Definitions for "Underlying Instrument"
A trading instrument subject to purchase upon exercise.
The security, commodity or financial instrument that the option conveys the right to buy (in the case of a call) or to sell (in the case of a put).
The contract or commodity that a call option purchaser has the right to buy, or put option purchaser has the right to sell.||||||||||||||||||||||| XYZ
The conventional stock or share on which a derivative is based.