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Investment and Trading Glossary

A B C D E F G H I J K L M N O P  Q  R S T U V W X Y Z

 

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TAKEDOWN

The discount from the public offering price at which a syndicate member buys new issue securities from the syndicate for sale to the public.

See also concession.

TAPE

See Consolidated Tape.

T BILL

See Treasury bill.

T BOND

See Treasury bond.

T CALL

See margin call.

TECHNICAL ANALYSIS

A method of evaluating securities by analyzing statistics generated by market activity, such as past prices and volume. Technical analysts do not attempt to measure a security´s intrinsic value.

See also chartist; fundamental analysis.

TENANTS IN COMMON

See joint tenants in common.

TRADER OFFER

An offer to buy securities for cash or for cash plus securities.

TESTAMENTARY TRUSTEE

A person authorized to administer a fiduciary account, including a brokerage account, created by a decedent. The trustee´s authority is granted by the last will of the decedent.

See also trustee of a living trust.

THIRD MARKET

The exchange where listed securities are traded in the over-the-counter market. Institutional investors are the primary users of the third market.

TICK

A minimum upward or downward movement in the price of a security.

See also minus tick; plus tick; plus tick rule.

TICKET TAPE

See Consolidated Tape.

TIME VALUE

The amount an investor pays for an option above its intrinsic value, it reflects the amount of time left until expiration. The amount is calculated by subtracting the intrinsic value from the premium paid.

See also intrinsic value.

TIMING RISK

The potential for an investor to incur a loss as a result of buying or selling a particular security at an unfavorable time.

T NOTE

See Treasury note.

TOTAL CAPITALIZATION

The sum of a corporation´s long-term debt, stock accounts and capital in excess of par.

TRADE COMPARISON

The memorandum sent by both broker-dealers engaged either side a trade; it confirms the details of the transaction. Comparison procedures are established by the NASD´s Uniform Practice Code.

TRADE CONFIRMATION

A printed document that contains date of a transaction, including the settlement date and amount of money due from or owed to a customer. It must be sent to the customer on or before the settlement date.

TRADE DATE

The date on which a securities transaction is executed.

TRADING AUTHORIZATION

See full trading authorization; limited trading authorization.

TRANSFER AGENT

A person or corporation responsible for recording the names and holding of registered security owners, seeing that certificates are signed by the appropriate corporate officers, affixing the corporate seal, and delivering securities to the new owners.

TRANSFER AND HOLD IN SAFEKEEPING

A securities buy order settlement and delivery procedure whereby the securities bought are transferred to the customer´s name but are held by the broker-dealer.

See also hold in street name; transfer and ship.

TRANSFER AND SHIP

A securities buy order settlement and delivery procedure whereby the securities bought are transferred to the customer´s name and are sent to the customer.

See also hold in street name; transfer and hold in safekeeping.

TREASURY BILL

A marketable U.S. government debt security with a maturity of less than one year. Treasury bills are issued through a competitive bidding process at a discount from par, there is no fixed interest rate.

Syn.T bill.

TREASURY BOND

A marketable, fixed-interest U.S. government debt security with a maturity of more than ten years.

Syn. T bond.

TREASURY NOTE

A marketable, fixed-interest U.S. government debt security with a maturity of between one and ten years.

Syn. T note.

TREASURY STOCK

Equity securities that have been issued and repurchased by the issuing corporation from the public at the current market price.

See also issued stock; outstanding stock.

TRENDLINE

A tool used by technical analysts to trace a security´s movement by connecting the reaction lows in an upward trend or the rally highs in a downward trend.

TRIANGLE

On a technical analyst´s trading activity chart, a pattern that shows a narrowing of the price range in which a security is trading. The left side of the triangle typically shows he widest range, and the right side narrows to a point.

Syn. pennant.

See also issued stock; outstanding stock.

TROUGH

The end of a period of declining business activity throughout the economy, one of the four stages of the business cycle.

See also business cycle.

TRUSTEE

A person legally appointed to act on behalf of a beneficiary.

See also trustee of a living trust.

TRUSTEE OF A LIVING TRUST

A person legally appointed to manage the affairs, including any  brokerage accounts, of a living beneficiary. The authority is created by a trust agreement, not a will.

See also testamentary trustee.