Example
If a market participant had bought $100 million notional of the 10 year MTIRS index at 98.73, and then the 10-year swap rate moved down by say 5 basis points, the index will then trade at 99.10
The MTIRS index position would then be worth $370,000 (=(99.10-98.73) x 100 mill / 100)
Read more about this topic: FTSE MTIRS Index
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