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Investment and Trading 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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NASD

National Association of Securities Dealers.

NASDAQ

National Association of Securities Dealers Automated Quotation System.

NASDAQ NATIONAL MARKET (NNM)

The most actively traded over-the-counter stocks quoted on Nasdaq. Trades in these stocks are reported as they occur.

NASDAQ 100

An index of the largest 100 nonfinancial stocks on Nasdaq, weighted according to capitalization.

NASD MANUAL

A publication that outlines NASD was organized under the provisions of the 1938 Maloney Act.
NATIONAL ASSOCIATION OF SEGURITIES DEALERS AUTOMATED QUOTATION SYSTEM (NASDAQ) The nationwide electronic quotation system for up-to-the-minute bid and asked quotations on approximately 5,500 over-the-counter stocks.
NEGOTIABLE CERTIFICATE OF DEPOSIT (CD) An unsecured promissory note issued with a minimum face value of $100,000. It evidences a time deposit of funds with the issuing bank, and is guaranteed by the bank.

NET ASSET VALUE (NAV)

The value of a mutual fund share calculated once a day,based on the closing market price for each security in the fund´s portfolio. It is computed by deducting the fund´s liabilities from the total assets of the portfolio and dividing this amount by the number of shares outstanding.
NET CAPITAL (NC)

The amount of cash and assets readily convertible into cash that a broker-dealer owns in excess of its liabilities. The SEC sets net capital requirements to ensure that broker-dealers have enough money to deal responsibly whit the investing public.

See also aggregate indebtedness; Rule 15c3-1; tentative net capital.

NET CHANGE

The difference between the closing price of a security on the trading day reported and the previous day´s closing price. In over-the-counter transactions, the term refers to the difference between the closing bids.

NET PROCEEDS

The amount of money received from a direct participation program offering less expenses incurred, such as selling commissions, syndicate fees and organizational costs.

NET WORTH

The amount by which assets exceed liabilities

Syn owner´s equity; shareholders´ equity;  stockholders´ equity.

NEW ISSUE MARKET

The securities market for shares in privately owned businesses that are raising capital by selling common stock to the public for the first time.

Syn. primary market.

See also initial public offering; secondary market.

NEW YORK STOCK EXCHANGE (NYSE)

The largest stock exchange in the United States. It is a corporation, operated by a board of directors, and it is responsible for setting policy, supervising Exchange and member activities, listing securities, overseeing the transfer of members´ seats on the Exchange and judging whether an applicant is qualified to be a specialist.

NEW YORK STOCK EXCHANGE COMPOSITE INDEX

Index of common stocks listed on the NYSE, based on the price of each stock weighted by its total value of shares outstanding.
NOMINAL QUOTE

A quotation on an inactively traded security that does not represent an actual offer to buy or sell but is given for informational purposes only.

See also bona fide quote; firm quote; subject quote; workout quote.

NOMINAL YIELD

The interest rate stated on the face of a bond that represents the percentage of interest to be paid by the issuer on the face value of the bond.

Syn. coupon rate; stated yield.

See also bond yield.

NONDIVERSIFIED INVESTMENT COMPANY

A management company that does not meet the diversification requirements of the Investment Company Act of 1940. These companies are not restricted in the choice of securities or by the concentration of interest they have in those securities.

See also diversified investment company; management company; mutual fund.

NONELIGIBLE SECURITY

Non-margin security.

NONMARGIN SECURITY

A security that must be purchased in a cash account, that must be paid for in full, and that may not be used as collateral for a loan. Examples include put and call options, rights, insurance contracts and new issues.
NONQUALIFIED RETIREMENT PLAN

A corporate retirement plan that does not meet the standards set by the Employee Retirement Income Securities Act of 1974. Contributions to a nonqualified plan are not tax deductible.

See also qualified retirement plan.

NONSYSTEMATIC RISK

The potential for an unforeseen event to affect the value of a specific investment. Examples of such events include strikes, natural disasters, introductions of new product lines and attempted takeovers.

See also systematic risk.

NYSE

New York Stock Exchange.

NYSE COMPOSITE INDEX

New York Stock Exchange Composite Index.