Financial Instruments such as securities (ordinary shares, preferences shares, straight bonds, convertible bonds, options) can be quoted (with a trading price) or unquoted. This section will focus on unquoted securities that are part of the capital structure of private entities and how their intrinsic value can be estimated (the Business Valuation section focuses on the intrinsic value of the whole business, as well as the equity value and value per ordinary share). The fair value of an instrument (a market-based price receivable in an orderly transaction between market participants) may be the same as its intrinsic valuation. Pricing methods will usually involve discounting techniques (shares, straight bonds) as well as option pricing models (convertibles, options).