Education

NASD

National Association of Securities Dealers; Nonprofit organization formed under the joint sponsorship of the investment bankers' conference and the SEC to provide regulation on the OTC market.

NEARBY MONTH

The nearest actively traded delivery month or the current delivery month.

NET ASSET VALUE

The value of a fund's investments.

NET POSITION

The difference between total open long and open short positions in a given instrument held by an individual.

NET PRESENT VALUE

The present value of the expected future cash flows minus the cost NEUTRAL Describing an opinion that is neither bearish not bullish.

NEUTRAL

Describing an opinion that is neither bearish not bullish.

NEW YORK MERCANTILE EXCHANGE

NYMEX; The world's largest physical commodity futures exchange.

NEW YORK STOCK EXCHANGE

NYSE; Also known as the Big Board or the Exchange.

NOSTRO ACCOUNT

A foreign currency current account maintained with another bank that is used to receive and pay currency assets and liabilities denominated in the currency of the country in which the bank is resident.

NOT HELD ORDER

A futures order, usually a Market order, in which the customer gives the floor broker total discretion to transact on a best-efforts basis.

NOTE

A short-term debt security usually with a maturity of five years or less.