VA
United States Department of Veterans Affairs. Government agency that guarantees residential mortgage loans made by lending institutions to qualified veterans of the United States armed forces or their surviving spouses.
VA loans
Residential mortgage loans made to veteran borrowers under the VA's loan guaranty programs.
Variable limit
According to the Chicago Board of Trade rules, an expanded allowable price range set during volatile markets.
Variation margin
During periods of great market volatility or in the case of high-risk accounts, it is an additional margin deposited by a clearing member firm to an exchange.
Vega
The change in the price of an option that results from a 1% change in volatility.
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 different strike prices.
Volatility
The amount of price variation around a general trend.
Volume
The number of purchases or sales of a commodity futures contract made during a specific period of time, often the total transactions for one trading day.