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Value date

The date on which the settlement of funds for a trade transaction will take place in your account.

Vanilla option

An ordinary Option with no special features.

Variable currency

In Forex, this is the currency that the investor pays with or receives when trading.

For example, in EURUSD the variable currency is USD, that is, one unit of EUR is worth a variable amount of USD.

When you buy EUR, you pay with USD, and when you sell EUR you receive USD.

The other currency (EUR in the example above) is called the base currency.

Variation margin

At the end of each trading day, trader’s positions are marked to market on the basis of the daily settlement price, thereby producing a potential loss or gain that is paid into the account or collected from it.


A measure used to describe the change in value of the Option when the volatility of the underlying asset changes.


A View is a term invented by Saxo Bank for a single tab in your screen’s workspace, which includes both trade and information modules.

You can add, change or delete Views to suit your own requirements.

For example, you may want a View set up for trading specific instruments such as DollarYen, and that includes the Chart, Trade and analysis modules specifically for DollarYen.

You will also typically want a View dedicated to a summary of your account. A number of default Views are set up in platform to get you started.


There are two types of volatility:

  • Historical volatility is actual volatility based on volatility realised in past movements in the market.
  • Implied volatility is the volatility interpreted from the price of Options. So, the implied volatility is the expected spread of movement of an underlying asset’s price, predicted over the term of the Option, and derived from the known prices of Options and the other parameters used in the calculation of those prices.