Page 163 - PRIAA Glossary

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TAKE OR PAY
A contract that requires the buyer either to purchase and take delivery of certain quantities of gas, or to pay for the gas regardless of whether it takes delivery. This is the obligation to pay for a specified amount of gas, whether or not this amount of gas is taken.
TAPIS
A Malaysian crude oil often used as a pricing benchmark in Asia and not traded on any market.
TARGET OPERATING MODEL
An operating model that a company employs in an effort to reduce costs or for strategic reorientation, acquisitions and local transformation.
TARGET2
The centralised payment system operated by Euro Area central banks that was set up in November 2007 to succeed Target1. Target stands for Trans-European Automated Real- time Gross Settlement Express Transfer System and it is the operational tool through which National Central Banks (NCBs) of Euro area member states provide payment and settlement services for intra-Euro area transactions. These transactions give rise to obligations which are aggregated and netted out at each business day leaving each NCB with a net Target2 balance against the ECB. A positive Target2 balance represents net claims against the ECB, while a negative balance represents net liabilities. Divergences in balances represent the decentralised distribution of central bank liquidity within the Euro system.
TAX LOT RELIEF METHODOLOGY
Methods used to calculate the cost basis of a transaction for tax purposes. Some examples are LIFO, FIFO, Average Cost, and Specific Lots.
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