Glossary beginning with U



The underlying instrument (also referred to as the “underlying”) of a derivative (e.g. option, warrant, futures contract) is the basis on which the price of the derivative (e.g. a share, bond, index, currency or commodity) is determined and dependent.

SIX Swiss Exchange


The party which arranges for the issue of new securities. Underwriters guarantee full subscription by taking up all unsubscribed shares.

Singapore Exchange