Dr. Harvey's Financial Glossary

Saturday, July 05, 2008

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Volume: This is the daily number of shares of a security that change hands between a buyer and a seller. Also known as volume traded. Also see Up volume and Down volume.
Volume counting: The SEC dictates how volume is counted. Thus, volume is counted in the same manner on all markets based on the above reporting structure. Any time money changes hands (or any time capital is risked), it must be counted as a trade. Examples: 1) One registered market participant on Nasdaq buys 100 shares into inventory from another registered market participant or from one of its clients. In either case, it is counted as 100 shares. 2) One member firm on the NYSE or Amex buys 100 shares from another member firm. The Specialist matches the order between the two firms and it is counted as 100 shares. 3)The Specialist sells 100 shares from his inventory to a member firm on the NYSE. It is counted as 100 shares. 4) A Market Maker receives an order to buy 100 shares from it's client. It does not have 100 shares in its inventory. It must go buy 100 shares from someone else. It then sells these 100 shares to the client. Thus, there are two trades in this example for a total of 200 shares.
Volume deleted: A note appearing on the consolidated tape when the tape is running behind under heavy trading, meaning that only the stock symbol and price will be shown for trades under 5000 shares.
Volume discount: A reduction in price based on the purchase of a large quantity.
Voluntary accumulation plan: Arrangement allowing shareholders of a mutual fund to purchase shares over a period of time on a regular basis, and in so doing take advantage of dollar cost averaging.
Voluntary bankruptcy: The legal proceeding that follows a petition of bankruptcy.
Voluntary liquidation: Liquidation proceedings that are supported by a company's shareholders.
Voluntary plan: A pension plan supported partially by the employee by pension contributions deducted from each paycheck.
Voting certificate: Certificates issued by a voting trust to stockholders in exchange for their common stock, which represent all the rights of common stock except voting rights.
Voting Instruction Card: The voting card sent to participants in an employee plan giving the trustee of the plan the authority to vote the shares as indicated on a proxy card.
Voting rights: The right to vote on matters that are put to a vote of security holders. For example the right to vote for directors.
Voting stock: The shares in a corporation that entitle the shareholder to vote.
Voting trust certificate: A trust in which control of a corporation is given to a few individuals, usually to support reorganization of a corporation without interference.
VRDB: See Also: Variable rated demand bond
VSE: See Also: Vancouver Stock Exchange
VSX: See Also: Vienna Stock Exchange
VU: The ISO 3166 country code for VANUATU.
VUV: The ISO 4217 currency code for the Vanuatu Vatu.
VWAP: The volume-weighted average price.
VXN: The implied volatility on the Nasdaq 100 (NPX) option. This volatility is meant to be a forward looking volatility. It is calculated from both calls and puts that are near the money.

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