It is difficult for many people to understand why the quotation and price formula seem to be different. You can understand R here as the discount rate. The quotation here is actually the present value discounted in years, but the price formula needs to convert years into three months, so there is a coefficient of 0.25. The quotation of 100-R represents the euro with face value of 100. Calculated by the discount rate r (annual discount rate), the present value should be 100-R yuan. Then because the term of Eurodollar is three months, the nominal principal is actually $654.38+00,000. Therefore, with a three-month term and a discount rate of R, the current price of 65,438+000 euros should be 65,438+000-0.25 (65,438+000-R), and 65,438+000,000 dollars includes 65,438+000 dollars, so it should be The calculated price difference is the profit and loss range of multiple shorts. R every change of 1 basis point (0.0005438+0) can prove that the price of long positions in contracts has increased by $25. Pure personal understanding of originality, I hope to adopt it. Thank you.