A financial product whose value or performance do not depend on the value or performance of another asset (underlying asset). A non-derivative product derives its value and performance solely from its own initial net investment and any corresponding elements (such as assets financed by such an product, or liabilities arising therefrom, etc.)

Non-derivative financial products include bonds, loans, stocks, trade receivables and other receivables, cash and cash equivalents, and long-term debt.

As opposed to a non-derivative product, a derivative product has its value determined by fluctuations in the underlying asset, depending on the type involved: forward and futures contracts, options contracts, and swaps. These derivative products are characterized by a high degree of leverage (e.g., swap leverage, option leverage, futures leverage)