Price Tag Format

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Imported from previous forum

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Hi, i’m kinda new to all this and have a very general question. When sending orders to an exchange, what format does the Price tag need to be in? Is it always the decimal representation of the price? Or is it entered in the format of the specific symbol being traded, ie. 32nds.

Thanks in advance,
Mike

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[ original email was from Dean Kauffman - dean.kauffman@tradeweb.com ]
Mike,

The answer will be what the exchange or counterparty expects. In general though you’ll find that prices sent electronically are usually converted to decimal. For example US bonds are often traded in power-of-two fractions but are expressed over FIX in decimal.

Dean

Hi, i’m kinda new to all this and have a very general question. When
sending orders to an exchange, what format does the Price tag need to be
in? Is it always the decimal representation of the price? Or is it
entered in the format of the specific symbol being traded, ie. 32nds.

Thanks in advance, Mike