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Glossary

Value date

The maturity date of the currency for settlement, usually two business days (one day for Canada) after the trade has occurred.

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.

Volatility

An indicator which characterizes the tendency of a market price change. Expressed in absolute values 5$ ± 5$ or in relative of the initial price 5$ ± 5%.

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