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# Fractional Pricing - Display Examples

This topic provides examples of the conversion process for CME Group products that require a decimal-to-fractional price conversion.

The following provides examples of the application of the tag 9800-PriceDisplayFormat.

### Acronym Key

 Tick Display Format TDF The fractional format for a given instrument (e.g. 32nds). Number of Decimals in Displayed Price NDDP Identifies the number of decimals in the price sent by CME Globex for a given instrument. This value is a property of the tag 9800-PriceDisplayFormat for the given instrument

### Treasuries

30 Yr Bonds FUTURE, TDF 32, NDDP 2

Original decimal price

115.28125

Fractional part after conversion

9 (.28125 x 32)

Integer part and fractional part

115 09

Apply NDDP of 02

115 09
^^
12 (Display places)

Resulting formatted price

115'09

30 Yr Bonds FUTURE with Reduced
Tick Spread, TDF 32, NDDP 3

Original decimal price

115.28125

Fractional part after conversion

9 (.28125 x 32)

Integer part and fractional part

115 090

Apply NDDP of 03

115 090
^^^
123 (Display places)

Resulting formatted price

115'090

10 Yr Note FUTURE, TDF 32, NDDP 3

Original decimal price

112.625

Fractional part after conversion

20 (.625 x 32)

Integer part and fractional part

112 20

Apply NDDP of 03

112 20
^^^
123 (Display places)

Resulting formatted price

112'200

5 Yr Note FUTURE, TDF 32, NDDP 3

Original decimal price

108.109375

Fractional part after conversion

3.5 (.109375 x 32)

Integer part and fractional part

108 035

Apply NDDP of 03

108 035
^^^
123 (Display places)

Resulting formatted price

108'035

2 Yr Note FUTURE, TDF 32, NDDP 3

Original decimal price

104.8828125

Fractional part after conversion

28.25 (.8828125 x 32)

Integer part and fractional part

104 2825

Apply NDDP of 03

104 2825
^^^
123 (Display places)

Resulting formatted price

104'282

#### Display Example 1: Two-Year U.S. Treasury Note Futures

Decimal Price: 108.69921875

TDF = '32'

NDDP = '03'

Integer part is 108, fractional part is 0.69921875

Starting Fractional part 0.69921875 0.69921875 x 32  = 22.375 = 22375 = 22375    ^^^   123 (Display places) = 223

To display the full formatted price, append the formatted tick value, '223' to the original integer part, '108'.

Resulting full formatted price:  108'223

#### Display Example 2: 30-Day Fed Funds Options

This example is the special case of conversion based on TDFT = '02', and NDDP = '01'.  For this combination, NDDP is to be treated as '00'.

Decimal Price: 22.5

TDF = '02'

NDDP = '01'

Important

Per the exception for the combination of TDF = 02 and NDDP = 01, the NDDP is to be evaluated as 00.
Evaluated NDDP: 00

Integer part is 22, fractional part is 0.5

 Starting fractional part 0.5 TDF = 02 indicates that the fractional part is base-10 so no conversion is necessary.

Resulting tick value = .5

Strip decimal separator = 5 = 5   ^^  01234 (Display places) = no value, fractional portion is truncated

To display the full formatted price, append the formatted tick value, (no value) to the original integer part, '22'.

Resulting full formatted price:  22

#### Incorrect Example

Original decimal price 113.5078125 16.25 113 16.25 113 16.25        ^^^^        1234 (Display places) 11316'250