Our comprehensive glossary explains many of the terms commonly used in the international markets.

Tainted scrip

Scrip which has been tampered with, thus misrepresenting genuine proof of ownership.


Holder of Rights Offer letters / documents lodge these letters/documents together with payment in acceptance of the Rights Offer.

Taking a View

This phrase has two meanings. Firstly, it can refer to an investor taking a bullish or bearish view of the market depending on whether he believes market trends will rise or fall -usually this would be reflected in his transaction. Secondly, it can refer to the length of time that one intends to keep a share - shares can be bought with a short, medium or long-term view.

Tax Treaty

An agreement or treaty between two countries intended to avoid double taxation of income.

Technical analysis

Technical analysis is the study of market action, primarily through the use of charts, for the purpose of forecasting future price trends.

Terms of Issue

Terms of the option that sets out the contractual arrangements between the writer and the option holder.


Describes the change in value of an Option over time. The change in value stems from the reduction in the time to expiration and hence the reduction in the life of the Option. Or An approximation of the decrease in the price of an Option over a period of time when all other factors are held constant. Theta is generally expressed on a daily basis. For example, if a call has a price of USD3.00 and a theta of 0.10, one day later, with all else unchanged, the call would have a price of USD2.90 (USD3.00 - (.10 x 1)). Generated by a mathematical model, Theta depends on the stock price, strike price, volatility, interest rates, dividends, and time to expiration.

Tick size

The specified parameter or its multiple by which the price of a selected security may vary when trading at a different price from the last price, whether the movement is up or down from the last price

Tightly held

Shares which are difficult to obtain because the owners are reluctant to part with them. These shares are easy to spot because they have little or no volume traded. Generally, it is not a good idea to deal in such shares.

Time bargain

Transaction which must be concluded within a specific time. (The seller is responsible to the buyer for any rights and/or dividends that accrue between sale and delivery.)

Time decay

Time decay (Theta) measures the rate of reduction in the price of a option resulting from the passage of time. In other words, it is the part of an options premium that is not intrinsic value. An option's value will decline at an increasing rate as expiration nears. Theta is defined as an option's sensitivity to the passage of time and is expressed as the expected percentage change in the price of the option over a week.

Tip sheet

A newsletter which concentrates on giving its readers tips on which share to buy and sell and when to transact. Such letters should be followed with caution, and their advice used only in conjunction with your own research.

Tom/Net Rollover

All open FX positions held overnight are subject to a debit or credit interest rate revaluation to reflect the position being rolled over to a new Value Date. The operation known as the Tom/Next Rollover is applied to spot positions held at 17:00 Eastern Standard Time (New York time) on any given trading day. The 'rollover' is made up of two components, namely the tom/next swap points and financing of unrealized profits or losses. The accumulated combined rollover credit or debit is added/deducted from the previous opening price of the position.


The highest point on a share price or other graph over a defined period.

Total profits

Profits before tax and before interest.

Total profits ratio

'Total profits' divided by 'total capital employed' and expressed as a percentage. (A rough measure of the return earned by a company on its resources.)


The ease with which a share can be traded. Some shares are free dealing and highly tradable, others are tightly held.


A match of buy and sell.

Trade date

The date on which a sell or buy transaction is executed. Trade date usually signifies the intended transfer of ownership of the securities and entitlements to the buyer. Also known as 'T' day.

Trade matching

Matching by of buy and sell orders entered by brokers or exchanges.

Trailing stop

A Trailing Stop order is a stop order that has a trigger price that changes with the spot price. As the market rises (for long positions), the stop price rises according to the proportion set by the user, but if the market price falls, the stop price remains unchanged. This type of stop order helps an investor to set a limit on the maximum possible loss without limiting the possible gain on a position. It also reduces the need to constantly monitor the market prices of open positions.

Transactions not booked

Trades, commissions and so on, that have not yet been booked. For example, a trade executed today, will be booked next business day.

Transfer office

Office which handles the transfer of shares from one shareholder to another.


Person or body to whom shares have been sold.


Registered shareholder who is selling or transferring the shares out of his/her name.

Transmuted listing statement

Information which has to be published by a company when its trading character has changed since the granting of the initial listing, or where it has acquired a major asset.


Straight lines drawn on a chart below reaction lows (in an uptrend) or above rally peaks (in a downtrend) that determine the steepness of the current trend. The breaking of a trendline usually signals a trend reversal.

Triple bottom

A price pattern with three prominent troughs, all three troughs occur at about the same level.

Triple top

A price pattern with three prominent peaks, all three peaks occur at about the same level.