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HMRC internal manual

VAT Finance Manual

Glossary of terms: T

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.