Business / Finance Glossary

Total Volume: Total sales and other revenue for the period shown. Known as 'turnover' in the U.K.

Touch, The: The total number of shares or contracts traded on national and regional exchanges in a stock, bond, commodity, future, or option on a certain day.

Tough On Price: Mainly applies to international equities. Inside market in London terminology.

Tout: Firm price mentality at which one wishes to transact stock, often at a discount/premium that is not available at the time.

Tracking Error: The percentage return over the T-year period an investment is held.

Tracking Stock: In an indexing strategy, the standard deviation of the difference between the performance of the benchmark and the replicating portfolio.

Trade: Best defined with an example. Suppose Company A purchases a business from Company B and pays B with 1 million shares of A's stock. The agreement provides that B cannot sell the 1 million sha . . . View Full Definition

Trade Acceptance: An oral (or electronic) transaction involving one party buying a security from another party. Once a trade is consummated, it is considered 'done' or final. Settlement occurs 1-5 business days later.

Trade Away: Written demand that has been accepted by an industrial company to pay a given sum at a future date. Related: Banker's acceptance.

Trade Credit: Trade execution by another broker/dealer.

Trade Date: Credit one firm grants to another firm for the purchase of goods or services.

Trade Debt: The date that the counterparties in an interest rate swap commit to the swap. Also, the day on which a security or a commodity future trade actually takes place. Trades generally settle (are . . . View Full Definition

Trade Deficit Or Surplus: Accounts payable.

Trade Draft: The difference in the value of a nation's imports over exports (deficit) or exports over imports (surplus).

Trade Flat: A draft addressed to a commercial enterprise. See: Draft.

Trade House: For convertibles, trade without accrued interest. Preferred stock always 'trades flat,' as do bonds on which interest is in default or is in doubt. In general, trade in and out of a position . . . View Full Definition

Trade Me Out: A firm that deals in actual commodities.

Trade On The Wire: Work out of one's long position (usually created by committing firm principal to complete a trade block trade) by selling stock. Antithesis of 'buy them back.'

Trade On Top Of: Immediately give a bid or offer to a salesperson without checking the floor conditions (listed), dealer depth (OTC) or customer interest. An aggressive trading posture.

Trademark: Trade at a narrow speed or no spread in basis points relative to some other bond yield, usually Treasury bonds.

Traders: A distinctive name or symbol used to identify a product or company and build recognition. Trademarks may be registered with the U.S. Patent and Trademark Office.

Trades By Appointment: Individuals who take positions in securities and their derivatives with the objective of making profits. Traders can make markets by trading the flow. When they do this, their objective is t . . . View Full Definition

Trading: A stock that is very difficult to trade to because of illiquidity.

Trading Authorization: Buying and selling securities.

Trading Costs: A document (power of attorney) a customer gives to a broker in order that the broker may buy and sell securities on behalf of the customer.

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