Tau Expresses the price change of an option for a percentage
change in the implied volatility.
T-Bill Treasury Bill.
The study of the price that reflects the supply and demand
factors of a currency. Common methods are flags, trendlines
spikes, bottoms, tops, pennants, patterns and gaps.
Technical Correction An adjustment to price not based on market sentiment but
technical factors such as volume and charting.
Tender (1) A formal offer to supply or purchase goods or services.
(2) In the UK, the term for the weekly Treasury Bill issue.
Terme (French) Period.
Terms of Trade The ratio between export and import price indices.
Theta A measure of the sensitivity of the price of an option to a
change in its time to expiry.
A market in which trading volume is low and in which
consequently bid and ask quotes are wide and the liquidity
of the instrument traded is low.
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TIBOR Tokyo Inter-bank Offered Rate.
Tick A minimum change in price, up or down.
Ticket See Deal Slip
TIFFE Tokyo International Financial Futures Exchange.
That part of an option premium which reflects the length of
time remaining in the option prior to expiration. The longer
the time remaining until expiration, the higher the time
Simultaneous buying of a currency for delivery the following
day and selling for the spot day, or vice versa. Also referred
to as overnight.
Tomorrow Next (Tom
Simultaneous buying and selling of a currency for delivery
the following day and selling for the next day or vice versa.
Tradable Amount Smallest transaction size acceptable.
The Trade Balance is a measure of the difference between
imports and exports of tangible good and services. The level
of the trade balance, and changes in exports and imports,
are widely followed by foreign exchange markets.
Trade Date The date on which a trade occurs.
Trade Deficit/Surplus The difference between the value of imports and exports,
often only reported in visible trade terms.
Trade Ticket See Deal Ticket.
Tranche (French) A portion of. Specifically used for borrowings from
Transaction The buying or selling of securities resulting from the
execution of an order.
Transaction Date The date on which a trade occurs.
Transaction Exposure Potential profit or loss generated by current foreign
When consolidating into the base currency, the calculation
of loss or profit resulting from the valuation of foreign
assets and liabilities for balance sheet purposes.
Short-term obligations of a Government issued for periods
of one year or less. Treasury bills do not carry a rate of
interest, but are issued at a discount on the par value.
Treasury bills are repaid at par on the due date. In the UK
they are normally for 91 days, and are offered at weekly
tenders. In the US they are auctioned.
Treasury Bonds Government obligations with maturities of ten years or
Treasury Notes Government obligations with maturities more than one
year, but less than ten years.
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Previously issued stock that has been repurchased by,
donated to or otherwise acquired by the issuing firm.
Treasury stocks pay no dividends and have no voting
Troc, Troquer (French) FX term for swap.
The total money value of currency contracts traded which is
calculated by multiplying size by the number of contracts
Two-Way Quotation When a dealer quotes both buying and selling rates for
foreign exchange transactions.