Not sure about Oracle TM Contention, but I'd say normally both sides of a foreign key relation are indexed. Otherwise, the database will have to do table scans.
- The index on the parent record is used whenever you insert a new child record, to verify that the parent exists. Often this is a primary key as well, so of course has an index.
- The index on the child record is used whenever you change or delete a parent record, to perform cascades (including refusing the update/delete).
The indices on both sides also give the database a good chance of doing fast (indexed) joins, no matter which side its optimizer prefers to come from.
EDIT: Having Googled TM contention, it sounds like you're probably missing the keys on the child records. But make sure to have them on both sides, really.
EDIT 2: Answering the comment,
If you have a OLTP table that has 13 FKs to lookup tables, I'm not
keen on 13 index updates in addition to the table, pk and any other
indexes. An index is important but for specific reasons. If you never
update the parent PK nor delete from the parent, the child index is
not so useful. Or is it?
Depends on the joins and queries you're running, then. E.g., if you run
a query like:
SELECT o.something
FROM oltp_tab o JOIN lookup l ON (o.lookup_no = l.lookup_no)
WHERE l.lookup_name = ?
then the query optimizer would probably like the index on the child
records.
Also, according to http://ashmasters.com/waits/enq-tm-contention/ you
pretty much need to have the indices if you change the parent tables at
all. Apparently you get them from having concurrent changes to the
parent and child tables, unless you have the index. So this is probably
what you're seeing (assuming you're not doing the obvious things, like
updating the referred to columns or deleting rows)