A financial instrument only refers to the exchange of intangible assets between two investors.

A financial instrument is a contract defining the delivery of a tangible asset from one party, without any payment from the other party.

A financial instrument is a contract which defines the delivery of a financial asset (tangible or intangible) from one entity, in exchange for a financial liability or equity instrument from another.

A financial instrument is a product which always guarantees a fixed

return on investment for a tangible asset.