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Variable Price Limit A price limit schedule, determined by an exchange, that permits variations above or below the normally allowable price movement for any one trading day.
Variation Margin Additional margin deposited by a clearing member firm to an exchange clearing house during periods of great market volatility or in the case of high-risk accounts.
Versus Cash A transaction generally used by two hedgers who want to exchange futures for cash positions. Also referred to as Against Actuals or Exchange for Physicals.
Vertical Spread Buying and selling puts or calls of the same expiration month but having different strike prices.
Volatility A measurement of the change in price over a given time period.
Volume The number of purchases and sales of futures or options on futures contracts made during a specified period of time.