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Need a definition for underlying asset - and a relationship to the asset, which could be the union of contract and financial asset and other things. Also need to include the 'tenor of the swap'. John will try to get a definition of 'underlying asset' for us. Underlying assets are specific to a swap, but what we need to clarify is the definition with respect to a total return swap or excess return swap, which appears to may be narrower than underlier in general. If it has the same meaning as our current notion of underlier in Derivatives Basics, we need a synonym for underlying asset on the Underlier class.
From the free dictionary: A derivative is a contract between two or more parties whose value is based on an agreed-upon underlying financial asset (like a security) or set of assets (like an index). Common underlying instruments include bonds, commodities, currencies, interest rates, market indexes, and stocks.
In a derivative or warrant, the security, property, or other asset that gives value to the derivative or warrant.
There is no distinction between 'return swap' and swap - only total return swap, which would include, in addition to the dividends, say on an equity, includes capital gains, or interest with respect to a bond. excess return swap is defined in the ISDA annex - see https://globalmarkets.bnpparibas.com/gm/features/docs/dfdisclosures/ISDA_Commodity_Derivatives_Disclosure_Annex_04_2013.pdf.
Also, based on the ISDA definitions, our definition of 'commodity' may be too narrow - need to review that with respect to the annex at the link given, above.