Cyber*School

the smallest possible price movement of a future,The size of a tick is determined by the stock exchange and is usually between 0.5 and 1 base points.

The tick value is the profit or loss which emerges from a change of the futures-prices by one tick based upon one contract.

The Tokyo International Financial Futures Exchange

This is a market in which a security is traded irregularly or in small numbers.

Term money or time deposits are deposits that are invested for a limited time. There are two types of time deposits: fixed term deposits and call money

(Horizontal spread) Combined option strategy, in which options of the same type are bought and sold simultaneously with the same strike prices but with different maturities. Time spreads are usually traded to earn on volatility and/or volatility curve views

abbr. Tomnext Overnight Index Swap CHF interest rate swap where the floating rate is linked to the reference rate of tomnext CHF see also: OIS

(TIBOR) money market interest rate for short-term loans in YEN.

(TFX) The Tokyo Financial Exchange was founded in 1989 as the Tokyo International Financial Futures Exchange (TIFFE) and changed its name in 2005. www.tfx.co.jp

(TIFFE) Since 2005, the former TIFFE is now called Tokyo Financial Exchange (TFX).

indicates a period which starts one day after the trading day and ends on the following bank dayexample: on Tuesday the 15.03. T/N indicates the period from 16.03. to 17.03.

(TOIS) CHF interest rate swap where the variable side for CHF TomNext money is tied to the reference rate. see also: Overnight Indexed Swap.

Description of the technical stock analysis for the summit (top) of a bull market movement. The end of a bull market movement can have several tops side by side. One of the most important is the head and shoulders pattern.

In the top-down approach, the fund management picks stocks on the basis of economic analysis, according to which country quotas then be determined. Contrary bottom-up approach.

Anglo American phrase which means a market or a stock which / that has reached the end of a bull market and which is expected, that he / it will maintain the level or will be declining. Contrary bottoming out.

(TER) The Total Expense Ratio indicates which costs incurred (as a percentage of the fund's assets) in the fund during the last fiscal year. These costs include the management fee, custodian fees, consultant fees, auditing costs as well as possible costs that incurred. The lower the number, the less costs were billed to the Fund.

Deviation of a portfolio on the performance of a chosen benchmark index.

Part account balance of payments and the current account of an economy. It records imported and exported goods. A trade surplus (so-called trade balance.) Means that more goods are exported than imported (contrary trade deficit).

Supervisory body of the stock market, which monitors the trading and business transactions. It ensures the regularity of the price fixing and records all data on exchange trading.

Anglo American term for a securities dealer to carry out transactions on behalf of others but also (as opposed to a broker) for their own account.