# no of decimal places allowed on the price field

**URL:** <https://forum.fixtrading.org/t/no-of-decimal-places-allowed-on-the-price-field/3072>\
**Category:** General Q&A\
**Tags:** general-qa, imported, xid\_166546\
**Created:** [July 25, 2002, 5:29pm UTC](https://forum.fixtrading.org/t/no-of-decimal-places-allowed-on-the-price-field/3072 "2002-07-25T17:29:00Z")\
**Posts on this page:** 5\
**Page:** 1

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**Author:** ![nampal\_x](https://avatars.discourse-cdn.com/v4/letter/n/858c86/32.png) [@nampal\_x](https://forum.fixtrading.org/u/nampal_x)\
**Post date:** [July 25, 2002, 5:29pm UTC](https://forum.fixtrading.org/t/no-of-decimal-places-allowed-on-the-price-field/3072/1 "2002-07-25T17:29:00Z")

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Imported from previous forum

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**Author:** ![nampal\_x](https://avatars.discourse-cdn.com/v4/letter/n/858c86/32.png) [@nampal\_x](https://forum.fixtrading.org/u/nampal_x)\
**Post date:** [July 25, 2002, 5:29pm UTC](https://forum.fixtrading.org/t/no-of-decimal-places-allowed-on-the-price-field/3072/2 "2002-07-25T17:29:00Z")

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Hi ,

I am trying to find out the max number of decimal spaces that can be specified on the Price field. Also if it is the same for all the Fix fields of type "float" or does it vary depending upon the field.

thanks  
namrata

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**Author:** ![davevogt\_x](https://avatars.discourse-cdn.com/v4/letter/d/ccd318/32.png) [@davevogt\_x](https://forum.fixtrading.org/u/davevogt_x)\
**Post date:** [July 25, 2002, 7:34pm UTC](https://forum.fixtrading.org/t/no-of-decimal-places-allowed-on-the-price-field/3072/3 "2002-07-25T19:34:00Z")

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\> Hi ,  
\>  
\> I am trying to find out the max number of decimal spaces that can be specified on the Price field.  
15

Also if it is the same for all the Fix fields of type "float" or does it vary depending upon the field.  
Same for all float type fields.

\>  
\> thanks  
\> namrata  
\>

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**Author:** ![fplpo\_x](https://avatars.discourse-cdn.com/v4/letter/f/7ab992/32.png) [@fplpo\_x](https://forum.fixtrading.org/u/fplpo_x)\
**Post date:** [July 26, 2002, 5:33pm UTC](https://forum.fixtrading.org/t/no-of-decimal-places-allowed-on-the-price-field/3072/4 "2002-07-26T17:33:00Z")

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[original email was from Ryan Pierce - [rpierce@taltrade.com](mailto:rpierce@taltrade.com) ]  
\> I am trying to find out the max number of decimal spaces that can be specified on the Price field. Also if it is the same for all the Fix fields of type "float" or does it vary depending upon the field.

The FIX spec document addresses this issue on a per-datatype basis, not a per-field basis.

Data types of Qty, Price, PriceOffset, Amt, and Percentage are allof the basic type "float."

According to the 4.3 spec, "All float fields must accommodate up to fifteen significant digits. The number of decimal places used should be a factor of business/market needs and mutual agreement between counterparties."

In actual practice, the “business/market needs and mutual agreement between counterparties” are what determines the precision, regardless of the 15 significant digit limit. For instance, on many US ECNs and Exchanges, the MPV is $0.01. Now while the FIX Protocol might require $50.101 and  
$50.102 to be distinct values, I’d imagine that most systems would either reject them, or round them to $50.10 or $50.11 due to business rules.

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**Author:** ![davidjennings36\_x](https://avatars.discourse-cdn.com/v4/letter/d/e9c0ed/32.png) [@davidjennings36\_x](https://forum.fixtrading.org/u/davidjennings36_x)\
**Post date:** [July 29, 2002, 8:13am UTC](https://forum.fixtrading.org/t/no-of-decimal-places-allowed-on-the-price-field/3072/5 "2002-07-29T08:13:00Z")

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Ryan wrote:

\> In actual practice, the “business/market needs  
\> and mutual agreement between counterparties”  
\> are what determines the precision, regardless  
\> of the 15 significant digit limit. For  
\> instance, on many US ECNs and Exchanges, the  
\> MPV is $0.01. Now while the FIX Protocol might  
\> require $50.101 and $50.102 to be distinct  
\> values, I’d imagine that most systems would  
\> either reject them, or round them to $50.10 or  
\> $50.11 due to business rules.

MPV? Minimum price variation?

Is there a resource that would list this value for all exchanges? If not, what would be the best way of determining this?

Cheers,

David.