![]() Security that change hands between a buyer and a seller. Options portfolios due to the unpredictable changes in the volatility of the In the option pricing formula, it denotes the volatility of the underlying asset return from Also, volatility is a variable that appears in option pricing formulas. Also, the standardĭeviation of changes in the logarithm of an asset price, expressed as a yearly rate. Scale is 1-9 higher rating indicates higher risk. Volatility A measure of risk based on the standardĭeviation of investment fund performance over 3 years. Visible supply New muni bond issues scheduled to come to market within the next 30 days. These options are also called 3-Ds (dollar denominated delivery). Virtual currency option A new option contract introduced by the PHLX in 1994 that is settled in US$ rather than in the Options that differ only in their exercise price. Vertical spread Simultaneous purchase and sale of two Vertical merger A merger in which one firm acquires another firm that is in the same industry but at another stage in the production cycle. Income statement of a given year by net sales to identify expense items that rise faster or slower than a change Vertical analysis The process of dividing each Vertical acquisition Acquisition in which the acquired firm and the acquiring firm are at different steps in the production process. Type of financing sought by early-stage companies seeking to grow rapidly. Venture capital An investment in a start-up business that is perceived to have excellent growthĬapital markets. Variation margin An additional required deposit to bring an investor's equity account up to the initial margin level when the balance falls below the Securities, the accepted variance is plus or minus 2.499999 percent per million of the For Ginnie Mae, Fannie Mae, and Feddie Mac Variance rule Specifies the permitted minimum or maximum quantity of securities that can be delivered to satisfy a TBA trade. Indexing that uses historical data to estimate the Variance minimization approach to tracking An approach to bond The square root of the variance is the standard deviation. The mathematical expectation of the squared deviationsįrom the mean. Variance A measure of dispersion of a set of data points around their mean value. Variable rate loan Loan made at an interest rate that fluctuates based on a base Variable rated demand bond (VRDB) Floating rate bond that can be sold back periodically to the Is adjusted to reflect current market rates. Variable price security A security, such as stocks orīonds, that sells at a fluctuating, market-determined price. Variable life policies are referred to as equity-linked policies. Life insurance policy that provides a death benefit dependent on the insured's portfolio market value at the time of death. When production is zero, the variable cost is equal Variable cost A cost that is directly proportional to the volume of output produced. Variable annuities Annuity contracts in which the issuer pays a periodic amount linked to the investment performance of an Variable A value determined within the context of a model. Vanilla issue A security issue that has no unusual features. Value manager A manager who seeks to buyĭiscount to their "fair value" and sell them at or in excess of that value. ![]() Value dating Refers to when value or credit is given for funds transferred between banks. Spot transactions two days after a transaction is agreed upon and the future date in the case of a forwardįoreign exchange trade. Value date In the market forįoreign exchange, value date refers to the delivery date of funds traded. ![]() The principle that the net present value of a set of independent projects is just the sum of the net present Value additivity principal Prevails when the value of a whole group ofĪssets exactly equals the sum of the values of the individual assets that make up the group of assets. ![]() Portfolio losses exceeding some specified proportion based on a statistical analysis of historical market price trends, Value-at-Risk model (VAR) Procedure for estimating the Value-added tax Method of indirect taxation whereby a tax is levied at each stage of production on the value added at that specific stage. The New York Times on the Web: Financial Glossary
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