XJO premium calculation (newbie Q)

Sorry if this is a repost. I did a thorough search but couldn’t find any other thread which answered this.

I’m interested in buying an XJO put however I cannot for the life of me understand the way these options are quoted on the asx website or in my brokers website.

Everything I’ve read says that an XJO options is priced by points, and the premium would be calculated by multiplying the points by the multiplier.

If I’m looking at XJOKK7 (7375 put jan 23) as an example the bid is 2.7 and the ask is 3.1.

I was wondering what do these decimal values (2.7 and 3.1) actually represent and do they relate at all to the market premium? I kind of expected these values to the points of the xjo contract but I didn’t think that it could be decimal as the xjo contract specifications on the asx website says the tick size is 1.0 (which makes sense).

thanks!!

 

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