All of the following are included in financial securities EXCEPT:

Financial securities are instruments that represent financial value and can be traded, typically in financial markets. Stocks, bonds, and derivatives all fit this definition as they are directly associated with ownership or creditor relationships in financial contexts.

Stocks represent ownership in a company, giving shareholders rights to a portion of the company's profits and assets. Bonds function as loans made by investors to borrowers, typically corporations or governments, with the promise of periodic interest payments and the return of the principal at maturity. Derivatives are financial contracts whose value is derived from the performance of assets, indexes, or rates, and they are heavily utilized for hedging or speculative purposes.

Real estate, on the other hand, is classified as tangible property and does not represent a financial security in the traditional sense. While real estate can be a valuable asset and can be included in investment strategies (e.g., Real Estate Investment Trusts, or REITs), it is not inherently a financial security like the others listed, which are purely financial instruments traded on markets. Thus, real estate stands out from the other options as it lacks the characteristics of a financial security.