DEFINITION of 'Security'. A security is a financial instrument that represents an ownership position in a publicly-traded corporation (stock), a creditor relationship with governmental body or a corporation (bond), or rights to ownership as represented by an option.
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Conversion of per-unit quantities to volts, ohms, or amperes requires a knowledge of the base that the per-unit quantities were referenced to. The main idea of a per unit system is to absorb large difference in absolute values into base relationships. Use of the constant is reduced in three-phase calculations. 2  Per-unit quantities are the same on either side of a transformer, independent of voltage level. 3  By normalizing quantities to a common base, both hand and automatic calculations are simplified.