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TRO See Temporary Restraining Order.
Technical Analysis An approach to forecasting commodity prices which examines patterns of price change, rates of change, and changes in volume of trading and open interest, without regard to underlying fundamental market factors.
Telemarketing Use of the telephone to solicit or otherwise communicate with futures and options customers or potential customers.
Temporary Injunction A prohibitive, equitable remedy issued by a court forbidding a person to commit some action that he is attempting to commit, or restraining him in the continuance of some action. It is intended to last only until a hearing can be held.
Temporary License If certain conditions are met, an applicant for registration as an associated person, floor broker, floor trader or introducing broker may be granted a temporary license (TL) which allows them to conduct business in that capacity while the application is being considered.
Temporary Restraining Order (TRO) Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party and without a hearing. It is intended to last only until a hearing can be held.
Tender To give notice to the clearing house of the intention to initiate delivery of the physical commodity in satisfaction of the futures contract.
Tenderable Grades Those grades of a commodity which have been officially approved by an exchange as deliverable in settlement of a futures contract.
Terminal Elevator An elevator located at a point of greatest accumulation in the movement of agricultural products which stores the commodity or moves it to processors.
Terminal Market Usually synonymous with commodity exchange or futures market, specifically in the United Kingdom.
Theta The derivative of the option price equation with respect to the remaining time to expiration of the option. A measure of the sensitivity of the value of the option to the passage of time.
Third Party Claim A claim filed against a person who was not a party to the action, but who may be liable.
Tick The smallest allowable increment of price movement for a contract. Also referred to as Minimum Price Fluctuation.
Time Limit Order A customer order that designates the time during which it can be executed.
Time Spread The selling of a nearby option and buying of a more deferred option with the same strike price.
Time Stamp Part of the order-routing process in which the time of day is stamped on an order. An order is time-stamped when it is (1) received on the trading floor, and (2) completed.
Time Value The amount of money options buyers are willing to pay for an option in anticipation that over time a change in the underlying futures price will cause the option to increase in value. In general, an option premium is the sum of time value and intrinsic value. Any amount by which an option premium exceeds the option's intrinsic value can be considered time value. Also referred to as Extrinsic Value.
Time of Day Order This is an order which is to be executed at a given minute in the session.
To Arrive Contract A transaction providing for subsequent delivery within a stipulated time limit of a specific grade of a commodity.
Trade Option An off-exchange option offered to a commercial producer or user of the commodity.
Trade Practice Action Type A violation arising from the manner of execution of trades on the floor of an exchange but not including decorum or recordkeeping matters.
Traders Generally people who trade for their own account or employees or institutions who trade for their employer's accounts.
Trading Advisor See Commodity Trading Advisor.
Trading Ahead A dual trader executes a trade for his personal account prior to executing an elected customer order.
Trading Limit The maximum number of speculative futures contracts one can hold as determined by the CFTC and/or the exchange upon which the contract is traded. Also referred to as Position Limit.
Transfer Notice A term used on some exchanges to describe a notice of delivery.
Transfer Trades Entries made upon the books of futures commission merchants for the purpose of: (1) transferring existing trades from one account to another within the same office where no change in ownership is involved; (2) transferring existing trades from the books of one futures commission merchant to the books of another futures commission merchant where no change in ownership is involved. Also called Ex-Pit Transactions.
Transferable Option (or Contract) A contract which permits a position in the option market to be offset by a transaction on the opposite side of the market in the same contract.
Treble Damages An amount that is three times the actual losses, based upon a statute.
Trend The general direction, either upward or downward, in which prices have been moving.
Trendline In charting, a line drawn across the bottom or top of a price chart indicating the direction or trend of price movement. If up, the trendline is called bullish; if down, it is called bearish.