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Glossary of financial terms - Letter T

  • T/N

    Tags:  characteristics market transactions

    See  


  • T2S

    Tags:  electronic systems transaction settlement

    Territory:   European Union

    See  


  • TAA

    Tags:  asset management investments strategies

    See  


  • tactical asset allocation (TAA)

    Tags:  asset management investments strategies

    Tactical asset allocation is an active portfolio management strategy that consists of dynamically adjusting a portfolio's strategic asset allocation based on short-term market forecasts.

     


  • TARGET

    Tags:  market transactions transaction settlement

    Territory:   European Union

    See  


  • TARGET2-Securities (T2S)

    Tags:  electronic systems transaction settlement

    T2S is a new European securities settlement engine which aims to offer centralised delivery-versus-payment (DvP) settlement in central bank funds across all European securities markets.

     


  • Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA)

    Tags:  taxation texts of law

    Country:   United States of America

    The Tax Equity and Fiscal Responsibility Act of 1982 is a United States federal tax legislation which revoked parts of the Economic Recovery Tax Act (ERTA) passed a year earlier.

     


  • TBA

    Tags:  financial instruments securitisation

    See  


  • technical analysis

    Tags:  finance (general) technical analysis

    Technical analysis uses charts to examine changes in price patterns, volume of trading, open interest, and rates of change to predict trends and profit from them.

     


  • TED spread

    Tags:  interest rate instruments valuation and pricing

    The TED spread is the difference between the 3-month LIBOR and the yield on a 3-month Treasury bill.

     


  • TEFRA

    Tags:  taxation texts of law

    Country:   United States of America

    See  


  • tenor

    Tags:  interest rate markets valuation and pricing

    In finance, tenor refers to the time-to-maturity of a loan or other financial contract.

     


  • term repo

    Tags:  financial instruments money market instruments

    A repo in which the term is predetermined as part of the agreement. Different to an open repo, where the repo remains open until either party to the contract terminates it.

     


  • The London Institute of Banking & Finance

    Tags:  financial markets professional associations

    The London Institute of Banking & Finance is an educational body for the financial sector in the UK.

     


  • theta

    Tags:  options valuation and pricing

    Measures the sensitivity of the value of an option to the passage of time.

     


  • thin market

    Tags:  concept financial markets

    A market with little trading and poor liquidity.

     


  • Three-Month EURIBOR Future (NYSE Euronext)

    Tags:  financial instruments interest rate derivatives

    on short term interest rates, traded on NYSE Euronext in London. Its underlying is a 3-month, 1 million euro deposit invested at the 3-month rate calculated by the European Banking Federation (EBF).

     


  • tick

    Tags:  characteristics derivatives

    See  


  • tick size

    Tags:  characteristics derivatives

    The minimum allowable price fluctuation (up or down) for a futures contract.

     


  • time decay

    Tags:  options valuation and pricing

    The propensity of the time value in an option to decay or erode as expiry draws nearer (other things being equal).

     


  • time value

    Tags:  options valuation and pricing

    The portion of the option premium that is attributable to the amount of time remaining until the expiration of the option contract. Time value is whatever value the option has in addition to its intrinsic value.

     


  • TIPS

    Tags:  bonds financial instruments

    Country:   United States of America

    See  


  • TMI

    Tags:  indices stock markets

    Country:   United States of America

    See  


  • to be announced (TBA)

    Tags:  financial instruments securitisation

    Special type of mortgage-backed security where the actual identity of the securities to be delivered is not specified at the time of trade. Instead, the parties in the transaction agree only on five general parameters of the securities to be delivered: issuer, mortgage type, maturity, coupon and month of settlement.

     


  • Tokyo Stock Price Index (TOPIX)

    Tags:  indices stock markets

    TOPIX is a free-float adjusted market capitalization-weighted index that is calculated based on all the domestic common stocks listed on the First Section of the Tokyo Stock Exchange.

     


  • tomorrow-next (T/N)

    Tags:  market transactions transaction settlement

    In finance, the term tomorrow-next - or tom-next - is used to indicate a lending period which starts on the the next business day (t+1) and ends on the business day thereafter (t+2).

     


  • TOPIX

    Tags:  indices stock markets

    Country:   Japan

    See  


  • total debt-to-assets ratio

    Tags:  financial analysis metric

    The total debt-to-assets ratio indicates which proportion of a company's assets are financed with debt.

     


  • total market index (TMI)

    Tags:  indices stock markets

    A total market index is a stock market index that covers the entirety of a stock market's shares.

     


  • total rate of return swap

    Tags:  derivatives financial instruments

    See  


  • total return swap

    Tags:  derivatives financial instruments

    A financial contract between two parties in which the total return of a specified asset is exchanged for another cash flow. One counterparty (the total return payer) pays the total return (interest plus fees plus price appreciation less price depreciation) of the asset and (usually) receives an IBOR rate plus a spread from the other counterparty (the total return receiver).

     


  • total shareholder return (TSR)

    Tags:  equities financial analysis investments metric valuation and pricing

    Total shareholder return is a measure of the total return of a share to the shareholder over the holding period of the investment. It combines capital gains and dividend payments and is expressed as an annualised percentage.

     


  • TP

    Tags:  finance (general) valuation and pricing

    See  


  • trade balance

    Tags:  economy metric

    See  


  • trade repository

    Tags:  derivatives repository or database

    A trade repository is a data centre where details of over-the-counter derivatives transactions are reported. It collects and maintains key information regarding open OTC derivatives trades, thus helping to increase transparency in the markets for these instruments.

     


  • trade repository

    Tags:  concept supervision and regulation

    A trade repository is an entity which collects and maintains records of derivatives trades. its main purpose is to help regulators monitor the build-up of systemic risk.

     


  • trailer commission

    Tags:  asset management interest curves

    See  


  • trailer fee

    Tags:  asset management interest curves

    A fee that a mutual fund manager pays to a fund distributor who sells the fund to investors. The trailer fee compensates the distributor for providing the investor with ongoing investment advice and services.

     


  • Trans-european Automated Real-time Gross settlement Express Transfert system (TARGET)

    Tags:  market transactions transaction settlement

    TARGET is a euro payment system that went live in January 1999 and started to be replaced by the successor system TARGET2 in November 2007.

     


  • Transaction Reporting Exchange Mechanism (TREM)

    Tags:  electronic systems supervision and regulation

    Territory:   European Union

    The Transaction Reporting Exchange Mechanism is an IT system implemented by the CESR in 2007 in order to facilitate the exchange of transaction reports amongst regulators.

     


  • transfer agent

    Tags:  asset management security issuance

    A party appointed to maintain records of the individuals and entities that own securities or fund shares on behalf of the issuer of a security or the promoter of a fund.

     


  • transfer pricing

    Tags:  finance (general) valuation and pricing

    Transfer pricing is the setting of the price for goods and services sold between controlled (or related) legal entities having the same owner.

     


  • Treasury bill

    Tag:  money market instruments

    Short term negotiable discount securities issued by the government of the United States.

     


  • Treasury bond

    Tag:  bonds

    Long-term US government

    with an initial maturity of more than 10 and up to 30 years. It pays its holders a semi-annual fixed coupon.

     


  • Treasury Inflation-Protected Security (TIPS)

    Tag:  bonds

    Treasury Inflation Protected Securities are inflation-indexed bonds issued by the United States Government.

     


  • Treasury note

    Tag:  bonds

    Medium-term US government security with an initial maturity comprised between 2 and 10 years. It pays its holder a semi-annual, fixed coupon.

     


  • TREM

    Tags:  electronic systems supervision and regulation

    Territory:   European Union

    See  


  • trigger swap

    Tags:  financial instruments interest rate derivatives

    A trigger swap operates in the same way as a vanilla swap with the exception that the swap is cancelled or the swap rate changes if the underlying rate passes a specified trigger.

     


  • tripartite order

    Tags:  market orders order types

    Market order which is executed between two counterparties of which one is acting on behalf of a third party.

     


  • triple A

    Tags:  interest rate instruments valuation and pricing

    Triple A, or AAA, is the highest possible rating assigned by a rating agency to a bond. An AAA-rated bond has an outstanding level of creditworthiness because the issuer can easily meet its financial obligations.

     


  • TRORS

    Tags:  financial instruments interest rate derivatives

    See  


  • TRS

    Tags:  financial instruments interest rate derivatives

    See  


  • trustee

    Tags:  asset management security issuance

    An entity appointed by the Issuer to act on behalf of investors in relation to the securities.

     


  • TSR

    Tags:  financial analysis valuation and pricing

    See  


  • TV

    Tags:  financial mathematics time value of money

    See  


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