minimum price movement
The smallest price change increment for a futures contract. Also referred to as a tick, the minimum price movement for a given contract is set by the exchange and is standardized by the underlying product. For example, a tick in gold futures represents $.10 per troy ounce or $10 per contract, whereas a tick on silver futures represents $.005 per troy ounce or $25 per contract.
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Securities Investor Protection Act of 1970
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