| Taking a Position |
To set a price and deal and principal in a specific security, currency or commodity. |
| Talisman |
The computerised settlement system used by the London Stock Exchange until April 1997, which acted as a central clearing house for transactions in equities (see Crack Spread). Settlement after this date has been done by CREST. |
| Tender Offer |
In an offer by tender, buyers of shares specify the price at which they are willing to buy. |
| TOPIC |
Stock Exchange system providing up to the minute information on share prices. |
| Touch |
The best buying and selling prices available from a market maker on SEAQ and SEAQ International in a given security at any one time. |
| Trade Finance |
Lending aimed at financing foreign trade, usually exports, at home or abroad. |
| Trade Price |
The price agreed between buyer and seller in the trading pit at which the transaction is executed. |
| Traded Options |
Transferable options with the right to buy and sell a standardised amount of a security at a fixed price within a specified period. |
| Tranche |
An ‘instalment’ in payment of a loan, e.g. if a loan of £100,000 is payable in 5 payments of £20,000 each £20,000 payment is a tranche. |
| Transfer |
The form signed by the seller of a security authorising the company to remove his/her name from the register, and substitute that of the buyer. |
| Treasury |
Description of the division of a bank or business which arranges to provide the funds needed for lending etc. It will operate in the foreign exchange and money markets. |
| Treasury Bills |
Obligations of the British Government issued weekly by the Bank of England, normally issued with a maturities of 1 month, 3 months, 6 months or 12 months. |
| Treasury (or Money Market) Lending |
Short term lending (usually up to 12 months) of surplus funds to banks and financial institutions. |
| Turn |
The mark up or profit on a deal. |
