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Random Definition
Pips: Digits that are added to or subtracted from the
fourth decimal place in a currency rate quote. For example, in 1.2246, the
number “6” is a pip. It represents the smallest increment of exchange rate
fluctuation. Some argue that the name “pips” is an abbreviation for percentage
in points. It could also be the FX equivalent of
basis points (bps or bips) as used
by traders of bonds and other interest rate-based instruments.
Nevertheless, the pip can be broken down into decimals or
fractionals (which refer to one-tenth of a pip). The bid-ask
spread could be 2.3 pips, meaning 2 pips and 3 decimals. Most
currency pairs are quoted using five pips.
Featured Definition
Mid-Swap: the reference rate which is used to calculate the premium that a bond buyer will pay. Adding a spread to a reference rate is one method to value a bond....