Tick size
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In financial markets, the tick size is the smallest price increment in which the prices are quoted. The meaning of the term varies depending on whether stocks, bonds, or futures are being quoted.
U.S. mortgage bonds and certain corporate bonds are quoted in increments of one thirty-second (1⁄32) of one percent.[1] That means that prices will be quoted as, for instance, "99-30" (read as "99 and 30 ticks"), meaning 99 and 30⁄32 percent of the face value. Prices can also be quoted with a "plus", adding one sixty-fourth (1⁄64) of one percent or half a tick.[2] 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%.[3]