Underlying

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The underlying asset, or underlyer, or underlier, or reference asset — call it what you will — is that thing of which your derivative is derivative. Not to be confused with the undying, of course, and certainly not after sun-down.

We naughty old contrarian types like to use “underlier” as shorthand in the 2002 ISDA Equity Derivatives Definitions even though it isn’t, as such, a thing.

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