Uncovered Option - The buy or sale of an option without a position in the underlying futures contract; also known as a naked option.

Underlying Instrument - A trading instrument subject to purchase upon exercise.

Unfaircalling Insurance - Insurance coverage to protect principals who have issued demand guarantees or bonds against an unfair or abusive call of the bond/guarantee (i.e. one which is not truly based on non-performance by the principal).

Unitisation - The practice of consolidating many small pieces of freight into a single unit.

Univariate - Involving only one variable.

Usance Draft - Time draft; a written demand for payment which comes due at a specified future date.