Short-term obligations of a government issued for periods of one year or less. Treasury bills do not carry a rate of interest and are issued at a discount on the par value. Treasury bills are repaid at par on the due date.
Treasury bonds
Government obligations with maturities of 10 years or more.
Treasury notes
Government obligations with maturities greater than one year but less than 10 years.
Treasury stock
Previously issued stock that has been repurchased by, or donated to, or otherwise reacquired by the issuing firm. Treasury stocks pay no dividends and have no voting privileges.
Triple-witching
The simultaneous expiry of index futures, index options and individual stock options.
Turnover
The total money value of securities traded, as calculated by multiplying price by the number of securities traded.
Underlying security
The instrument upon which traded options are listed.
Underwriting
An arrangement under which a company is guaranteed that an issue of shares will raise a given amount of cash, because the underwriters, for a commission, undertake to subscribe for any of the issue not taken up by the public.
Unit
More than one class of securities trading together as one (eg a stock and a warrant).
Unit trust
A fund which raises money from investors and invests it in a range of securities.
