Our comprehensive glossary explains many of the terms commonly used in the international markets.


The commodity/asset/financial instrument on which a derivative is based. For example, in the case of an option, the product which the buyer/holder has the right to buy/sell.

Underwriting an issue

Guarantee to purchase any shares in a new issue or rights issue not fully subscribed by the by the public.

Undistributed profits tax

Additional tax levied on that portion of a company's profits that have not been distributed to shareholders.

Undistributed, accumulated / unappropriated profit

That portion of net distributable profits left in the company after the payment of dividends and the appropriation to reserves as represented by the balance on the appropriation account.

Unlisted stocks

Stocks or shares of companies which are not listed on an exchange

Unmatched deal

Market deal where the information given to the clearinghouse by the buying and the selling brokers do not match. (Such deals are returned to the market for correction.) This was only possible in a manual trading system. It does not occur in electronic trading systems.

Unrealised margin P-L

The unrealised profit/loss on your positions in margin based products.

Unrealised value of positions

The sum of non-margin positions (value of collateral), unrealised margin profit/loss (unrealised value of all open positions) and cost to close (commissions and fees).

Unsecured loan stock

Stock issued for money lent to a company without security and bearing a fixed annual rate of interest. (In the event of liquidation holders of such stock rank with other creditors.)

Upside potential

A term used to describe a transaction made at a price higher than the preceding transaction price. Also called a plus tick.

Used for margin requirements

The amount currently used to cover your positions, combining cash balance and the value of un-booked Forex Spot and Forward positions, as well as the implied value of un-booked Forex Option positions.