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Ontario Securities Commission Rule 14-501 Definitions
Section 1.1(2)

underlying interest

In a rule, unless otherwise defined in the rule…

“underlying interest” means, for a derivative, the security, commodity, financial instrument, currency, interest rate, foreign exchanges rate, economic indicator, index, basket, agreement or benchmark or any other financial reference, interest or variable, and, if applicable, the relationship between any of the foregoing, from, to or on which the market price, value, or any payment obligation of the derivative is derived, referenced, or based;

Lexata note: also see NI 81-102 s. 1.1.