Warrant
It is a right but not obligation to buy shares in a company at a future date and at a prearranged price. Warrants are tradable options.

Whipsaw
Term used to describe sharp price movements and reversals in the market. A whipsaw would be if shortly after you bought a stock the price plummeted.

Value Date
The date that payment is exchanged between two parties.

Variation Margin
A call by a broker to increase the margin requirement of an account during a period of extreme market volatility.

Variance
Measures the volatility of a data set/data points from the mean. It is calculated by adding the squares of the standard deviations from the mean and dividing by the number of data points, i.e. taking the average of the standard deviations.

Volatility
Refers to the tendency of prices/variables to fluctuate over time. It is most commonly measured using the coefficient of variation (the standard deviation divided by the mean). The higher the volatility, the higher the risk involved.

Volume
The number of shares or contracts traded for a certain security or an exchange during a period.

Uptick
A price quote that is higher than the preceding quote for the same currency.

Uptick Rule
A regulation requiring that if a security is to be traded short, the price in the trade prior to the short trade has to be lower than the price of the present short trade.

U.S. Prime Rate
The interest rate that the major banks lend to major clients.

Technical Analysis
A technique used to try and predict future movements of a security, commodity or currency, based solely on past price movements and volume levels. It examines charts and historical performance.

Tick
A minimum price movement.

Ticker
Depicts current or recent history of a currency, usually in the form of a graph or chart.

Tomorrow Next (Tom/Next)
When a trade buys and sells a currency today for delivery tomorrow.

Trade Price Response
This term advises that price reaction to a certain level is critical. If this level breaks then the recommendation would be to run with the market direction (i.e. Buy a break above resistance level; sell a break below a support level). However, if a price stalls at this level and is rejected then the recommendation is to go with this also (i.e. Sell at a resistance level that is tested and holds, buy at a support level).

Transaction Costs
The costs that are incurred by a trader when buying or selling currencies, commodities, or currencies. These costs include broker commissions or spreads.

Transaction Date
The date a trade occurs.

Turnover
The number or volume of shares traded over a specific time period. The larger the turnover, the more commissions a broker will be making.

Two Way Price
A price that includes both the bid and offer price. The NASD requires that market makers have both bid and ask prices for any security, currency or commodity in which they make a market. This is called a two-sided market.