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Glossary A B C D E F G H I J K L M N O P Q R S T U V W X Y Z N Naked option - Option position that is not hedged from market risk, i.e. an option position that is not offset by an equal and opposite position in the underlying security. A trader who executes one side of a spread is said to be naked until he executes the other side. Also referred to as an Uncovered Option. NASD - National Association of Securities Dealers. A nonprofit membership organization registered with the Securities and Exchange Commission (SEC) under the provisions of the Securities Exchange Act of 1934. Membership is limited and consists mostly of broker-dealers and investment banking houses. Basic goals of the NASD are to:
NASDAQ (National Association Of Securities Dealers Automatic Quotations) - A computerized information network that provides brokers and dealers with price quotations on securities traded over-the-counter. The system has three levels. Level I displays a security's highest bid and lowest offer in the system. Level II displays market maker's quotes for securities in which they make a market. Level III allows market makers to actually enter their quotes into the system. NASDAQ is owned and operated by the NASD. NASDAQ quotes are published in the financial pages of most newspapers.
Nasdaq Stock MarketSM - The Nasdaq Stock Market is a major national and international stock market that uses computers and telecommunications for the trading and surveillance of thousands of securities. The Nasdaq Stock Market is built on a unique system of competing Market Maker firms that list specific prices for the sale or purchase of securities. The Nasdaq Stock Market also is unique in its use of a flexible computer-screen trading system that enables people to trade by computer from wherever they are located.
National Association of Securities Dealers, Inc. (NASD®) - "A nonprofit membership organization registered with the Securities and Exchange Commission (SEC) under the provisions of the Securities Exchange Act of 1934. Membership is limited and consists mostly of broker-dealers and investment banking houses. Basic goals of the NASD are to:
Negative yield curve - A chart in which the yield level is plot on the vertical axis and the term to maturity of debt instruments of similar credit-worthiness is plotted n the horizontal axis. The yield curve is positive when long-term rates are higher than short-term rates However; yield curve is negative or inverted.
Net Asset Value (NAV) - An open-ended mutual fund's per share market value. In mutual funds, the net asset value is synonymous with "bid price" and "redemption price". In no load funds, the NAV is also the asked price. They are all one figure. In load funds, the asked price is quoted after the sales charge is added to the net asset value. Most funds compute the NAV after the close of the exchanges each day. It is calculated by taking the closing market value of all securities within the fund plus all other assets (i.e., cash), subtracting all liabilities, and then dividing the result (total net assets) by the total number of outstanding shares. The total number of outstanding shares usually varies daily because of redemptions and purchases. Net change - The difference between today's last trade and the previous day's last trade.
Net tangible assets - An accounting term defined as stockholders' equity minus goodwill.
New issue - Securities being offered to the public for the first time; subject to the rules of the Securities and Exchange Commission.
New York Stock Exchange (NYSE) - The oldest and largest stock exchange in the United States --also known as the "Big Board" and "The Exchange". The exchange is a not-for-profit corporation consisting of 1,366 individual members. It is governed by a Board of Directors that is made up of 10 public representatives, 10 exchange members, and a full-time paid chairman and president.
The NYSE does not buy, sell, own or set the prices of securities traded there. The NYSE has operating divisions that are concerned with market operations, member firm regulation and surveillance, finance and office services, product development and planning, and customer relations. The NYSE imposes requirements on corporations who wish to have their securities listed on the exchange.
Next day trade - A T+1 trade or a trade that settles the day after trade date. Nikkei Stock Average - Index of 225 leading stocks traded on the Tokyo Stock Exchange. The Nikkei is similar to the Dow Jones Industrial Average. Both are composed of representative blue chip corporations (called "first-section" companies in Japan) and are price-weighted indexes--the movement of each stock is weighted equally regardless of its market capitalization. The Nikkei Stock Average is the most widely quoted Japanese stock index. No Load Mutual Fund - A mutual fund that allows shares to be purchased without a sales charge to imposed on its investors.
Non-Callable - A bond that cannot be redeemed before its maturity by the issuer. Call provisions in a bond's indenture agreement specify whether the bond is callable or non-callable. Because so many bonds issues are callable, bond yields are often quoted to the first date at which the bonds could be called instead of maturity.
Normal Trading Unit (NTU) - Standard minimum size of a trading unit for a particular security--more commonly referred to as a "round lot". Stocks typically have a normal trading unit of 100 shares. However, inactive stocks may have normal trading units equal to 10 shares. Any amount of shares less than a round lot is called an "odd lot".
Glossary A B C D E F G H I J K L M N O P Q R S T U V W X Y Z |
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