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The stock index futures price is £3850. The face value of stock index contract is £10 per index point (the tick size), which implies a current contract value of £38500.
My query is which item got ‘£’ in front, 3850 or 10? Because if both, it becomes £^2.
Is it because £3850 = 3850 ticks, how to explain, pls?
Thank you
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