Devolution and Reset

noun

• The process of declining from a higher to a lower level of effective power or vitality or essential quality.
  • synonyms: degeneration
• The delegation of authority (especially from a central to a regional government. ).
  • synonyms: devolvement

• (n.) The act of rolling down.
• (n.) Transference from one person to another; a passing or devolving upon a successor.

DEVOLUTION is the delegation of authority from higher to lower levels.

noun

• Device for resetting instruments or controls.

verb

• Set anew.
  • usage: "They re-set the date on the clock"
• Set to zero.
  • usage: "reset instruments and dials"
• Adjust again after an initial failure.
  • synonyms: readjust

• (n.) That which is reset; matter set up again.
• (v.t.) To set again; as, to reset type; to reset copy; to reset a diamond.
• (v.t.) To harbor or secrete; to hide, as stolen goods or a criminal.
• (n.) The receiving of stolen goods or harboring an outlaw.
• (n.) The act of resetting.

Reset is the process which defines the benchmark, spread, timing, new coupon and other characteristics of a variable security.