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I think it's simply a matter of how to read the quotes on
those instruments in TS. AFAIK, the symbol universe has the
correct numbers.
For FV, three digits will appear after the caret, for
example, 114^221. That number should be read as 114 and 22
1/2 32nds since the Five-years trade in 1/2s of 1/32s. The
very last digit will either be a "0" or a "1". You should
never see something like 114^222 for FV just like you should
never see 114^32 for Bonds (it would be 114^230 and 115^00
respectively).
For TU, three digits appear after the caret. The choices for
those digits are 0, 1, 2, or 3 representing 1/4s of 1/32s.
So, you may see 104^143 which is 104 and 14 3/4 32nds.
Obviously, the next tick after 104^143 would be 104^150.
Anyway, that's the story as I know it. If anyone knows
differently, I'd like to hear their comment(s).
Best regards,
Jim
On Wed, 14 Oct 1998, Tim wrote:
>I don't think the settings that are in my symbol universe are correct for US two
>and five year notes. The quotes don't seem to contain enough precision. I'm
>tired of my eyes being crossed when I try to figure out the P&L on my steepening
>spread trades. If you watch twos and fives, would you mind posting what you set
>the scale to and the minimum price change and value of a big figure please?
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