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John will try to put some explanation / examples together that we can look at, as well as definitions of underlying asset vs. underlying instrument, where the underlying instrument may be synthetic... which may mean we need to revisit the definition of asset. For an equity swap, there may be an underlying asset that is the equity that is an asset on someone's books, and they swap the dividend payments to maintain voting rights - the equity is the underlying equity for the swap. But, there are cases where there may not be a 'real' underlying asset. And there may or may not be a similar thing going on for interest rate swaps - there may be an underlying instrument that provides the payment stream, and it may be an asset, or maybe not if it's synthetic. The underlying asset is distinct from the concept of an underlying instrument, though.
Note that there may be conflicts next week with the OMG Technical Meeting (taking place online). Jeff Braswell will be presenting on ACTUS - Elisa will send John the link. So the DER meeting next week will be replaced with that session.