Definitions
In plain terms
A price stored to four decimal places and a timestamp stored to nanoseconds have declared representation precision, but that does not guarantee equal real-world accuracy.
Technical
A numeric contract distinguishes storage precision, decimal scale, rounding mode, display precision, timestamp granularity, and measurement uncertainty.
Scope
Precision is not the same as accuracy, correctness, or guaranteed source-clock quality.
Examples
- A governed dataset records precision explicitly and preserves the source context needed to interpret it.
Common misconceptions
- Precision does not have one universal meaning or policy without its declared source, scope, and data contract.
Concept relationships
Required by
Where this concept is used
- ImportantTime BarsD01-F01-A01
- ImportantDollar BarsD01-F01-A04
- ImportantOHLC Consistency ValidatorD01-F02-A01
- ImportantMedian Absolute Deviation Outlier FilterD01-F02-A03
- ImportantFeed-Latency MonitorD01-F04-A02
- ImportantPrice-Source Consensus CheckD01-F04-A03
- ImportantSchema-Drift Detector: Catch Structural and Semantic Contract ChangesD01-F04-A04
- ImportantIndex Divisor InitializationD03-F01-A02
- ImportantIntraday Index-Level CalculationD03-F01-A05
Evidence and governance
- Daily TAQ Client Specification New York Stock Exchange / Intercontinental Exchange · official exchange
Supports: preferred label, short definition, technical definition
Limits: Product-specific and licensed; it does not create universal eligibility, repair, imputation, tolerance, or aggregation rules.
- Fintech Builder Glossary Definition Contract The Fintech Builder · internal governed contract
Supports: variant distinction
Limits: Defines governed platform behavior rather than claiming these policies are universally prescribed by external McClellan methodology.
- Reviewed by
- fintech-builder-owner-approved
- Last reviewed
- 2026-07-26
- Next review
- 2027-07-26
- Record status
- published