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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]
This minimum fluctuation (trade increment) is known as a tick or commodity tick. Hence, a tick is any fluctuation in the price of a security . Each futures contract has a different size, quantity, valuation etc., so each tick size that can be applied to anyone's futures contract, is dependent on the previous variables.
The contracts are for 40,000 pounds of Lean Hogs, and call for cash settlement based on the CME Lean Hog Index, which is a two-day weighted average of cash markets. Minimum tick size for the contract is $0.025 per pound, with each tick valued at $10 USD.
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NASDAQ-100 futures (ticker: ND) contract's tick is .25 index point = $25.00 [4] While the performance bond requirements vary from broker to broker, the CME requires equity ranging from $14,000-$17,500 to maintain the position.
The minimum fluctuation (Commodity tick size) is half a basis point or 0.005%. Payment is the difference between the price paid for the contract (in ticks) multiplied by the "tick value" of the contract which is $12.50 per tick. Before the Last Trading Day the contract trades at market prices.