nyuuzyou/wikis huggingface dataset:
Systemically Important Financial Market Utility

Title VII of the Dodd-Frank act created the designation of Systemically Important Financial Market Utility (SIFMU). SIFMUs are vital components of the financial system that deal in transfer, clearing, or settlement of payments and securities. The designation, given by the Financial Stability Oversight Council, imposes more regulatory scrutiny on the designated intuitions.
== Background ==
The Dodd-Frank Act created the designation of Systemically Important Financial Market Utility to promote resilience and better risk management. This designation enhances regulatory scrutiny on the organizations risk management systems. The regulator for the designated SIFMU are instructed to create new risk management rules. The CFTC, SEC,and the Federal Reserve Bank each have either proposed, or finalized rules for these organizations. 
== List of SIFMU organizations == 
*Chicago Mercantile Exchange
*Options Clearing Corporation
*The Clearing House Payments Company
*The Depository Trust Company
*Fixed Income Clearing Corporation
*ICE Clear Credit LLC
*National Securities Clearing Corporation
*CLS Bank International
== References ==
Category:SEC
Category:CFTC
Category:FSOC
Category:Federal Reserve Bank
T+1

T+1 refers to "trading day plus one business day" in a trade settlement cycle. On May 28, 2024, settlement cycles on any U.S. securities trade changed from two business days to one, putting trade settlement for stocks, bonds, and related assets on the same timetable. Two-day securities settlement, known as T+2, was the standard since 2017 when the U.S. Securities and Exchange Commission amended its rules to shorten settlement from three days. Mexico, Argentina and Canada also moved to T+1 settlement on May 27, 2024. 
The last time share trades at the New York Stock Exchange settled in a single day was in the 1920s. T+1 was eventually abandoned during that era because trading volumes became unwieldy. The switch to T+1 in 2024 is intended to reduce risk in the financial system, although there are worries that in the beginning there may be some potential trading issues such as international investors struggling to source dollars on time, global funds moving at different speeds to their assets, and everyone having less time to fix errors. When settlement was T+2, buyers and sellers of securities were allowed two days after a deal was executed to finalize it, which gave the participants time to deliver the money or commodity. 
One of the reasons for the switch to T+1 was the recent extreme market swings, particularly in 2020 during the early days of the Covid-19 pandemic and during the meme stock mania of early 2021. And then there was the crash of Robinhood, which blocked its customers from buying a number of popular stocks through its app.
The UK is getting ready to shift to T+1 in 2027; In September 2024 the UK Accelerated Settlement taskforce (AST) published its proposed recommendations for a transition to T+1 in the UK, calling for market feedback.
== References ==
T+2

T+2 is short for "trade day plus 2 days, meaning the settlement date for a securities transaction is set at two days after the trade date. Breaking it down, the T stands for transaction date, or the day on which a transaction takes place. A number such as 1, 2 or 3 denotes how many days after the transaction date the settlement or the transfer of money and security ownership takes place.
The SEC shortened the settlement of U.S. equity and bond markets from T+3 to T+2 on the first full day of spring, 2017. The commission also said it planned to change from T+2 to T+1 in 2024.
==European Central Securities Depositories Regulation==
In 2012, the European Commission proposed its Central Securities Depositories Regulation (CSDR) to harmonize settlements across jurisdictions. The regulation is expected to take effect in 2015. By 2016, CSDs will connect to the European Central Bank's Target2-Securities platform, which will be based on T+2 settlement.
==Shortening the Settlement Cycle in the U.S.==
In 1995, as automation and other improvements in the settlement and clearing process, the U.S. equity and bond markets moved the trade settlement date from five days after the trade (T+5) to a date of three days after a trade occurred (T+3). By 2000, the securities industry (led by SIFMA predecessor, the Securities Industry Association) began the planning process for a transition to T+1. Although the transition was put on hold, the industry continued to improve in many of the areas identified as critical in the transition to a shorter settlement date.
After the financial crises of 2008-09, global regulators began to push for higher standards in risk management, including the consideration of a shorter settlement cycle. In 2009, the European Commission made the decision to transition to a T+2 cycle. 
In October 2012, Boston Consulting Group (BCG) released the findings of a study, commissioned by the Depository Trust & Clearing Corporation (DTCC), with the guidance of the Securities Industry and Financial Markets Association (SIFMA), which highlighted the costs and benefits of shortening the settlement cycle for securities transactions in the U.S.
In April 2014, DTCC published a white paper advocating the move to T+2, saying such a move would "create greater certainty, safety and soundness in the capital markets."
==Other International Efforts==
As of 2014, a number of developed and emerging markets already operate on T+2:
*Hong Kong, 
*India, 
*Taiwan, 
*Korea, 
*Germany, 
*Turkey, 
*Bulgaria, 
*Russia, 
*Jordan, 
*Egypt, 
*Chile and 
*Venezuela
Australia is exploring the adoption of T+2 for cash equities and, according to a February 2014 consultation by ASX, could implement T+2 in 2016. 
== References ==
Category:Definitions
T+3

Before March 22, 2017, the settlement cycle for stock trades in the U.S. was T+3, meaning "trade day plus 3 days," referring to the number of days it takes to settle stock. 
On March 22, 2017, the Securities and Exchange Commission amended Exchange Act Rule 15c6-1 to shorten the standard settlement cycle for broker-dealers transactions from “T+3” to “T+2.". 
Breaking it down, the T stands for transaction date, which is the day the transaction takes place. The numbers 1, 2 or 3 denote how many days after the transaction date the settlement or the transfer of money and security ownership takes place. 
An investor buying a security on Monday was not required to pay for that purchase until Thursday, so in essence, the broker had extended a three-day window or extension of credit to the customer. As a result, the customer could still trade while the earlier transaction/s were being cash settled, while making a good-faith promise to fully pay settled funds or deposit securities within the three-day settlement period and not to sell before making such payment.
==Shortening the Settlement Cycle==
In 1995, as automation and other improvements in the settlement and clearing process, the U.S. equity and bond markets moved the trade settlement date from five days after the trade (T+5) to a date of three days after a trade occurred (T+3). By 2000, the securities industry (led by SIFMA predecessor, the Securities Industry Association) began the planning process for a transition to T+1. Although the transition was put on hold, the industry continued to improve in many of the areas identified as critical in the transition to a shorter settlement date.
After the financial crises of 2008-09, global regulators began to push for higher standards in risk management, including the consideration of a shorter settlement cycle. In 2009, the European Commission mad the decision to transition to a T+2 cycle. 
In October 2012, Boston Consulting Group (BCG) released the findings of a study, commissioned by the Depository Trust & Clearing Corporation (DTCC), with the guidance of the Securities Industry and Financial Markets Association (SIFMA), which highlighted the costs and benefits of shortening the settlement cycle for securities transactions in the U.S.
In April 2014, DTCC published a white paper advocating the move to T+2, saying such a move would "create greater certainty, safety and soundness in the capital markets." The SEC shortened the settlement of U.S. equity and bond markets from T+3 to T+2 on the first full day of spring, 2017.
== References ==
Category:Definitions
T.R. Lazo

__NOTOC__ 
T.R. Lazo is general counsel and head of market structure at BIDS Trading L.P. He previously was managing director and associate general counsel at Securities Industry and Financial Markets Association (SIFMA), a position he was appointed on June 26, 2012.
== Background ==
Prior to joining SIFMA, Lazo served as senior vice president and general counsel of NYSE Regulation at NYSE Euronext from April 2011 – June 2012. During his time there, Lazo counseled NYSE Regulation on governance and operations, regulatory and policy matters, and management of legal staff. Lazo also served as vice president of legal & government affairs at NYSE Euronext from November 2009 - April 2011.
Lazo was an attorney for Morgan, Lewis & Bockius LLP from April 2004 – November 2009. In addition to advising members on issues pertaining to federal securities laws and rules of self regulatory organizations, he also counseled on legal and regulatory issues.
From May 1997 – April 2004, Lazo served as senior special counsel for the Division of Trading and Markets at the U.S. Securities and Exchange Commission. In this role, Lazo assisted the Commission and senior staff on matters arising under areas of federal securities laws, including the Securities Exchange Act of 1934.
== Education ==
Lazo earned a B.A. in English from Middlebury College and a J.D. from The Catholic University of America, Columbus School of Law.
== References ==
Category:MarketsWiki Page of the Day
Category:SIFMA
T.S. Narayanasami

__NOTOC__ 
T.S. Narayanasami is Managing Director and CEO of the United Stock Exchange of India.
== Background ==
Narayanasami was previously the chairman and managing director of state-run Bank of India.
Narayanasami has also been elected chairman of the Managing Committee of Indian Banks Association (IBA). His career in banking began when he joined Union Bank of India as a Probationary Officer in 1969. His previous assignments include his tenure as Chairman & Managing Director, Andhra Bank (2004-05); Chairman & Managing Director, Indian Overseas Bank (2005-07); and Executive Director, Punjab National Bank.
== Education ==
Narayanasami received a Bachelor of Science from Chennai.
== References ==
Category:Bios - Executives
Category:United Stock Exchange of India
T. Boone Pickens

__NOTOC__ 
Thomas Boone Pickens, born May 22, 1928, is founder and chairman of BP Capital Management, an energy-focused investment fund, and principal of TBP and BPC. He is also founder of Mesa Petroleum, the largest independent producer of domestic oil and gas. 
He is also the majority shareholder in Clean Energy Fuels, a company that supplies fuel for natural gas vehicles.
Pickens began his career working as a roughneck and in a refinery before he worked as a geologist for Phillips Petroleum. Pickens left the company in 1954 where he was a self-employed consultant. He founded the company that became Mesa Petroleum in 1956 and formed a partnership with Eugene McCaartt and John O'Brien, his wife's uncle to create Petroleum Exploration. Petroleum Exploration sold oil and mineral prospects early and then in 1958 discovered eight gas and one oil well.
In 1964, Picken's took Petroleum Exploration public and renamed the company Mesa Petroleum.
Pickens is known for his acquisitions as well. In 1969, Mesa acquired about one-third of Hugoton Production Co. and the companies merged later. Mesa late acquired Swisher County Cattle Co. and increased cattle production into the second largest cattle feeder operation in the U.S. 
In 1970, Mesa acquired Pubco Petroleum. In 1976, the company discovered the largest off-shore oil field in the world in the North Sea and later sold the operation to British National Oil Company.
In 1985, Pickens merged his company with Pioneer to forge the largest independent oil company in the world and reorganized it as Mesa Limited Partnership. Also in 1985, he founded Boone Company. And in 1991, he sold off a significant stake in Mesa to Seagull Energy of Houston.
In 1997, Pickens founded BP Capital, which runs two hedge funds, Capital Commodity and Capital Equity, both of which are heavily focused on oil and natural gas.
Pickens is a controversial figure as a corporate raider accused of breaking up companies. His Pickens Plan, launched in July 2008, advocates a massive shift in US energy policy, from crude oil to wind and natural gas. 
 
== Background ==
== Education ==
He received a bachelor's degree from Oklahoma A&M (now Oklahoma State University) in 1951, in geology.
== References ==
Category:Philanthropists
T. Kelley Millet

__NOTOC__ 
Kelley Millet is CEO of Cortview Capital. 
 
== Background ==
Before moving to Cortview Capital, Millet was the president of MarketAxess Holdings, Inc, a position he assumed in September 2006. 
Millet was also the senior managing director at Bear Stearns, where he was co-head of Global Credit Trading responsible for origination, syndication, cash, derivatives and flow trading for the investment grade and emerging markets businesses, as well as high-yield derivatives. Millet was integral in merging the cash and credit default swaps businesses on a global basis at the investment bank and was a member of the fixed-income management committee.
Prior to joining Bear Stearns in 2001, Millet served 19 years with JP Morgan where he held positions of increasing responsibility, culminating in his appointment as global head, Capital Markets and Syndicate.
== Education ==
Millet received a B.A. in Economics from Amherst College in Amherst, MA, where he was captain of the football and wrestling teams. 
== References ==
Category:MarketAxess
Category:Bios - Executives
T. Rowe Price

T. Rowe Price manages more than $340 billion in assets for individual investors, financial intermediaries and institutions. It offers a full range of investment strategies.
The company was founded in 1937 by Thomas Rowe Price Jr. It is headquartered in Baltimore, Maryland, and has offices in 12 countries.
== History ==
== Products and Services ==
== Key People ==
*James Kennedy, president and CEO
*Brian Rogers, chairman
*Edward Bernard, Vice Chairman
== References ==
Category:Investment Firms
T3 Custom

T3 Custom is a content marketing firm focusing on financial firms, including TD Ameritrade, Cboe Global Markets, OIC and Nasdaq.
== History ==
The firm was founded in 2006 and is owned by CEO Kevin Lund.
John Lothian Productions produced a four-minute video about T3 Custom in 2018, featuring CEO Kevin Lund.
== Products and Services ==
Their services include full-service creation and production of websites, digital newsletters, magazines, financial education materials, white papers, eBooks, and social media
== Key People ==
*Kevin Lund - CEO
*Doug Ashburn - Director of Strategy & Business Development
*Betsy White - COO
*Bina Walker - Director of Client Engagement
== References ==
Category:Marketing Firms
Category:Content Marketing
TAIFEX-MSCI Taiwan Index Futures

TAIFEX MSCI Taiwan Index futures trade on the Taiwan Futures Exchange (TAIFEX). The MSCI Taiwan Index is a free-float weighted equity index with the base value set at 100 as of December 31 1987. There are also SGX MSCI Taiwan Index futures contracts and iShares MSCI Taiwan Index (ETF) trading with the same underlying index as TAIFEX MSCI Taiwan Index futures. 
In 2007, TAIFEX MSCI Taiwan Index futures traded 1,132 contracts (-86.4 percent YOY).
== Notes ==
== Resources ==
Taiwan Futures Exchange Products
== References ==
TAIFEX 30-Day Commercial Paper Interest Rate Futures

TAIFEX 30-Day Commercial Paper Interest Rate futures trade on the Taiwan Futures Exchange (TAIFEX). 
In 2007, TAIFEX 30-Day Commercial Paper Interest Rate futures traded 36,243 contracts, more than 900 times the volume in 2006, only 40 contracts.
== Notes ==
== Resources ==
Taiwan Futures Exchange Products
== References ==
TAIFEX ETF Futures

TAIFEX launched two new ETF Futures associated with China’s stock indices (FTSE China A50 Index and SZSE 100 Index) on July 8, 2015. They added to 
the exchange's current ETF Futures suite, making a total of six ETF Futures linking to China stock indices. 
Before the launch, TAIFEX had already listed futures on several domestic and offshore ETFs. 
The two newest ETF Futures further expanded the exchanges coverage of offerings over China’s major stock indices and allowed investors to be more flexible on their trading and hedging strategies.
TAIFEX plans to extend the trading session of the ETF Futures on China stocks to 4:15pm Taiwan time, starting on Jul 20, 2015, in order to cover the entire trading hours of China’s stock market.
== References ==
TAIFEX Gold Futures

TAIFEX Gold futures trade on the Taiwan Futures Exchange (TAIFEX). Each TAIFEX Gold futures contract represents 100 troy ounces of gold with a purity of 0.995. 
In 2007, TAIFEX Gold futures traded 48,925 contracts (+39.7 percent YOY).
== Notes ==
== Resources ==
Taiwan Futures Exchange Products
== References ==
TAIFEX GreTai Securities Market Stock Index Futures

TAIFEX GreTai Securities Market Stock Index futures trade on the Taiwan Futures Exchange (TAIFEX). The underlying index, GreTai Securities Market Stock Index, is the index consisting of 529 stocks traded on the GreTai Securities Market, an OTC securities market in Taiwan, established in 1994. 
Over the first 60 trading days in 2007, TAIFEX GreTai Securities Market Stock Index futures and options traded 21,231 and 187,967 contracts, respectively.
== Notes ==
== Resources ==
Taiwan Futures Exchange Products
== References ==
TAIFEX MiNi-TAIEX Futures

TAIFEX MiNi-TAIEX futures and TAIEX options trade on the Taiwan Futures Exchange (TAIFEX). 
In 2007, TAIFEX MiNi-TAIEX futures and TAIEX options traded 2,964,042 contracts (+68.4 percent YOY) and 92,585,637 contracts (-4.5 percent YOY).
== Notes ==
== Resources ==
Taiwan Futures Exchange Products
== References ==
TAIFEX NonFinance NonElectronics Sub-Index Futures

TAIFEX NonFinance NonElectronics Sub-Index futures and options trade on the Taiwan Futures Exchange (TAIFEX). 
Over the first 60 trading days in 2007, TAIFEX NonFinance NonElectronics Sub-Index futures and options traded 37,197 contracts and 186,161 contracts, respectively.
== Notes ==
== Resources ==
Taiwan Futures Exchange Products
== References ==
TAIFEX Taiwan 50 Futures

TAIFEX Taiwan 50 futures trade on the Taiwan Futures Exchange (TAIFEX). TAIFEX Taiwan 50 futures' underlying index, TSEC Taiwan 50 Index, is a capitalization-weighted index consisting of 50 shares trading on the Taiwan Stock Exchange, which the Taiwan Stock Exchange and FTSE jointly developed, with the base level set at 5000 as of April 30, 2002. 
In 2007, TAIFEX Taiwan 50 futures traded only 506 contracts (+52.4 percent YOY).
== Notes ==
== Resources ==
Taiwan Futures Exchange Products
== References ==
TARP Oversight Panel

The TARP Oversight Panel (also called the Congressional Oversight Panel) is a bipartisan panel charged with overseeing the Troubled Asset Relief Program funds authorized by Congress in the Emergency Economic Stabilization Act of 2008 and to provide recommendations on regulatory reform. The panel is chaired by Elizabeth Warren. The Panel members are: Congressman Jeb Hensarling (R-TX), Richard H. Neiman, Superintendent of Banks for the State of New York, Damon Silvers, Associate General Counsel of the AFL-CIO, former US Senator John E. Sununu (R-NH), and Elizabeth Warren, Leo Gottlieb Professor of Law at Harvard Law School.
The Oversight Panel is empowered to hold hearings, review official data, and write reports on actions taken by Treasury and financial institutions and their effect on the economy.
The Panel must produce regular reports that:
*Oversee Treasury’s actions
*Assess the impact of spending to stabilize the economy
*Evaluate market transparency
*Ensure effective foreclosure mitigation efforts
*And guarantee that Treasury’s actions are in the best interest of the American people.
Congress also instructed COP to produce a special report on regulatory reform to analyze “the current state of the regulatory system and its effectiveness at overseeing the participants in the financial system and protecting consumers.” 
== References ==
Category:TARP
TARP Reform and Accountability Act of 2009

The TARP Reform and Accountability Act of 2009 is a bill introduced by Representative Barney Frank (D-Mass.) on January 9, 2009, to fix deficiencies in the TARP program and ensure that the second $350 billion tranche is implemented in a more comprehensive manner than the first. In particular, the legislation would propose that at least $40 billion of the next tranche go toward foreclosure mitigation.
The bill would extend TARP money to smaller community institutions and for the purchase of consumer loans, commercial real estate loans, mortgage-backed securities and municipal securities. It would also call for Treasury to develop a program to stimulate demand for home purchases. 
== Other Resources ==
www.house.gov/apps
== References ==
Category:TARP
Category:U.S. Treasury Department
TA Futures Sdn Bhd

__NOTOC__
TA Futures Sdn Bhd was founded in April of 1995 as a Futures Broker of the Bursa Malaysia. 
== History ==
In 2002, TA Futures Sdn Bhd, won the accolade "Top Commodity Futures Broker" by Bursa Malaysia. 
TA Futures signed a software licensing agreement with Patsystems in September of 2009. 
== Products and Services ==
== Key People ==
== References ==
Category:Futures Brokers
Category:Malaysia
TD Securities

TD Securities is a provider of advisory and capital market services. The company makes private equity investments through TD Capital.
TD Securities is headquartered in Toronto, with additional offices in cities around the world, including Calgary, Vancouver, and Montreal, New York City; Houston, Chicago, Mexico City, Chile; London, Dublin, Tokyo and Mumbai. TD Securities Inc. operates as a subsidiary of Toronto-Dominion Bank.
The company's history is closely tied to The Toronto-Dominion Bank, one of Canada’s oldest banks, whose story dates back more than 150 years.
 
== History ==
== Products and Services ==
The company's services include advising on mergers and acquisitions, divestitures, private placement, and risk management; underwriting and distribution of debt and equity issues; securities brokerage; and foreign exchange sales and trading. 
== Key People ==
*Chairman and Chief Executive Officer, Bob Dorrance
*Vice Chairman of Structured Products and Fixed Income, Michael W. MacBain
*Senior Vice President, Patrick B. Meneley
*Senior Vice President, Rod F. Ashtaryeh
*Head of Research, John Young
 
== References ==
Category:Brokerage Firms
TED Spread

The term "TED spread" ("T" for Treasury, "ED" for Eurodollars) refers to the difference in the spread between the purchase and sale of a 3-month U.S. Treasury bill futures contract and a 3-month Eurodollar futures contract. The TED spread focuses on the amount of yield that results from the combination of a purchase and a sale of the two different contracts. In addition to its use as a potentially lucrative investment move, the TED spread can also serve as an indicator of credit risk. 
On Sept. 17, 2008 credit crisis concerns caused the yield spread between the two instruments to reach its widest point since the October of 1987 stock crash.
The TED spread is a measure of liquidity and shows the degree to which banks are willing to lend money to one another. It can be used as an indicator of credit risk because U.S. T-bills are considered risk free while the LIBOR rate reflects the credit risk of lending to commercial banks. 
When there is an increase in the TED spread, that can indicate a perception of an increase in the potential for default on the loans. When the spread appears to be decreasing, this can be an indicator that the time to borrow is very good and lenders can anticipate a relatively low number of defaults. 
 
== References ==
Category:Definitions