Archived posting to the Leica Users Group, 2010/08/09
[Author Prev] [Author Next] [Thread Prev] [Thread Next] [Author Index] [Topic Index] [Home] [Search]Hmmm, that explains why, when I make a bad trade, I get ticked off. Thanks! Leo Wesson 817.733.9157 www.leowesson.com On Aug 9, 2010, at 7:56 PM, Rei Shinozuka <shino at panix.com> wrote: > According to SIFMA, there's now 34.7 trillion dollars of US Bond Market > debt outstanding as of 2009Q4, which is about 250% of the latest revised > 2009 annual US GDP (14.1 trillion according to the Bureau of Economic > Analysis, Dept of Commerce as of July 30, 2010). In 2008 and 2009, the US > Bond markets traded over 1 trillion dollars per day, and in May 2010 that > statistic was just under 1 trillion. > > That enormous amount trades over the counter in ticks, that is, the > fractional par dollar amount trades in units of 1/32 of a dollar. Where > markets are tighter and more liquid, bonds trade in "pluses" or half-ticks > (1/64 of a dollar), and where very tight, such as US Treasurys, the market > trades in units as small as an eighth of a tick (1/256 of a dollar or > 0.390625 cents). > > Even the trading screen notation reflects ticks and eights-ticks. 101-302 > on a Bloomberg means 101 dollars, 30 ticks and 2 eighths of a tick, or 101 > + 30/32 + 2/256 = $101.9453125. > > All of this is to suggest that fractional units of measurement are alive > and relevant and not solely the antediluvian province of American > carpenters and riverboat pilots. > > :-) > > -rei > > > On 08/09/2010 07:47 PM, Lawrence Zeitlin wrote: >> Metric, shmetric. Therer is another measurement system that a large >> portion >> of the transportation industry uses. Distance is measured in nautical >> miles, >> approximately one minute of arc at the Equator. Speed is described in >> knots, >> one nautical mile per hour. The most absurd of these units in common use >> is >> the fathom. >> >> >> A fathom is the (archaic) unit of measurement for depth in most maritime >> countries and also for lengths of rope or cables. Originally it was the >> length of rope that could be held between a man's outstretched arms, hence >> Munchkins and Vikings must have had different sized fathoms. The Brits >> standardized on the length of the King's arms. In Arthurian times, the >> fathom was five feet. Interestingly, the foot is another measure of length >> based on a portion of human anatomy. In this case it was determined by the >> length of the King's foot. Thus a five foot fathom implies that Arthur >> was a >> small man with big feet. By the time of Charles the First, the fathom had >> grown to about five and a half feet. Queen Elizabeth had long arms but >> very >> small feet so her favorite mariner, Sir Walter Raleigh used a six foot >> fathom. And so it has come down to us. >> >> >> The modern history of the fathom is equally confusing. Samuel Clemens, as >> an >> apprentice Mississippi riverboat pilot was afflicted with a bad lisp which >> made it impossible for him to correctly pronounce some words beginning >> with >> "t". Rather than call out a lead line sounding of two fathoms as "mark >> foo", >> he substituted the old English word "twain". Had he been working on the >> railroad, he probably would have chosen another word. Since the draft of >> the >> Mississippi riverboats was always less than 12 feet, the refrain "mark >> twain" meant good times ahead, particularly if headed toward New Orleans. >> >> >> Despite its colorful and confusing history, the fathom is slowly being >> abandoned in most seafaring countries. A rather mundane metric system is >> being adopted. "Mark Twain" is now 3.6512 meters. Huck Finn would be >> appalled. >> >> >> I hope this makes everything perfectly clear. >> >> >> Larry Z >> >> _______________________________________________ >> Leica Users Group. >> See http://leica-users.org/mailman/listinfo/lug for more information > > _______________________________________________ > Leica Users Group. > See http://leica-users.org/mailman/listinfo/lug for more information