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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 Security Dealers) - A self-regulating authority whose jurisdiction includes the over-the-counter market.
NASDAQ (National Association of Securities Dealers Automated Quote System) - A communication network used to store and access quotations for qualified over-the-counter securities.
NASDAQ Composite Index - A market value weighted index comprised of about 3,500 stocks traded on the NASDAQ exchange. Large technology stocks have a major effect on this index value. NASDAQ represents the top tier of the over-the-counter (OTC) market.
National Association of Security Dealers (NASD) - A self-regulating authority whose jurisdiction includes the over-the-counter market.
National Securities Clearing Corporation (NSCC) - A major clearing corporation offering many services to the brokerage community, including comparison of NYSE, AMEX, and over-the-counter transactions.
Negotiable - A feature of a security that enables the owner to transfer ownership or title. A security that can be sold--that is, the ownership is transferable by delivery of a security.
Net Asset Value (NAV) - The dollar value of an open-end fund divided by the number of outstanding fund shares. In an open-end fund quote, the NAV is the bid side; the offer side is the NAV plus the sales charge.
Net Asset Value per Share - Is determined by dividing the value of the total assets of the Fund properly allocable to such class of shares less the liabilities of the Fund properly allocable to such class of shares by the total number of shares of such class outstanding on any Valuation Date.
Net Capital - A regulatory measurement of a broker-dealer’s financial strength, calculated by reducing its capital (essentially stockholders’ equity and subordinated debt) by certain amounts.These reductions are made on an asset-by-asset basis and reflect the Securities and Exchange Commission’s assessment of market, credit or operating risks associated with such assets. Net Capital is defined in the Uniform Net Capital Rule under the Securities Exchange Act of 1934, which was adopted to create consistent capital requirements and to ensure liquidity for all registered broker-dealers.
Net Change - Difference between the closing price of a stock, bond, commodity, or mutual fund from one day to the next. Also, difference between bid prices on over-the-counter securities.
Net Income - A company's total earnings, reflecting revenues adjusted for costs of doing business, depreciation, interest, taxes, and other expenses.
Net Worth - Amount by which assets exceed liabilities. For a corporation, net worth is also known as stockholders' equity or net assets.
New Economy - Refers to electronic and high-tech sectors such as the Internet, telecommunications, biochemicals, and semiconductors.
New Issue - A company coming to the market for the first time or issuing additional shares.
New Shares - Shares newly issued by a company; these shares can usually be transferred on Renounceable Documents.
New York Stock Exchange (NYSE) - Located at 11 Wall Street, New York, New York, a primary market for buying and selling the securities of major corporations.
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.
Nil Paid - A new issue of shares, usually as the result of a rights issue on which no payment has yet been made.
Noise - Price and volume fluctuations that can confuse interpretation of market direction.
No-Load Fund - An open-end fund that does not impose a sales charge on customers who buy their shares.
Nominal Rate - Interest rate of a bond.
Nominal Value - Either the stated value of a bond (e.g., $1,000) or an arbitrary bookkeeping value of stocks. Also known as Par Value or Face Value.
Nominal Yield - Interest rate on a debt security that the issuer promises to pay the holder until maturity. The rate is expressed as an annual percentage of face value. For example, a bond with a 9% coupon will pay $9 per $100 of the face amount per year. The annual payment is usually divided into semiannual installments.
Nominee Name - Name in which a security is registered and held in trust on behalf of the beneficial owner.
Non-Callable - A note or bond that cannot be called prior to maturity. Many Treasury and most agency securities are non-callable.
Non-Competitive Tender - A method of purchasing Treasury bills, notes, and bonds directly from the Federal Reserve at the average price during an auction of new securities.
Non-Cumulative Preferred Stock - A type of preferred stock that does not pay back dividends to its holders.
Non-Distributing Fund - These funds tend to re-invest income earned from investment activities.
Non-Marginable Securities - Securities that may not be purchased or sold in a margin account. All transactions involving them must be done on a full cash basis.
Non-Public Information - In the securities industry, non-public information most often refers to corporate information that will have a material effect on its stock price when it is released to the public. The information can be either negative or positive. An example of non-public information is an earnings report about to be released that is substantially worse than what most analysts anticipated. It is illegal for insiders to make transactions based on non-public information as they would have an unfair advantage over the rest of the public.
Non-Rated Security - Security issued without a review of creditworthiness by a known rating agency (e.g., Moody's). Commonly applies to one-time issues, an issue of a small dollar size, or privately sold issues.
Note - The general name for a Treasury or agency security with an initial maturity of fewer than 10 years.
Notes Payable - Numerical term on an income statement that generally represents short-term debt such as lines of credit or commercial paper.
Not Held (NH) - An indication on an order that the execution does not depend on time; the broker or trader should take whatever time is necessary to ensure a good execution.
NSCC (National Securities Clearing Corporation) - A major clearing corporation offering many services to the brokerage community, including comparison of NYSE, AMEX, and over-the-counter transactions.
NYSE Maintenance Requirement - This is the minimum amount of equity that the margin customer must have in his account. However, since the house requirements are usually higher, it is the house maintenance that is used.