(1) The tick size means that the market can trade: 103.00, 103.05, 103.10, 103.15, 103.20, 103.25 et al. (2) That's what it means to have price fluctuations, i.e. "ticks", of 5/100ths of a penny. (3) The contract size of 37,500 pounds per contract multiplied by the tick size produces the...