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The stem of a rate or price. When quoting a rate or price dealers may only refer to the points in a foreign exchange quote or to fractions in money market instruments and omit mention of the big figure. For example, in a quote for euro/dollar of $1.4728/4737 the big figure is 1; in a quote for U.S. Treasury Notes of 103-13/32 the big figure is 103. In the United States the big figure is known as the handle.
See also: Base Currency, Quoted Currency