U

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Underlying Security
The security upon which a derivative contract, such as an option, is based. For example, the ABC June 35 call options are based on the underlying security ABC.

Underwriting
The purchase for resale of a security issue by one or more investment dealers or underwriters. The formal agreements pertaining to such a transaction are called underwriting agreements.

Unemployment Rate
The percentage of the work force that is looking for work but unable to find jobs.

Unified Managed Account
A type of fee-based account that includes the same benefits as multi-disciplinary accounts. Enhancements include performance reports from the respective sub-advisors, outlining distinct models contained within the single custody account.

Unit
Two or more corporate securities (such as preferred shares and warrants) offered for sale to the public at a single, combined price.

Unit Value
The value of one unit of a segregated fund. The units have no legal status, and are simply an administrative convenience used to determine the income attributable to contract holders and the level of benefits payable to beneficiaries.

Universal Market Integrity Rules (UMIR)
A common set of trading rules that are applied in all markets in Canada. UMIR are designed to promote fair and orderly markets.

Unlisted
A security not listed on a stock exchange but traded on the over-the-counter market.

Unlisted Market
See also dealer market.