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U

Underlying Asset
The variable on which a future, option or other derivative instrument is based.

Unique Risk
Risk that can be eliminated by diversification.

Up-and-in Option
An option that comes into existence when the price of the underlying asset increases to a pre-specified level.

Up-and-out Option
An option that ceases to exist when the price of the underlying asset increases to a pre-specified level.

Upstream
oil and gas exploration and production as opposed to downstream which covers the areas of refining and marketing.



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