Volatility

The rate by which the price of a security fluctuates in changing market conditions.

The total number of shares which change hands in a particular company's securities. It is the sum of either purchases or sales which necessarily equal. This information is useful in explaining and interpreting fluctuations in share prices.

Volume Conditions

1. DV - Disclosed Value (DV) orders allow the user to disclose only a portion of the order value to the market. For example, an order of Rs. 1000 lakhs with a disclosed value condition of Rs. 200 lakhs will mean that Rs. 200 lakhs is released into the market. After this is traded, another Rs. 200 lakhs is released and so on till the full order is exhausted. Every time a fresh lot of the disclosed value is released, it is time-stamped (becomes an active order) again at the time of its release into the market and not the time at which the original DV order was placed.

2. MF - Minimum Fill (MF) orders allow the user to specify the minimum amount by which an order should be filled. For example, an order of Rs. 1000 lakhs with Minimum Fill Rs. 200 lakhs will require that each trade be for at least Rs. 200 lakhs. This could result in a partial match or a maximum of 5 possible trades of Rs. 200 lakhs each and a minimum of one trade of Rs.1000 lakhs.

3. AON - All Or None order allows the user to avoid multiple trades i.e. partial match against one order. However, if the full order cannot be matched at the same time, it stays as an outstanding order (passive order) in the market till cancelled or till it is fully matched at the same time.

Variation Margin

Payment made in order to restore or maintain initial margin on adverse positions resulting from price movements in futures/options transactions undertaken.