| 1. | Valuation | The process of determining the value of an asset or company. |
| 2. | Value Date | The settlement date for a currency contract, usually two business days. For USD/CAD it is one business day. |
| 3. | Variation Margin | Funds, which are required to bring the equity in an account back up to the initial margin level, calculated on a day-to-day basis. |
| 4. | Volatility | Measure of how much the price of a currency changes over time. |
| 5. | Vostro Account | An account of a foreign bank held at a domestic bank where the foreign bank has no branches. It is used for cash management purposes. Vostro means yours in Latin. See Nostro Account. |
