| Underlying |
The stock, commodity, futures contract, or cash index against which a futures or options contract is valued. |
| Underlying futures contract |
The futures contract that may be purchased (in the case of a call) or sold (in the case of a put upon the exercise of the option. |
| Uptrend |
A price trend characterized by a series of higher highs and higher lows. |
| User defined spreads |
The ability to choose the legs of a spread if the spread is not identified by CME already. |
| UTI |
Unique Trading Identifier. See "SLE user ID." |