Word of the DayFutures Terms that begin "U"
Unable
All orders not filled by the end of a trading day are deemed "unable" and void, unless they are designated GTC (Good Until Canceled) or open.
Underlying Security
The instrument on which the security futures contract is based. This instrument can be an individual equity security (including common stocks, ETF's and ADR's) or narrow-based indexes.
Unit
A generic term used to describe the 'instrument' (share, bond, unit) which is issued by a product. Investors subscribe to or invest in a product by buying units and redeem their holding by selling units at the prevailing net asset value per unit, as detailed in the relevant product prospectus.