UBS Dictionary of Banking

Va

valid for one day / börsengültig / valable un jour / con validità giornaliera
Only valid on the trading day specified in the order. If a stock exchange order labelled «valid for one day» cannot be executed as specified, it lapses automatically. Opposite: good-till-cancelled order. See also stock market order.

validate / validieren / valider / convalidare
Declare valid.

valuation / Bewertung / évaluation / valutazione
Estimate of the value and potential of a security based on the security and financial analysis.

value added tax
Synonym for turnover commission.

value added / Wertschöpfung / création de plus-values / creazione di valore
Also: output. Increase in value created by a company or an economy over a given period. The sum of the value added by all companies in a country corresponds to the gross domestic product.

value adjustment / Wertberichtigung / réajustement de valeur / rettifica di valore
Adjustment of the value of an asset on the balance sheet to its true value.

value date / Valuta / date de valeur / valuta
The date on which a sum of money is credited or debited, or from which interest begins to accrue.

value-at-risk / Value-at-Risk / valeur en risque / value at risk
Abbreviation: VaR. Risk statistic that expresses the potential loss if a certain scenario occurs. In the case of banks, the value-at-risk is calculated daily.

value-style investing / Value-Style-Investing / value-style investing / value investing
Investment approach that consists in buying shares when they are valued less than the long-term value of the company.

variable interest rate / variabler Zinssatz / taux d'intérêt variable / tasso d'interesse variabile
Interest rate which may be changed during the term of a loan or a bond issue. In the case of international loans and bonds, the periodic adjustment in line with the London Euromoney market rate is of particular significance. See also floating-rate bond.

variance / Varianz / variance / varianza
Statistical measure of the risk exposure of an investment (share, bond etc) or portfolio. Variance is the amount by which individual earnings positions deviate from average earnings over a set period. High variance is an indication of high risk.

variation margin / Variation-Margin / marge de variation / margine di variazione
Margin which offsets gains or losses stemming from open positions on the futures market as a result of the daily valuations, and which serves to maintain the initial margin. See also maintenance margin, margin account.

vault / Tresor / chambre forte / caveau
Also: strongroom. A room at a bank for the safekeeping of valuables. See also safe deposit box.

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Ve

venture capital / Wagniskapital / capital de risque / capitale di rischio
A fund raising technique for companies willing to exchange equity in return for money to grow or expand the business.

verification / Beurkundung / acte / atto
See official authentication.

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Vi

virt-x / virt-x / virt-x / virt-x
Pan-European blue chip exchange, set up by the London stock exchange «Tradepoint» and Swiss Exchange SWX and based in London. virt-x is the first pan-European blue chip platform, on which all European blue chips can be traded electronically and which offers integrated clearing and settlement with a central counterparty. One of the key facets of virt-x is the extremely high level of automation, which means that an order can be traded, cleared and settled with one mouseclick. Website: www.virt-x.com.

VISA card / VISA-Karte / carte VISA / carta VISA
Credit card that can be used worldwide. A VISA card also offers additional services such as cash withdrawals, hotel reservations and making phone calls without cash. Website: http://www.visaeurope.com

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Vo

volatility / Volatilität / volatilité / volatilità
Measure of the fluctuations in the price, or rate of return, of a security within a specific period. Usually expressed as an annualized standard deviation.

voluntary reserves / freiwillige Reserven / réserves libres / riserve facoltative
Reserves constituted over and above the minimum required by law. They may be provided for by a company's articles of association or by a resolution of the body which oversees the company's operations, e.g. the General Meeting. See also statutory reserves.

vostro account / Vostro-Konto / compte Vostro / conto Vostro
A foreign bank's account with a domestic bank, either in local currency or foreign currency. The domestic bank maintains the account and prepares the statement. Opposite: nostro account.

voting share / Stimmrechtsaktie / action à droit de vote privilégié / azione a voto plurimo
Share which carries a greater voting right in relation to the other shares of the same company despite having the same par value. Alternatively, it may carry identical voting rights despite having a lower par value. Shares with the same par value but differing voting rights are not permitted in Switzerland. Voting right shares confer preferential rights upon the shareholder with regard to voting rights (qualified voting rights).

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Vr

Vreneli / Vreneli / Vreneli / marengo
Swiss 20-franc gold coin featuring the head of a woman. A Swiss 10-franc gold coin is known as a 1/2 Vreneli. The 20-franc pieces have a fine gold content of 5.806 grams and a gross weight of 6.45 grams. As in the case of other gold coins, the trading price is determined by supply and demand. The Vreneli is no longer accepted as legal tender in Switzerland.

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