Exchange Bias and Large Vertical Magnetization Shift in FM/V$_{2}$O$_{3}$ Interfaces*

We have investigated exchange bias in different combinations of V$_{2}$O$_{3}$ thin films with ferromagnetic layers. The exchange bias is accompanied by a large vertical shift in the magnetization. These effects are only observed when V$_{2}$O$_{3}$ is grown on top of Ni$_{80}$Fe$_{20}$ permalloy (Py). The magnitude of the vertical shift is as large as 60{\%} of the total magnetization which has never been reported in any system. The exchange bias and the vertical shift are related to the formation of a Fe$_{3}$O$_{4}$ interlayer. We will show evidence that the Fe$_{3}$O$_{4}$ Verwey transition is responsible for the appearance of the exchange bias and the vertical shift in the magnetization.