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Tape - Slang term for any device displaying current or recent market trading data. The term originates from antique ticker tape machines that printed out long, continuous strips of paper reporting stock trades.
Tax-Exempt Security - Also called a municipal bond, it is any debt obligation of an issuing authority whose interest payments are exempt from state and federal income taxes.
Tax Swap - Act of selling a security that has declined in price and the simultaneous purchase of a similar but not identical security, in order to realize a loss for tax purposes while preserving the same investment strategy.
Tear Sheet - Slang term for a public company stock report from Standard & Poor's.
Technical Analysis - Investment research method based on previous trading characteristics of a specific stock or the overall market. Technical analysis relies heavily on charting and the analysis of price and volume data of stocks.
Tender - Offer to purchase securities, usually at a premium above the market price, with the objective of taking control of the target company. A tender offer may arise from friendly negotiations between the company and a prospective buyer or may be unsolicited and possibly unfriendly.
Thin Market - Market for a particular security that is characterized by a lack of bids and offers; used to describe an overall lack of liquidity.
Third Market - Brokers and institutional investors that are not members of an exchange trading over the counter in exchange-listed securities. Third market transactions are sometimes known as off-floor orders.
Tick - Measurement of the movement in a stock price. (See "Up Tick," "Down Tick")
Ticker Symbol - Letter-symbol assigned to a particular security as a universal identifier. The New York and American stock exchanges use one, two or three letters to identify most securities while Nasdaq and the OTC Bulletin Board use four character base symbols. Many symbols are also assigned a symbol suffix to denote special status or class. Ticker symbols should not be confused with stock name abbreviations that are often used in the stock tables in newspapers.
Tight Market - Market in general or for a security that is characterized by a narrow spread between the bid and ask as well as a relatively narrow price range of trading.
Tombstone - Advertisement placed in a publication of mass distribution such as The Wall Street Journal, to announce an offering, underwriting, merger, acquisition or other matter of record affecting a class of securities of one or more issuers. A tombstone may be placed as a matter of public record as required by law in an underwriting or in a non-requisite circumstance where the advertiser simply uses it to boast of recent accomplishments.
Total Return - Annual return on an investment as measured by the sum of any appreciation plus all dividends, interest and reinvested gains.
Trade - Any purchase or sale of a security.
Trader - Generic term used to describe a professional stock trader of a brokerage firm or any other investor who frequently buys and sells securities in the hope of gaining from short-term price changes rather than long-term capital appreciation.
Trading Authorization - Document giving a broker or other fiduciary the power of attorney to trade in a security for a customer.
Transfer - Generic term used to describe a change in the registration of ownership of a security or in a client’s account.
Transfer Agent - Fiduciary company, often a commercial bank, entrusted to maintain records of stock and bond ownership, to issue and cancel certificates, and resolve problems arising from lost, stolen or destroyed certificates.
Treasury Bill - Short-term bond, with a maturity of one year or less, issued by the U.S. government.
Treasury Bond - Long-term debt instrument, with a maturity of 10 years or longer, issued by the U.S. government.
Treasury Stock - Stock issued by a corporation and held or owned by the corporation for its own account. Treasury stock is issued but not outstanding, non-voting and pays no dividends.
Trend - Generic term used to describe any consistent pattern in the condition of a stock, market or industry.
Triple Witching - Occurring on the third Friday of March, June, September, and December, it is the date on which many options and futures contracts on indexes simultaneously expire. Triple Witching day sometimes causes market volatility from frenetic computer or program trading.
Turnaround - Situation where a company's business operations have improved after a period of decline. | 
