For example in the case of a call option on a stock, the stock is the underlying and the option is the derivative. In the case of an option on a bond, the bond is the underlying. Stock indexes such as the Dow Jones Industrial Average or Nikkei 225, interest rates such as a LIBOR or credit ratings[?] can also be underlyings of particular securities.
wikipedia.org dumped 2003-03-17 with terodump