Minimum tick size or the contract value is an equilibrium between market liquidity and operation cost.

不管是合约最小报价单位，还是合约价值的设计都是市场流动性与运作成本之间的均衡。

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Each futures market has its own contract specifications, which detail the market parameters, such as the symbol, and the tick size.

每个期货市场都有自己的合约规范，其中详细说明了市场参数，如，符号，价格变动单位等。

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Our results show that tick size is helpful to enhance the market efficiency of Shanghai closed-end fund market.

实证结果表明，最小报价单位影响市场效率，最小报价单位“分改厘”提高了上海封闭式基金的市场效率。

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Market makers compete en masse where there is already deep liquidity and no opportunity for price improvement because of the tick size, the Pragma report concluded.

FORBES: High Frequency Traders And Current Market Structures Penalize Investors

If JP was recording the position value of each tick of the trading day, the size of the array would quickly exceed the memory limits of most computers in a short amount of time.

FORBES: J.P. Morgan Did Not Learn Any Lessons From 2008