Common investment terminology used in Australia, categorised alphabetically
A | B | C | D | E | F | G-H-I | J-K-L-M | N-O | P | Q-R | S | T | U-V-W-X-Y-Z
Underlying asset
The asset subject to being bought or sold upon exercise of an option or delivery on a futures contract.
Underwriter
A financial institution that assists in the issue of new securities by agreeing to purchase any unsold securities thereby guaranteeing that they will be fully subscribed.
Unit trust
An organisation that pools and manages investors' money by selling units in an investment trust.
Unlisted shares
Shares that trade in the over-the-counter market and not on the Australian Stock Exchange.
Unsecured note
A fixed interest security that is not secured by a mortgage or other charge over a company's assets.


Volume
Number of securities traded.
Vendor
Seller.
Vendor shares
Shares received by the seller in exchange for property sold to a company.
Volatility
Degree of variation in the price or returns of a security. Measured by the annualised standard deviation.


Warrant
A long-dated option contract issued by a third party and traded on the Australian Stock Exchange warrant market.
Whipsaw
Frequent buy and sell signals within a narrow price range resulting in numerous small losses.
Winding up
The dissolution of a company in which the assets are liquidated to satisfy the creditors before any remaining funds are returned to the shareholders.
Writer
A seller of options. The opposite of taker.


Yield
The annual income from a security (interest or dividend) expressed as a percentage of its current market price.
Yield curve
A graph showing the relationship of yield to maturity and term to maturity for a group of similar debt securities.
Yield to maturity
The average annual return from a debt security purchased at the current market price and held to maturity.