Underlying
The underlying price of futures and options contracts. An underlying might be a delivery of a commodity (electricity, natural gas, emission allowances), indices (Phelix base, Phelix peak, API #2, API #4) or in the case of options, a future.
Variation Margin
Profits and losses, which result from changes in the value of positions in futures, are settled in cash on a daily basis. This daily profit and loss settlement is also referred to as a mark-to-market procedure. The daily credit or debit resulting from this is called the variation margin.
Virtual trading point
Term used in the natural gas industry. A virtual trading point is a virtual point of delivery in a market area which serves as transfer point for the settlement of natural gas deliveries within this market area.
Volatility
Volatility is a measure of the price fluctuations in the course of one day. The clearing house analyses the price movements in the underlying securities and time spreads and derives their volatility from this. The additional margin parameter and the spread margin parameter can then be determined on the basis of volatility.
Xetra
The Xetra system is one of the trading systems used on the EEX Spot Markets.