# Basis point implied volatility of TY notes

As I see people trading 10-year notes are often quoting implied volatilities in terms of daily (or yearly) basis points. While at first I thought it is simply a translation from % to the actual spot change, it seems to be not the case and is somehow to be calculated through the volatility of the yield. However, I can't find anywhere a good step-by-step representation of how it's done and numbers I get manually are different from what I am supposed to get. I assume it is a pretty basic question, but I'd be very interested to know how is it actually done and what this measure is supposed to represent?

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