A financial asset described by a contract that sets out the terms and conditions under which payments will be made. Securities include government debt, both long- and short-term, company shares, and company debt. Securities may be registered, where legal ownership depends on the entry in a register, usually run by a bank, and the paper is merely evidence of ownership; or may be in bearer form, where ownership is conferred by possession of the document. See also bearer bond; blue chip; collateral; fixed-interest security; gilt-edged security; irredeemable security; long-dated security; marketable security; redeemable security; short-dated security; undated security.