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T

Ten Year Note

Government bond of ten year maturity.

 

Theta

The measure of change in the value of an option relative to the continuous decrease in time to expiry.

 

Tick

The standardised minimum price movement of a futures or options contract.

 

Time to expiry

Period of time remaining until expiry of a futures or an option contract.

 

Time and sales data

Timestamped bid, ask, and trade data.

 

Trade Registration Application Message Protocol (TRAMP)

The overall message protocol used by the majority of LIFFE systems (TRS, LMF2, TSCS).

 

Trade Registration System (TRS)

The Trade Registration System (TRS) is a real-time trade matching and administration system, developed by LIFFE, which facilitates post-trade processing and position maintenance. Details of each trade are fed into the system through LIFFE CONNECT™ and are then assigned to accounts or allocated to other members.

 

Trade Status Change Stream (TSCS)

TRS and CPS feed trade details and position notification to back office administration and risk management systems, as well as supporting client accounting. TSCS provides a real time record by record transmission to Members' own computer systems or appointed back office systems suppliers. Every time a trade or position undergoes any change, a record is generated and transmitted via TSCS.

 

Transparency

The degree to which a market is characterised by prompt availability of accurate price and volume information which gives participants comfort that the market is fair.

 

Treasury Bonds (T-Bonds)

US Government debt security issued with a maturity of ten years or more (maximum 30 years to date). Treasury bonds are traditionally issued with a fixed coupon; although research is being carried out for the potential of inflation linked Treasuries.

 

Turnover

The total value (unit of trading multiplied by number of contracts) of all contract lots traded on an exchange, for a specified period of time.