value-at-risk A category of market risk measures.

value date The date on which a trade is intended to settle.

vanilla currency swap A standardized fixed-for-floating or floating-for-floating currency swap.

vanilla derivative A derivative instrument that is simple or of a common form.

vanilla interest rate swap A standardized fixed-for-floating fixed income swap.

vanilla option A simple put or call option.

vanilla swap One of a few standardized forms of swaps that are widely quoted in the markets.

VaR Value-at-risk.

VaR horizon The period of time over which a VaR measure assesses a portfolio's market risk.

VaR implementation An implementation of a VaR measure, generally as software on a computer.

VaR limit A market risk limit that uses some VaR metric to quantify and limit risk.

VaR measure A set of operations by which a portfolio's VaR is calculated.

VaR measurement The numerical value a VaR measure assigns to a portfolio's market risk.

VaR metric An interpretation of a VaR measure.

VaR model The financial theory, mathematics, and logic that motivate a VaR measure.

variable rate demand note Variable rate demand obligation.

variable rate demand obligation A type of floating-rate municipal security.

variables remapping A type of remapping used in value-at-risk measures.

variance A parameter describing the dispersion of a probability distribution.

variance-covariance VaR Linear VaR.

variation margin A margin payment to restore a margin account to the initial margin level.

vcv VaR Shorthand for "variance-covariance VaR".

vega The Greek factor sensitivity measuring a portfolio's first order (linear) sensitivity to the implied volatility of an underlier.

volatility A metric of  variability in a stochastic process.

volatility clustering A property of some stochastic processes that they experience periods of high and low variance.

volatility skew A condition where implied volatilities vary by strike.

volatility smile A condition where implied volatilities for in-the-money and out-of-the-money strikes exceed those for at-the-money strikes.

volatility surface A function describing implied volatilities' dependence on both strike and expiration.

volatility term structure A curve that describes volatility as a function of expiration for a given strike.

volume-weighted average price The average price paid for an instrument in all trading of that instrument during a given day.

VRDN Variable rate demand obligation.

VRDO Variable rate demand obligation.

VWAP Volume-weighted average price