U - Return to Index

U - Is the Commodity Futures Symbol which represents the September Delivery Month.

U4 - Is the Uniform Application for Securities Industry Registration or Transfer.

U5 - Is the Uniform Termination Notice for Securities Industry Registration.

UBIT - Is the Unrelated Business Income Tax. It effects the tax status of previously recognized tax-exempt entities.

UGMA - Is the Uniform Gift to Minors Act. Each state has its own requirements but many conform. A gift of securities to a minor is an irrevocable act. The securities are registered in the name of one adult who is the custodian for the child.

Unable - Is an indication report that the order, as given or when given, was unable to be executed. This can happen on a limit order where the market continues to trade at the limit price but there were other orders ahead of it on a time basis.

Uncertainty - Usually refers to risk or volatility.

Underlying - Is the actual or physical security, commodity, futures, index or basket underlying a derivative product. It is the benchmark for pricing and evaluation purposes.

Underlying Market Price - Is the price of the designated or benchmark security or index. For example, if a security had a call strike price of 110 and was trading at 107, then the underying market price would be 107 and that call would be $3 out-of-the-money.

Underwater - Is an investment which is losing money or an unprofitable project.

Undivided Account - Refers to a new issue underwriting whereby each member is responsible to distribute her allocated portion of the deal. After the member sells her portion, her liability remains with regard to the syndicate if there is remaining inventory. This compares to a Divided Account.

Unit - Is a bundled securities position. One example is the combination of stock warrants with a convertible bond. These two combined positions, particularly, in the context of a new offering are considered as a unit.

Unit Investment Trust - Is an investment vehicle which is funded at the beginning and once investments are acquired acts like a liquidating investment. For example, corporate bonds, sovereign bonds, or mortgage backed securities would be acquired. The interest, principal repayments and accelerated payments would be passed on to the investors. These funds would not be retained by the fund for further investment. It is more nearly analogous to a closed-end fund and different from an open-ended fund.

Unsecured - Is a credit instrument which a lower priority of claim against a borrower. This compares to Secured Debt.

Unwind - Is the activity which reverses a position. If an investor was long an option spread then he would sell the position to close it. If the investor had a butterfly position in bonds, then she would have to offset each leg or wing to remove the trade. Unwind can refer to Long Liquidation or Shortcovering activities.

Up Tick - Is a positive change in price after a sequence of flat or down changes. It can also be another positive change in price in a long series of plus changes. It is important for some program trading operations as well as short selling activities in the securities markets.

Up-and-In - Is an option feature by which a derivative contract becomes active when an indicator, such as price, goes through an upside trigger point or threshold. Related topics are Down-and-Out, Down-and-In, and Up-and-Out.

Up-and-Out - Is an option feature by which a derivative contract dies or ceases to be active when an indicator, such as price, goes through an upside trigger point or threshold. Related topics are Down-and-Out, Down-and-In, and Up-and-In.

Upgrade - Is the raising, increase, or positive change in an company's or country's credit rating. Often it can refer to one or more issues.

Upstairs Trader - Is an institutional trader or money manager who is not on the floor of an exchange.

USDA - Is the United States Department of Agriculture.

Utilities - Are investment grade U.S. corporate notes and bonds. Sometimes, these securities are further classified as to nuclear, non-nuclear, and gas issues.

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