Spread Betting Glossary

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UK's General Accepted Accounting Practices..
  Underlying instrument
1. In options, the security that must be delivered if a put or call option is exercised. 2. In equities , the common stock that underlies certain types of securities such as warrants and convertible bonds. Aka as Underlying market.
Someone, usually a city institution, who agrees to buy any shares in a new issue not purchased by the public. An entity (financial institution, company, government, individual) who agrees to take up any unsold shares in a rights issue. They are said to 'underwrite the share issue'.
  Unit trust
Investment fund in which you buy units, which are similar to shares. A unit trust as such is a portfolio of various investments divided into units and managed by professionals. The value of the units does not depend on supply and demand but on the underlying value of the portfolio.
  Universal Stock Futures
futures contracts on individual equities. These are traded on Euronext.LIFFE.
  Unsecured loan stock
A fixed interest stock not secured by assets.
  Up bet
a bet that will be profitable for every tick that a price rises. Also called a buy or going long. As opposed to a down bet.
  Up and In
An option that is triggered when the price of the underlying security reaches a set level. The reverse of this isknown as Up and Out.
A series of higher highs and higher lows.