{i} brightest star in the constellation Lyra; Lope de Vega (1562-1635), Spanish playwright and poet; Suzanne Vega (born 1959), United States songwriter musician and singer; family name
The rate of change in the price of a derivative security relative to the volatility of the underlying security When vega is large the security is sensitive to small changes in volatility
The change in an option's price based on the change in its implied volatility expressed in dollar terms For example, if stock XYZ has an option with a vega of 0 25, the option's price will change by $0 25 for each one percentage point change in the option's implied volatility
The measure of the change in an option's premium for a 1% change in the volatility of the underlying futures contract Equal to the change in premium divided by 1% change in volatility
The sensitivity that refers to the volatility of an option In general, the more time remaining until expiration, the more sensitive is the option to a change in underlying volatility
known as El Inca born April 12, 1539, Cuzco, Peru died April 24, 1616, Córdoba, Spain One of the great Spanish chroniclers of the 16th century. Garcilaso was the illegitimate son of a conquistador and an Inca noblewoman. Raised in his father's household on a vast estate in Peru, he absorbed the traditions of both cultures. After going to Spain in 1560, he served as captain in the Spanish army against the Moors, and then he entered the priesthood. He is best known for La Florida del Ynca (an account of Hernando de Soto's expeditions north of Mexico) and his history of Peru. He was related to his namesake, the Spanish Golden Age poet Garcilaso de la Vega (b. 1503, Toledo, Spain d. Oct. 14, 1536, Nice, duchy of Savoy)
v. in full Lope Félix de Vega Carpio born Nov. 25, 1562, Madrid, Spain died Aug. 27, 1635, Madrid Spanish playwright, the outstanding dramatist of the Spanish Golden Age. After serving with the Spanish Armada, he lived in Madrid, serving as secretary to a series of nobles, including the duke of Sessa (from 1605). Called the "Phoenix of Spain," the phenomenally prolific Vega wrote as many as 1,800 plays, of which 431 survive, and established the comedia (tragicomic social drama), which typified the new Golden Age drama. He wrote two major types of drama, both Spanish in setting: the historical play based on a national legend (e.g., Peribáñez and The King, the Greatest Alcalde) and the "cloak-and-sword" drama of contemporary manners and intrigue, which turned on some "point of honour" (e.g., The Gardener's Dog). He established the comic character, or gracioso, as a commentator on the follies of his social superiors. All Citizens Are Soldiers is his best-known work outside Spain. He also wrote 21 volumes of nondramatic works in verse and prose, including The New Art of Writing Plays (1609)