Transferable security

A negotiable instrument: A share, bond, note, warrant, certificate of deposit — that kind of thing — evidencing indebtedness or an equity interest in an undertaking, and which the holder may freely transfer by delivery.

To be contrasted with

• indebtedness or exposure in the form of, say, a loan or over-the-counter derivative, where creditor/counterparty cannot easily sell its right to repayment. (Yes, yes, I know it can novate it, or sub-participate it).