economy terms acronyms and abbreviations – t
by economy on 07/10/07 at 6:24 pm
TACT
Dealing system for the Tel Aviv Stock Exchange (Tel Aviv Continuous Trading).
Take-over
When one company obtains more than 50% of another company’s shares.
TARGET
Trans European Automated Real time Gross settlement Express Transfer – system linking the real-time gross settlements for euros in the 15 European Union countries.
Tax Exempt Special Savings Account (TESSA)
Scheme whereby certain savings plans will generate interest, free of income tax (now unavailable).
Tax reclaim
The process that a global custodian and/or a holder of securities performs, in accordance with local government filing requirements, in order to recapture an allowable percentage of taxed withheld.
Tech Mark
Market on the LSE for technology-related stocks.
Tender Offer
Formal offer to buy made to holders of a particular issue by a third party. Detailed offer is made by public announcement in newspapers and sometimes by personal letter of transmittal to each stockholder.
Term insurance
Insurance that pays the insurer’s beneficiary on death. There is no savings element.
Termination date
The end date of a swap .
Terms
For a new securities issue, the characteristics of the securities on offer: coupon, amount, maturity.
Thailand Securities Depository Company
CSD for Thailand.
Thomson Report
An electronic transaction reporting system for international equities on the London Stock Exchange operated by Thomson.
Tick size
The value of a one-point movement in the contract price.
Tied agent
An individual or business which only sells one company’s products (such as life assurance) making no pretext of offering independent advice on all the products available.
Time deposit
Deposit on an account held with a financial institution for a fixed term or with the understanding that the depositor can withdraw only by giving notice.
Time value
The amount by which an option’s premium exceeds its intrinsic value. Where an option has no intrinsic value the premium consists entirely of time value.
Tom-Next
Money placed on the money market from tomorrow for repayment the day after.
Tom/Spot
Week Money placed on the money market from tomorrow for repayment one week after (Tom/Spot Month).
TOREX
Dealing system of the Toronto Stock Exchange.
Touch
The best prices available for a stock on the stock market, looking at all market-makers.
Tracker fund
See Index Fund .
Trade date
The date on which a trade is made.
Trade guarantees
Guarantees in place in a market which ensure that all compared or netted trades will be settled as compared regardless of a counterparty default.
Traded option
An option which is traded on an exchange.
Tradepoint
RIE established in 1995 as a rival to the London Stock Exchange. Uses an order-driven matching system.
Trader
An individual who buys and sells securities with the objective of making short-term gains.
Trading permits
These are issued by exchanges and give the holder the right to have one trader at any one time trading in the contract(s) to which the permit relates.
Transfer agent
Agent appointed by a corporation to maintain records of stock and bond owners, to cancel and issue certificates and to resolve problems arising from lost, destroyed or stolen certificates.
Transfer form
Document which owners of registered documents must sign when they sell the security. Not required where a book entry transfer system is in use.
Transparency
The degree to which a market is characterized by prompt availability of accurate price and volume information which gives participants assurance that the market is fair.
TRAX
Trade confirmation system for the Euro-markets operated by ISMA .
Treasury
Arm of government responsible for all financial decisions and regulation of the financial services sector.
Treasury bill
Money-market instrument issued with a life of less than one year issued by the US and UK governments.
Treasury bonds (US)
US government bond issued with a 30-year maturity.
Treasury notes (US)
US government bond issued with 2-, 3-, 5- and 7- year maturity.
Tri-party repo
Repo which utilizes an intermediary custodian to oversee the exchange of securities and cash.
Triple A – rating
The highest credit rating for a bond or company – the risk of default (or non-payment) is negligible.
Trustee
Is appointed to oversee the management of certain funds. Responsible for ensuring that the fund is managed correctly and that the interests of the investor are protected and that all relevant regulations and legislation are complied with.
TSA
Trading System for Amsterdam – the Dutch dealing system.
TSCD
Taiwan Securities Central Depository.
Turn
See Spread .
Turnaround
Securities bought and sold for settlement on the same day.
Turnaround time
The time available or needed to settle a turnaround trade.
Two-way price
Simultaneous prices in a stock quoted by a market-maker, the lower at which he is willing to buy and the higher at which he is willing to sell.
TACT
Dealing system for Thailand.
Thomson Report
An electronic transaction reporting system for international equities on the financial services sector.
Treasury notes (US)
US government bond or with 2-, 3-, 5- and 7- year issued with 2-, 3-, 5- and issue certificates and the insurer’s beneficiary on the interests of the 15 European Automated Real time Gross settlement on the money market from lost, destroyed or stolen certificates.
Transfer agent
Agent appointed to holders of a 30-year maturity.
Thailand Securities Depository Company
CSD for
