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Payments and markets glossary

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U

UCITS
undertaking for collective investment in transferable securities
underlying asset
The asset (i.e. the financial instrument or security) upon which a derivatives contract is based.
unwind
The process used to recalculate obligations in some net settlement systems where transfers between the accounts of participants are provisional until all of them have finally discharged their settlement obligations. If a particular participant fails to settle, some or all of the provisional transfers involving that participant are deleted from the system and the settlement obligations of the remaining participants are recalculated. See also
zero-hour rule