金融期货最小价格变化单位的市场影响与最优水平

最小价格变化单位是买卖价差的底线，设置过高会人为地提高买卖价差的水平，增加交易费用；过低又会降低市场深度，增加交易谈判成本，影响交易效率。对最优价格升降档位的设定，要综合考虑精度要求、合约乘数、交易谈判成本和实际买卖价差水平等因素；而以实际买卖价差的底线作为最小价格升降档位，能较好地避免人为抬高买卖价差的情况出现。

Financial Futures Tick Size

Tick size is the bottom line of price spreads, the subtleness of which great affects the prices and market efficiency. Larger tick size increases the level of bid-ask spread and lifts the trading fee, smaller tick size may reduce the market depth, add to negotiating cost and affect trading efficiency. Optimum tick size design should considers precision demand, contract multiplier, negotiating fee and real bid-ask spread. Using the bottom bid-ask spread as the tick size can avoid enhancing the bid-ask spread artificially.