| Tag |
With the FIX protocol, a delimited message component that contains a particular purpose-not just start or stop. Example: Tag 50 in a message indicates the real trader's ID, not just the company he or she works for. |
| Target price |
An expected selling or buying price. For long and short hedges with futures: futures price + expected basis. For puts: futures price - premium + expected basis. For calls: futures price + premium + expected basis. |
| Technical analysis |
The study of historical price patterns to help forecast futures prices. |
| TeleSTAT |
CME TeleSTAT is an automated system designed to provide CME Globex® traders the ability to cancel and status orders via the telephone. |
| TeleSTAT ID |
A unique 7 digit ID and 4 digit PIN to identify registered customers for TeleSTAT and GCC services. |
| Tender (Intent) |
An intention to deliver, submitted to the Clearing House against a futures contract. |
| Theta |
The measure of the change in an option's premium given a change in the option's time until expiration. Equal to the change in the option's premium divided by the change in time to expiration. |
| Tick |
The minimum fluctuation in price allowed for a futures or options contract during a trading session as specified by the contract terms in CME Rulebook. |
| Ticker |
Display of summarized instantaneous information on instruments of an exchange. Provides information on performed trades by displaying the instrument and the last trade price in scrolling mode. |
| Time |
Except as otherwise specifically provided, any reference to time shall mean local Chicago time. |
| Time Decay |
Decline in the theoretical value of an option position based solely on the passage of time. |
| Time tracking |
Process of team members recording their project time according to specific activities and tasks. The project leader can monitor schedule variances, time budget variances, overtime, vacations, training, and workload distribution. He/she also can match team members' skill sets to project tasks. |
| Time value |
The amount by which an option's premium exceeds its intrinsic value. Usually relative to the time remaining before the option expires. |
| TON |
Trader Order Number; number attributed by a trader to identify an order. If the trader does not attribute a TON, the SLE will attribute one sequentially from the last attributed number (or starting at one at the beginning of the trade day). The TON is transported throughout the server and the host, and may be viewed by the GCC. |
| TOPS |
CME's Trade Order Processing System. |
| TPS |
Transactions per second. |
| Trade (transaction) |
The purchase or sale of a specified number of contracts on the Exchange trading floor made in accordance with Exchange Rules. |
| Trade date |
The date on which a trade was executed. |
| Trade or transaction |
Situation in which two orders, one buy and one sell, match (that is, the conditions fit together) partially or in total. Any purchase or sale of a contract on the exchange floor or using facilities or CME Globex during trading hours in accordance with the exchange rules. Trade acknowledgments are sent to the two counterparts that initiated the matching orders, to the clearing system, and to the traders. |
| Trade price |
The original price at which a trade was executed on the trade date. |
| Trader |
1 - A person who takes positions in the futures market, usually without the intention of making or taking delivery. 2- A member of the exchange who buys and sells futures and options through the floor of the exchange. See "day trader", "floor broker", "position trader," and "scalper". |
| Trading day |
Period within which all executed trades for a given class are cleared on the same day. Hours of trading as determined by the Board for each contract starting with the opening of trading and ending with the close of trading for such contract; this period may very well exceed 24 hours. One or more sessions could take place. Often referred to as clearing day. |
| Trading Session |
Either the RTH Session (the hours designated for open outcry trading for the same or comparable products) or the ETH Session (the hours before and after the RTH Session when a product can be traded on the CME Globex System). The Board may authorize certain products to be traded on the CME Globex System during both the ETH Session and the RTH Session. |
| TRAKRS |
Total Return Asset ContractsSM (TRAKRS) are designed to enable customers to track an index of stocks, bonds, currencies or other financial instruments. TRAKRS are futures contracts based on an index that is calculated on a total return basis. Declared dividends and other distributions are included in the calculation of the index. |
| Transaction |
This term is context-dependent. From an operational standpoint, it refers to a matched trade, but it has a different meaning for clearing purposes and another meaning for technology purposes. Because of these multiple meanings, for clarity it is recommended that this term not be used. Instead of the term "transaction," the terms "matched trade," "system transaction," "clearing trade transaction" and "clearing non-trade transaction" should be used. |
| Transfer trade |
A transaction to transfer a position or positions from one account to another, within one clearing firm or across several clearing firms. Also see substitution or see ex-pit transaction. |
| Trend |
The general direction of the market. |
| TREX |
Trade Exchange record data. |