NASDAQ
Acronynm for the National Association of Securities Dealers Automated Quote System. A communication network used to store and access quotations for qualified over-the-counter securities in the US.

Naked Call
Occurs when an investor sells a call(s) without owning the underlying securities and is not selling to close out a position.

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.

Natural Resources Fund
A fund that invests primarily in securities of companies that own, process, transport, or market natural resources, which can include metals, minerals, and forest products.

Negotiable
A feature of a security that enables the owner to transfer ownership or title. A non-negotiable instrument has no value.

Net Asset Value (NAV)
The current market worth of a mutual fund's share. A fund's net asset value is calculated daily by taking the funds total assets, securities, cash and any accrued earnings, deducting liabilities, and dividing the remainder by the number of shares outstanding. In an open-end fund quote, the NAV is the bid side; the offer side is the NAV plus the sales charge.

Net Worth
The difference between the total value of assets and the total amount of liabilities.

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.

Nil Paid
A new issue of shares, usually as the result of a rights issue on which no payment has yet been made.

No Load Fund
A fund that sells its shares directly to investors without a sales charge.

Nominal Yield
The interest rate stated on the face of the bond.

Nominee Name
Name in which a security is registered and held in trust on behalf of the beneficial owner.

Non-Qualified Assets
Assets that are not invested in a qualified retirement plan or an IRA.

Non-qualified Tax-deferred Annuity
An annuity that is not purchased within a qualified retirement plan or IRA. See Deferred annuity.

Noncallable
A note or bond that cannot be called prior to maturity. Many Treasury and most agency securities are noncallable.

Noncompetitive 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.

Noncumulative Preferred Stock
A type of preferred stock that does not pay back dividends to its holders.

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.

Note
The general name for a Treasury or agency security with an initial maturity of fewer than 10 years.

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