Barclays Stockbrokers Glossary
Glossary T


Refers to the settlement period that is allowed once a security has been traded. T+ 5 would mean that settlement will occur 5 business days after the transaction day.
The purchase of one company by another. A takeover can be a friendly acquisition bid where the management would co-operate negotiating the best price, or it could be an unfriendly bid, where the management tries to use various defensive strategies to repel the bidder.
Tax year
This runs between 6 April and 5 April of the following year and is used for assessment of income tax and capital gains tax.
All listed technology companies from the FTSE 100 giants to the small are in the techMARK index.
Tender offer
An offer where potential investors are asked to stipulate the price per share that they are willing to pay.
Total Expense Ratio (TER)
Total Expense Ratio, or TER, measures the total costs of a fund investment and can be applied to fund structures such as Unit Trusts, OEICs, exchange traded funds and exchange traded commodities. Typically the TER will consist of the annual management charge (the fee that the fund company charges annually to manage the fund, typically commission paid to fund managers) plus 'other' charges incurred with running the fund. These other charges can consist of share registration fees, fees payable to auditors, legal fees, and custodian fees. The TER is calculated by dividing the total cost by the fund's total assets and is denoted as a percentage. It may vary from year to year.
Tracker funds
Unit trusts which track the performance of a specific share index.  Usually they invest in companies in the same proportion that they make up the index.
See 'bargain'.
Trading channels
The various channels available to Barclays Stockbrokers clients for placing trades - online, by phone and post.
Trading hours

The period of time that the market is open and you can place a trade instantly - Monday to Friday (8.00am to 4.30pm) excluding bank holidays.

You can place an order outside of trading hours online, but it won't execute until the market is open.

Trail commission
This is a payment made by the Fund Manager to a platform service provider or adviser in return for services such as distribution, advice and administration relating to holdings in funds.
Trailing Stop order
An order to buy / sell shares when the share price rises from its lowest price/falls from its future peak price by a specified number of pence. When buying, a Trailing Stop order is used to make an investment at a price which is relative to the lowest price of the share but only when an upward trend has been established. When selling, a Trailing Stop order is used to maximise the potential profit of a holding by selling relative to the peak price of the shares.
An order to buy or sell a security.
Transfer forms
Forms needed to transfer ownership of securities from one owner to another.
The UK Government's finance department.
A trust is a legal device for preserving and protecting assets.

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