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National Association of Futures Trading Advisors (NAFTA) |
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The national trade association of Commodity Pool Operators and Commodity Trading Advisors and related industry participants. |
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Naked Writing |
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Writing a call or a put on a futures contract in which the writer has no opposite cash or futures market position. This is also known as Uncovered Writing. |
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National Futures Association (NFA) |
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Authorized by Congress in 1974 and designated by the CFTC in 1982 as a "registered futures association," NFA is the industry-wide self-regulatory organization of the futures industry. |
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Nearby Basis |
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The difference between the current cash price and the nearby futures contract price. |
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Nearby Delivery (Month) |
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The futures contract closest to maturity. |
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Net Asset Value |
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The value of each unit of participation in a commodity pool. Basically a calculation of assets minus liabilities plus or minus the value of open positions when marked to the market, divided by the number of units. |
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Net Performance |
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An increase or decrease in net asset value exclusive of additions, withdrawals and redemption. |
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Nominal Price |
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Declared price for a futures month sometimes used in place of a closing price when no recent trading has taken place in that particular delivery month; usually an average of the bid and asked prices. |
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Note |
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One of a variety of debt securities. Treasury notes refer to coupon securities with a maturity of one to ten years; municipal notes are short-term promissory notes. |
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Not Held Basis Order |
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An order whereby the price may trade through or better than the Client's desired level, but the principal is not held responsible if the order is not executed. |
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Notice of Intention to Deliver |
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A notice that must be presented by the seller to the clearinghouse. The clearinghouse then assigns the notice, and the subsequent delivery instrument to the longest -standing buyer on record. Under Chicago Board of Trade rules, such notices typically must be presented by 8:00 p.m. of the second business day prior to the day on which delivery is to be made. |
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NYCE |
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The New York Cotton Exchange. |
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Nasdaq |
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An electronic stock market run by the National Association of Securities Dealers. Brokers get price quotes through a computer network and trade via telephone or computer network.
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Nasdaq Composite Index |
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An index that covers the price movements of all stocks traded on the Nasdaq Stock Market.
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Nasdaq National Market |
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A subdivision of the Nasdaq Stock Market that contains the largest and most actively traded stocks on Nasdaq. Companies must meet more stringent standards to be included in this section than they do to be included in the other major subdivision, the Nasdaq Small-Cap Market.
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National Association of Securities Dealers (NASD) |
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A membership organization for securities-brokerage firms and underwriters in the U.S. that promise to abide by association rules. It sets guidelines for ethics and standardized industry practices, and has a disciplinary structure for looking into allegations of violations. The NASD also operates the Nasdaq Stock Market. |
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New York Stock Exchange |
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Founded in 1792 , it is the roughly 2,3000 companies whose shares are listed there is about $5 trillion.
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NYSE Composite Index |
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An index that covers the price movements of all stocks listed on the New York Stock Exchange. |
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NAPM prices paid |
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Diffusion index of companies paying higher prices, monthly, from National Association of Purchasing Management. |