underlying

adj.

1. Lying under or beneath something: underlying strata.
2. Basic; fundamental.
3. Present but not obvious; implicit: an underlying meaning.
4. Taking precedence; prior: an underlying financial claim.

1. In derivatives, the security that must be delivered when a derivative contract, such as a put or call option, is exercised.

2. In equities, the common stock that must be delivered when a warrant is exercised, or when a convertible bond or convertible preferred share is converted to common stock.

Investopedia Says:
The price of the underlying is the main factor that determines prices of derivative securities, warrants and convertibles. Thus, a change in an underlying results in a simultaneous change in the price of the derivative asset that is linked to it. In most cases, the underlying is a security such as a stock (in the case of options) or a commodity (in the case of futures).

Related Links:
For those who are new to futures but want a solid understanding of them, this tutorial explains what futures contracts are, how they work and why investors use them. Futures Fundamentals
Discover the advantages of this high-return investment tool that's largely unexploited by investors. What Are Warrants?
Find out about the nuts and bolts, pros and cons of investing in bonds. Convertible Bonds: An Introduction
An introduction to the world of options, covering everything from primary concepts to how options work and why you might use them. Options Basics Tutorial

Financial instruments that must be delivered in completion of an option or futures contract. For example, the underlying may be fixed rate securities, foreign exchange, or equities of futures contracts (if the security is an option on a futures contract).

adjective

1. Arising from or going to the root or source: basal, basic, foundational, fundamental, original, primary, radical. See surface/depth.
2. Of or being an irreducible element: basic, elemental, elementary, essential, fundamental, primitive, ultimate. See surface/depth.

adj

Definition: fundamental, latent
Antonyms: secondary

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Dansk (Danish)
adj. - underliggende, liggende under for

Nederlands (Dutch)
onderliggend

Français (French)
adj. - prioritaire, sous-jacent

Deutsch (German)
adj. - zugrundeliegend

Ελληνική (Greek)
adj. - βαθύτερος

Italiano (Italian)
sottostante

Português (Portuguese)
adj. - subjacente, latente, fundamental

Русский (Russian)
расположенный под чем-л., лежащий в основе чего-л., подразумеваемый

Español (Spanish)
adj. - subyacente, implícito, fundamental

Svenska (Swedish)
adj. - underliggande

中文（简体）(Chinese (Simplified))
在下面的, 潜在的, 根本的

中文（繁體）(Chinese (Traditional))
adj. - 在下面的, 潛在的, 根本的

한국어 (Korean)
adj. - 밑에 있는, 근원이 되는

日本語 (Japanese)
adj. - 下にある, 基礎をなす

العربيه (Arabic)
‏(صفه) واقع او كائن تحت, اساسي, من وراء شيء او امر, ضمني, له حق الاولويه‏

עברית (Hebrew)
adj. - ‮מונח ביסוד, בסיסי, מסתתר מאחורי‬

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