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Superglossary - Finance Category: Economy and Finance > Finance Date & country: 16/12/2013, USA Words: 5410

Ton
Advertisement listing the underwriters of a security issue.

Top
$100 million in bond trader's terms.

Top-Down Equity Management Style
Indicates the higher price one is willing to pay for a stock in an order; implies a not held order.

Top-Heavy
Investment style that begins with an assessment of the overall economic environment and makes a gene

Topping Out
At a price level where supply is exceeding demand. See

Toronto Stock Exchange (TSE)
Denoting a market or a security that is at the end of a period of rising prices and can now be expec

Total
Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options.

Total Asset Turnover
Complete amount of buy or sell interest, as opposed to having more behind it. See

Total Capitalization
The ratio of net sales to total assets.

Total Common Shares
The total long-term debt and all types of equity of a company that constitutes its capital structure

Total Cost
The total number of common shares outstanding.

Total Debt-To-Equity Ratio
The price paid for a security plus the broker's commission and any accrued interest that is owed to

Total Dollar Return
A capitalization ratio comparing current liabilities plus long-term debt to shareholders' equity.

Total Return
The dollar return on a nondollar investment, which includes the sum of any dividend/interest income,

Total Revenue
In performance measurement, the actual rate of return realized over some evaluation period. In fixed

Total Volume
Total sales and other revenue for the period shown. Known as 'turnover' in the U.K.

Touch, The
The total number of shares or contracts traded on national and regional exchanges in a stock, bond,

Tough On Price
Mainly applies to international equities. Inside market in London terminology.

Tout
Firm price mentality at which one wishes to transact stock, often at a discount/premium that is not

Tracking Error
The percentage return over the T-year period an investment is held.

Tracking Stock
In an indexing strategy, the standard deviation of the difference between the performance of the ben

Trade
Best defined with an example. Suppose Company A purchases a business from Company B and pays B with

Trade Acceptance
An oral (or electronic) transaction involving one party buying a security from another party. Once a

Trade Away
Written demand that has been accepted by an industrial company to pay a given sum at a future date.

Trade Credit
Trade execution by another broker/dealer.

Trade Date
Credit one firm grants to another firm for the purchase of goods or services.

Trade Debt
The date that the counterparties in an interest rate swap commit to the swap. Also, the day on which

Trade Deficit Or Surplus
Accounts payable.

Trade Draft
The difference in the value of a nation's imports over exports (deficit) or exports over imports (su

Trade Flat
A draft addressed to a commercial enterprise. See

Trade House
For convertibles, trade without accrued interest. Preferred stock always 'trades flat,' as do bonds

Trade Me Out
A firm that deals in actual commodities.

Trade On The Wire
Work out of one's long position (usually created by committing firm principal to complete a trade bl

Trade On Top Of
Immediately give a bid or offer to a salesperson without checking the floor conditions (listed), dea

Trademark
Trade at a narrow speed or no spread in basis points relative to some other bond yield, usually Trea

Traders
A distinctive name or symbol used to identify a product or company and build recognition. Trademarks

Trades By Appointment
Individuals who take positions in securities and their derivatives with the objective of making prof

Trading
A stock that is very difficult to trade to because of illiquidity.

Trading Authorization
Buying and selling securities.

Trading Costs
A document (power of attorney) a customer gives to a broker in order that the broker may buy and sel

Trading Dividends
Costs of buying and selling marketable securities and borrowing. Trading costs include commissions,

Trading Halt
Maximizing a firm's revenues by purchasing stock in other firms in order to collect the maximum amou

Trading Paper
When trading of a stock, bond, option or futures contract is stopped by an exchange while news is be

Trading Pattern
CDs purchased by accounts that are likely to resell them. The term is commonly used in the Euromarke

Trading Posts
Long-range direction of a security or commodity futures price, charted by drawing one line connectin

Trading Profit
The positions on the floor of a stock exchange where the specialists stand and securities are traded

Trading Range
The profit earned on short-term trades of securities held for less than one year, subject to tax at

Trading Unit
The difference between the high and low prices traded during a period of time; for commodities, the

Trading Variation
The number of shares of a particular security that is used as the acceptable quantity for trading on

Trading Volume
The increments to which securities prices are rounded up or rounded down.

Trading Volume
The number of shares transacted every day. As there is a seller for every buyer, one can think of th

Tranche
An argument that, 'within reason,' investors prefer higher dividends to lower dividends because the

Transaction
One of several related securities offered at the same time. Tranches from the same offering usually

Transaction Demand (For Money)
The delivery of a security by a seller and its acceptance by the buyer.

Transaction Exposure
The money needed to accommodate a firm's expected cash transactions.

Transaction Loan
Risk to a firm with known future cash flows in a foreign currency, that arises from possible changes

Transaction Tax
A loan extended by a bank for a specific purpose. Lines of credit and revolving credit agreements in

Transactions Costs
Applies mainly to international equities. Levies on a deal that foreign governments sometimes charge

Transactions Motive
The time, effort, and money necessary, including such things as commission fees and the cost of phys

Transfer
A desire to hold cash in order to conduct cash-based transactions.

Transfer Agent
A change of ownership from one person or party to another.

Transfer Payments
Individual or institution a company appoints to look after the transfer of securities.

Transfer Price
Payments from a government to its citizens, such as welfare and other government benefits.

Transfer Tax
The price at which one unit of a firm sells goods or services to another unit of the same firm.

Transferable Put Right
A small federal tax on the movement of ownership of all bonds (except obligations of the U.S., forei

Transition Phase
An option issued by a firm to its shareholders to sell the firm one share of its common stock at a f

Translation Exposure
A stage of development when a company begins to mature and its earnings decelerate to the rate of gr

Transmittal Letter
Risk of adverse effects on a firm's financial statements that may arise from changes in exchange rat

Travel And Entertainment Expense
A letter describing the contents and purpose of a transaction delivered with a security that is chan

Treasurer
Funds spent on business travel and entertainment that qualify for a tax deduction of 50% of the amou

Treasurers Check
The corporate officer responsible for designing and implementing a firm's financing and investing ac

Treasuries
A check issued by a bank to make a payment. Treasurer's checks outstanding are counted as part of a

Treasury
Related

Treasury Bills
U.S. Department of the Treasury, which issues all Treasury bonds, notes, and bills as well as overse

Treasury Bonds
Debt obligations of the U.S. Treasury that have maturities of one year or less. Maturities for T-bil

Treasury Direct
Debt obligations of the U.S. Treasury that have maturities of 10 years or more.

Treasury Notes
A system allowing an individual investor to make a noncompetitive bid on U.S. Treasury securities an

Treasury Securities
Debt obligations of the U.S. Treasury that have maturities of more than 2 years but less than 10 yea

Treasury Stock
Securities issued by the U.S. Department of the Treasury.

Treasury Stock
Stock that has been reacquired by the company that issued it and is available for retirement or resa

Treat Me Subject
Common stock that has been repurchased by the company and held in the company's treasury.

Trend
In the equities market, a conditional bid or offer. 'My bid or offer is not firm, but is subject to

Trendline
The general direction of the market.

Treynor Index
A large venture capital fund (over one billion dollars). Such funds are known for imposing strong di

Triangular Arbitrage
A measure of the excess return per unit of risk, where excess return is defined as the difference be

Trickle Down
Striking offsetting deals among three markets simultaneously to obtain an arbitrage profit.

Trin
An economic theory that the support of businesses that allows them to flourish will eventually benef

Triple Net Lease
Used in the context of general equities. Short-term trading index that shows a minute-by-minute corr

Triple Tax-Exempt
A lease providing that the tenant pay for all maintenance expenses, plus utilities, taxes, and insur

Triple Witching Hour
Municipal bonds featuring federal, state, and local tax-free interest payments.

Trough
The four times a year that the S&P futures contract expires at the same time as the S&P 100 index op

True Interest Cost
The transition point between economic recession and recovery.

True Lease
For a security such as commercial paper that is sold on a discount basis, true interest cost is the

Trust
A contract that qualifies as a valid lease agreement under the Internal Revenue Code.

Trust Company
A fiduciary relationship calling for a trustee to hold the title to assets for the benefit of the be

Trust Deed
An organization that acts as a fiduciary and administers trusts.

Trust Indenture Act Of 1939
Agreement between trustee and borrower setting out terms of a bond.

Trust Receipt
A law that requires all corporate bonds and other debt securities to be issued subject to indenture

Trustee In Bankruptcy
Receipt for goods that are to be held in trust for the lender.

Truth In Lending Law
An appointed trustee who supervises and administers the affairs of a bankrupt company or individual.