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T-BILL

Treasury Bill; Short-term obligations of a Government issued for periods of one year or less.

TECHNICAL ANALYSIS

The study of price action in markets through the use of charts and quantitative techniques to attempt to forecast price trends.

TECHNICAL CORRECTION

An adjustment to the price of an instrument that is based on technical factors rather than market sentiment.

TENDER

The process of inviting parties to submit a formal offer for the supply or purchase of goods and services, followed by evaluation of offers and selecting a successful bidder.

TENOR

Maturity of an option or a loan.

THEORETICAL VALUE

Mathematically determined value of a derivative instrument as dictated by a pricing model such as the Black-Scholes model.

THETA

A measure of the sensitivity of the price of an option to a change in its time to expiry.

THIN MARKET

A market in which trading volume is low and in which consequently bid and ask quotes are wide due to lack of liquidity of the instrument.

TICK

A minimum change in price, up or down.

TICKET

The primary method of recording the basic information of a transaction.

TIME VALUE

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. The longer the time remaining until expiration, the higher the time value.

TOMORROW NEXT

Simultaneous buying of a currency for delivery the following day and selling for the spot day or vice versa.

TOP DOWN APPROACH

A method of security selection that starts with asset allocation and works systematically through sector and industry allocation to individual security selection.

TRADE

An oral or electronic transaction involving one party buying or selling a currency, security, or derivative from another party.

TRADE ABLE AMOUNT

The smallest transaction size acceptable.

TRADE BALANCE

The sum of the money gained by a given economy by selling exports, minus the cost of buying imports; part of the balance of payments.

TRADE DATE

The date on which a trade occurs.

TRADE DEFICIT/SURPLUS

The difference between the value of imports and exports.

TRADE TICKET

The primary method of recording the basic information of a transaction.

TRANSACTION

An executed order to buy or sell an instrument; could be an entry or a liquidation trade.

TRANSACTION DATE

The date on which a trade occurs.

TREASURER

The corporate officer responsible for designing and implementing a firm's financing and investing activities.

TREASURY BILLS

Short-term obligations of a Government issued for periods of one year or less. Treasury bills do not carry a rate of interest and are issued at a discount on the par value. Treasury bills are repaid at par on the due date.

TREASURY BONDS

Government obligations with maturities of ten years or more.

TREASURY NOTES

Government obligations with maturities more than one year but less than ten years.

TREASURY STOCK

Outstanding stock that has been sold and subsequently repurchased by the issuing firm. Treasury stock does not carry voting rights or an ability to collect dividends, and is not used in earnings per share calculations.

TURNOVER

The total money value of currency contracts traded is calculated by multiplying size by the number of contracts traded.

TWO-WAY QUOTATION

When a dealer quotes both buying and selling rates for foreign exchange transactions.