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TMX - Investment glossary Category: Business and Law > Investment terms Date & country: 21/02/2017, USA Words: 348

Time Value
The difference between an option's premium and its intrinsic value.

Timely Disclosure Policy
This policy requires all listed companies to publicly disclose material information in a timely manner.

TL1
Toronto Level 1 (TL1) is a real-time service for listed senior equities that provides trades, quotes, corporate actions and index information from TSX.

TL2
Toronto Level 2 (TL2) is a real-time service for senior equities that shows all of the committed orders and trades for each TSX listed security in real time.

Toronto Stock Exchange
Canada's national stock exchange, which serves the senior equity market.

Total Number of Shares
The total number of issued and outstanding shares for the security.

Total Return Index Value
(TRIV) Similar to the stock price index value (SPIV), except that the TRIV is based on the aggregate, float quoted market value of the index constituents (SPIV) plus their paid dividends/distributions. TRIV is calculated only at the end of the trading session for all S&P/TSX indices.

Traded Value
The total dollar value of shares traded during a trading session.

Trading Halt
A trading halt is imposed by the exchange, usually due to the dissemination of news that might impact a stock's price.

Trading Issue
The status of a listed security of an issuer whose trading privileges are active on the Exchange.

Trading Issuer
An issuer that has at least one class of securities whose trading privileges are active on Toronto Stock Exchange or TSX Venture Exchange.

Trading Number
The unique, 3-digit number assigned to each Participating Organization and Member to identify it for market transparency.

Trading Session
The period during which the Exchange is open for trading.

Trading Symbol
See Stock Symbol.

Trailing Twelve Months Earnings Per Share
(TTM EPS) Trailing, twelve-months earnings per share (TTM EPS), reported by TSX for listed issuers, is an annualized EPS calculation, based on EPS as presented by the issuer, from their latest annual financial statements and the latest subsequent interim financial statements, if any. It includes special items, such as extraordinary items or discontinued operations. It indicates the issuer's annualized earnings for the latest financial reporting period. It is also used to calculate the issuer's price/earnings (P/E) ratio that is reported on tmxmoney.com.

Transaction Date
The date when the purchase or sale of a security takes place.

Transactions
As reported in exchange trading statistics, represents the total number of trades for a specified period.

Transfer Agent
A trust company appointed by a listed company to keep a record of the names, addresses and number of shares held by its shareholders. Frequently, the transfer agent also distributes dividend cheques to the company's shareholders.

Transferable Security
A security that can be transferred from one party holder to another without restrictions, provided that all proper documentation is included.

TSX Industrial Category
Includes all issuers that are not classified as mining or oil and gas.

TSX Industrial, Mines and Oil & Gas Categories
(IMO) The broad classification of issuers into an industrial, mining, or oil and gas category. The classification is done at the review of the original listing application or at a later review of the listed issuer. The classification determines which listing standard is to be applied to the issuer.

TSX Marker for U.S. or Non-U.S. Foreign Incorporated Issuer
A marker used by TSX to classify trading (including interlisted shares) and market capitalization by domestic, U.S., and non-U.S. foreign issuers. The data source is the original listing bulletin, which includes a notation on the laws or jurisdiction the issuer was incorporated under. Non-U.S., foreign issuer data is not broken down by country of incorporation.

TSX Mines Category
Includes:

TSX Oil & Gas Category
Includes oil and gas companies that have proven and developed reserves and ongoing operations.

TSX Venture Exchange
Canada's national stock exchange, which serves the public, venture equity market.

Underlying Interest
The specific security, commodity, index or financial instrument that an option or futures contract is traded.

Underwriting
The purchase for resale of a new issue of securities by an investment dealer or group of dealers who are also known as underwriters. The formal agreements for these transactions are called underwriting agreements.

Unlisted
A security not listed on a stock exchange, but traded on the over-the-counter market.

Uptick
A stock is said to be on an uptick when the last trade occurred at a higher price than the one before it.

Venture Capital
Money raised by companies to finance new ventures.

Venture Company
A classification of TSX Venture Exchange-listed companies that are in the early stages of development and meet the minimum asset, market value and shareholder distribution requirements for Tier 2 listing.

Volatility
A statistical measure of changes in price over a period of time.

Volume
See Debt Volume and Equity Volume.

VWAP
Volume-weighted, average trading price of the listed securities, calculated by dividing the total value by the total volume of securities traded for the relevant period. Where appropriate, TSX may exclude internal crosses and certain other special terms trades from the calculation. This definition is generally used by listed issuers to price their shares.

VWAP Cross
A transaction for the purpose of executing a trade at a volume-weighted average price of a security traded for a continuous period, on or during a trading day on the Exchange. Marked as a specialty-priced cross, a VWAP cross may be executed outside the quote, will not set the last sale price, and is not subject to interference by other orders on the book. VWAP crosses may be executed in the post open and special trading sessions.

Warrant
A security giving the holder the right to purchase securities at a stipulated price within a specified time limit. Exercise of the warrant is solely at the discretion of the holder. Warrants are not exercisable after the expiry date. A warrant is often issued in conjunction with another security as part of a financing. A warrant may be traded as a listed security or it may be held privately.

When-Issued Trading
Occurs when the security has been listed and posted for trading, but the certificate representing the security itself is not yet issued and available for settlement. The exchange bulletin issued on listing of the security indicates if the trading will be done on a when-issued basis. In this case, the issuance of the security is guaranteed and the delay in issuance is often due to factors relating to the printing and distribution of the security. The period for when-issued trading is usually less than one week.

World Federation of Exchanges
(WFE) The World Federation of Exchanges (WFE) is a global trade association for the exchange industry. The membership is comprised of more than 50 regulated exchanges from all regions of the world. Together, these exchanges account for over 95% of world stock market capitalization, and most of its exchange-traded futures, options, listed investment funds, and bonds. TSX is a member of WFE, and is on the Federation's Board of Directors.

Writer
The seller of an option. The writer has an obligation associated with the contract to either purchase or sell a specified number of shares at the strike price on or before expiry.

XL1
Index Level 1 is a feed service that provides index and constituent data for the equity S&P/TSX indices. Current day constituent data is broadcast before market open. Complete index and constituent data is delivered at end of day.

Yield
This is the measure of the return on an investment and is shown as a percentage. A stock yield is calculated by dividing the annual dividend by the stock's current market price. For example, a stock selling at $50 and with an annual dividend of $5 per share yields 10%. A bond yield is a more complicated calculation, involving annual interest payments, plus amortizing the difference between its current market price and par value over the life of the bond.


S&P/TSX 60 Capped Index
Includes all of the constituents of the S&P/TSX 60 Index. The relative weight by market capitalization of any single index constituent is capped at 10%.

S&P/TSX 60 Index
An index of large, liquid, Canadian issuers listed on Toronto Stock Exchange. It is market capitalization weighted, with weights adjusted for available share float, and includes securities of 60 issuers balanced across ten economic sectors. Inclusion in the S&P/TSX Composite is a prerequisite to inclusion in the S&P/TSX 60 Index.

S&P/TSX Capped Composite Index
Includes all of the constituents of the S&P/TSX Composite Index. The relative weight by market capitalization of any single index constituent is capped at 10%.

S&P/TSX Composite Index
Comprises the majority of market capitalization for Canadian-based, Toronto Stock Exchange listed companies. It is the leading benchmark used to measure the price performance of the broad, Canadian, senior equity market. It was formerly known as the TSE 300 Composite Index.

S&P/TSX MidCap Index
An index of mid-sized Canadian issuers that have been included in the S&P/TSX Composite Index but are not members of the S&P/TSX 60 Index. It is market capitalization weighted, with weights adjusted for available share float, and includes securities of 60 issuers balanced across ten economic sectors.

S&P/TSX SmallCap Index
An index of smaller Canadian issuers that are included in the S&P/TSX Composite Index, but have not been added to the S&P/TSX 60 Index or the S&P/TSX MidCap Index. When a new issuer qualifies to be included in the S&P/TSX Composite, it is automatically added to the S&P/TSX SmallCap Index. This index does not have a fixed number of constituents.

S&P/TSX Venture Composite Index
Launched December 10, 2001, it is the leading benchmark used to measure the price performance of the Canadian public venture capital equity market.