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Process of acquiring control of a corporation by another group by it purchasing that company‘s stock on the stock exchange. This process is referred to as friendly when there is prior agreement between the parties.


Time-division multiple access - digital cellular telephone standard based on TDM. Every U.S. TDMA channel has the same bandwidth as the AMPS channels, 30 KHz, and is used by three subscribers; Each subscriber’s digital signal of 64 Kbps is compressed to 8 Kbps through vocoders (IS-54 standard). Subsequently, the three subscribers’ compressed signal is transmitted over the same channel, one at a time. IS-54 and IS-136 TDMA standards, however, increase the AMPS standard threefold. The IS-136 standard differs from the IS-54 standard by introducing a digital control channel.


Acronym for "Transferência Eletrônica Disponível", a real-time money transfer to other banks. It is a new fund transfer system whereby the electronic medium makes it possible to transfer money directly into a checking account in real time.


Telecomunicações Brasileiras S.A.

Telebrás Spin-off

The Telebrás spin-off took place on May 22, 1998 and led to the creation of Tele Norte Leste Participações S.A. and the former incorporated subsidiaries.

Telebrás System

Set of land-line and cellular telephone companies controlled by Telebrás that were sold during the privatization process, in addition to the Research and Development Center, that rendered all the telecommunications services currently provided by the companies that resulted from the Telebrás Spin-Off and its subsidiary operators.


The transmission, emission or reception of symbols, characters, signals, writings, images, sounds or any manner of information through wires, radioelectricity, optics or any other electromagnetic process.


Facilitation to enable the connection of various extensions and outside telephones for a simultaneous conversation.

Telephone Exchange

Set of electronic components that automatically route or connect telephone calls through a telephone switchboard. A telephone switchboard, in turn, is a machine capable of electronically connecting two points (in the case of telephones, two subscribers).

Third Party Resources

Expression commonly used by financial market professionals to refer to amounts coming from other companies or individuals.


Brazilian acronym for Long-Term Interest Rate. In Brazil it is the official index for financial operations calculated for the average profitability of the Debt Conversion Bonds issued by government and, when issued on the primary market, any government securities. It is the rate used to adjust loans made by the BNDES.


Takeover Bid(s) according to CVM Instruction No. 361.


Topology or architecture. This is method whereby the various parties of a system are online and connected to each other. For example: topology can be in the form of a ring, or it can be centralized. While topology may be arbitrary, in general, it reflects the technological advances of the time in which the system was designed.


Acronym for "Taxa Referencial de Juros", an interest rate created in 1991 during the Collor II Plan. To calculate the TR, the Central Bank uses a sample of the 30 largest financial institutions in the country, the volume of funding of the deposits with maturities for each one of them The value of the TR is calculated based on the average monthly remuneration of the CDBs and RDBs issued by banks in the sample.

Trade Balance

The relationship between imports and exports of a country. If exports exceed imports, a trade surplus occurs. Otherwise, there is a trade deficit.

Trade Deficit

Situation in which the value of exports is below the value of imports of a country.

Trade Surplus

Situation in which the value of exports is higher than the value of imports of a country.


A session for buying and selling certificates on a stock exchange, which may take place directly on a trading floor or by an electronic system.

Trading Floor

Location adequate for the representatives of brokerage firms to meet and trade among themselves stock and options in a free and open market. The open outcry trading session was closed at BOVESPA in 2005.


Quantity of information/packets that circulate in a network.


Acronym for "Tribunal Regional do Trabalho", which is Brazil‘s Regional Labor Court of Appeals.


Multichannel communications link used to connect two switch points, the first in a network or telephone exchange and the second in a private exchange. Also called line, switched line or switched-circuit line.


Service closed to public correspondence that uses radio communications basically to engage in dispatch operations. The same as mobile service or a trunked system.


Acronym for "Tribunal Superior do Trabalho", which is Brazil‘s Labor Supreme Court.