Cyber*School

arrangement

v. Treasury Bill

abbr. of Treasury Bondsecurity issued by the US-american ministry of finance (treasury) with a maturity of at least ten years and semiannual coupon payments

v. Treasury Note

v. tom/next

see interbank deposit

A debt security that is offered with the same terms over a longer period in the primary market for the initial purchase. Most bond issues are tap issues today.

method of issuing securities, the full amount is issued in several parts, depending upon the cash demand of the borrower

It refers to the portion of the total increase in value, derived from interest, dividends and rental income. (Ordinary income) The taxable income proportion is the highest for classic bond and the lowest equity funds funds.

Due to the investment income tax of 25% in the payment of interest income, income tax is already settled.

The Bond Market Association,formerly PSAwww.bondmarkets.com

A method of evaluating securities by analyzing statistics generated by market activity, such as past prices and volume. Technical analysts do not attempt to measure a security's intrinsic value, but instead use charts and other tools to identify patterns that can suggest future activity.

Auction system of central banks to provide liquidity to commercial banks or withdraw liquidity from the market; most important monetary policy instrument of the central banks in the context of open market policy. Variants: main tender; Base Tender; Fine-tuning operations

a repo with fixed maturityopposite: open repo

abbr. Tokyo Financial Exchange

(TBMA) Merged in the Securities Industry and Financial Markets Association. www.sifma.org

risk factor of options expresses the decrease in an options price if the time passes by (usually one day)

A bank or a bank consortium takes over the placement of the shares.

external rating regarding the probability of default calculated beyond a business cycle

abbr. for Tokio Interbank Offered Rate

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.

The trading book consists of all transactions of the Bank, which are used for generating trading results and to apply their own legal regulations. (see Capital Adequacy Directive).

Day on which trading on regulated exchanges takes place. On Saturdays, Sundays and public holidays, the markets remain closed.

A period of time consisting of one day of business in a financial market, from the opening bell to the closing bell. Within the time frame of the trading session, all orders for the day must be placed, and buyers and sellers both participate in setting current market prices.

A stoppage in the trading of a security for an extended period of time that normally occurs when there is a lack of material financial information on the security. Once the security is suspended, shares of that security cannot be traded on the market until the suspension is lifted or lapses. The exact amount of time for the suspension will be determined on on a case-by-case basis. The most common reason for suspension is due to a lack of publicly available, relevant and current financial information.

Computer systems that enable electronic trading of securities.

see contract size

Expenses incurred when buying or selling securities. Transaction costs include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price the buyer pays). The transaction costs to buyers and sellers are the payments that banks and brokers receive for their roles in these transactions. There are also transaction costs in buying and selling real estate. These fees include the agent's commission and closing costs such as title search fees, appraisal fees and government fees. For the securities account custodian fees have to be paid at the bank.

Internal transfer prices of interest rate risk, liquidity risk, foreign exchange risk and credit spread risk

That price which will be charged between different areas of a company or between companies in a group for internally exchanged services based on market observable reference rates.

see country transfer risk

short-term security issued by the US-Treasury (ministry of finance), T-bills exist in other countries too.

A debt security is issued by the federal government to cover the short to medium-term capital requirement (up to 5-year term). Treasury notes are usually bought by institutional investors.

v. T-bond

Direction of development. In the chart analysis it is assumed that future price movements follow certain trends. Distinction is made between long-term primary trend (more than one year), medium-term secondary trend (up to several months three weeks), short-term tertiary trend (less than three weeks) as well as uptrend and downtrend.

A trend channel consists of two trend lines. Of an upper and a lower trend line.

A ratio developed by Jack Treynor that measures returns earned in excess of that which could have been earned on a riskless investment per each unit of market risk. In other words, the Treynor ratio is a risk-adjusted measure of return based on systematic risk. It is similar to the Sharpe ratio, with the difference being that the Treynor ratio uses beta as the measurement of volatility.

The ounce is a measure of weight that is commonly used for precious metals. A troy ounce is 31.10348013 grams.

Annualized return on a security calculated taking into account the compounding effect.