Jargon beginning with: u

UCITS: Undertakings for Collective Investments in Transferable Securities - a body of EU regulation governing collective investment funds. The original directive was adopted in 1985 and there have been several iterations since: UCITS I, II, III, IV etc.

UCP: Uniform Customs and Practice for Documentary Credits published by the International Chamber of Commerce, Paris. The principal rulebook governing Letters of Credit.

UKLA: UK Listing Authority - currently a function of the UK Financial Services Authority (FSA) regulating companies which issue publicly traded securities on markets overseen by the FSA.

Unconfirmed: A term used in Letters of Credit meaning that documents presented will be inspected by the Issuing or Opening Bank.

Underwriter: A term widely used in lending, insurance, the stock market and other connections where a party agrees to take a risk, buy something or make sums available in the event that a certain set of circumstances does or does not take place.

Usance: A term used with reference to Bills of Exchange and Letters of Credit where funds are not Payable straightaway (at Sight) but at some fixed or determinable future time.