Example $1($Futures price quotation$)$

a$)$ When interest rate is used as the underlying asset, the futures price is quoted as $100$ minus this interest rate $($to the third decimal point$).$

Quoted price $=100-$the yield on a discount basis

The CME $13-$week T$-$bill futures contract is quoted as $94.$ What is the fixed price on the underlying T$-$bill?

b$)$ Tick is the minimum price fluctuation that can occur in trading

For example, the tick for $3-$month $1,000,000$ Euribor futures rate is $0\mathrm{.}2bps,$ it means $$

Example $2$

If underlying asset of future contract is floating interest rate. For example, you are buying a $6-$month $1,000,000$ Eurodollar Futures contract, and interest rate increases by $1$ basis point. What is your profit & loss based on your position?

$1$