-second (1/32) of one point ($31.25), except for intermonth spreads, where the minimum price fluctuation shall be one-quarter of one thirty-second of one point ($7.8125 per contract).* As are some bond-like derivatives, eg MAC swap futures, which are quoted in quarters of thirty-seconds [2]. The way prices are written out is maddening - consider yesterday's settle [3]: 107'247 This means 107 and 24.75 thirty-seconds! [1] https://www.cmegroup.com/trading/interest-rates/us-treasury/30-year-us-treasury-bond_contract_specifications.html https://www.cmegroup.com/trading/interest-rates/us-treasury/... [2] https://www.cmegroup.com/trading/interest-rates/swap-futures/5-year-usd-mac-swap_contract_specifications.html https://www.cmegroup.com/trading/interest-rates/swap-futures... [3] https://www.cmegroup.com/trading/interest-rates/swap-futures/5-year-usd-mac-swap_quotes_globex.html https://www.cmegroup.com/trading/interest-rates/swap-futures...
- macdice 7y agoIt has its origins in the use of Spanish dollars and various related bits of gold that could be reliably cut in half, in early American history. I think a lot of companies got away with using binary floating point maths without introducing errors, for assets priced in those power-of-two fractions.