NASD Rule 2790 is a rule prohibiting FINRA members from buying IPO shares for personal gain. The rule is now just called Rule 2790, because NASD became FINRA in 2007.

NASD Rule 2790

The New York Stock Exchange (NYSE) is open Monday through Friday from 9:30 a.m. to 4:00 p.m. Eastern Time. However, the NYSE does observe certain holidays.

NYSE Holidays

The Nakahara Prize is an award from the Japanese government to Japanese economists under age 45 who have made significant contributions to the world of economics.

Nakahara Prize

A naked call is an options strategy in which an investor sells a call option unassociated with units of the underlying security.

Naked Call

Naked option refers to an option contract which does not comprise ownership of the underlying security by the purchasing or selling party. It is the opposite of a covered option.

Naked Option

Naked position refers to any securities holding which has not been hedged for risk by any accompanying options or futures contracts.

Naked Position

A naked put is a put option which is unaccompanied by the actual units of the underlying security specified in the contract.

Naked Put

Naked shorting refers to the practice of shorting units of a given security in advance of ensuring whether or not they can be borrowed.

Naked Shorting

A naked warrant is a warrant that is not attached to a bond or preferred stock.

Naked Warrant

A named beneficiary is a person identified as the recipient of benefits from a pension plan, insurance policy, trust or other instrument.

Named Beneficiary

A named fiduciary is a person or entity responsible for managing a qualified retirement plan in accordance with the Employee Retirement Income Security Act (ERISA).

Named Fiduciary

A named perils insurance policy is a policy that covers losses from events specifically named in the policy.

Named Perils Insurance Policy

A nanny tax is a colloquial term for the Social Security, Medicare and federal unemployment taxes due on the pay to caregivers.

Nanny Tax

A nano cap is a company with the smallest market capitalizations in the market place, typically below $50 million.

Nano Caps

In the futures market, a narrow basis occurs when the spot price of a commodity is close to the futures price of the same commodity.

Narrow Basis

Narrow moat refers to the size of a company's competitive advantage. The term is an adaptation of the term "economic moat."

Narrow Moat

Narrow money is a colloquial term for the total of a country's physical currency plus demand deposits and other liquid assets held by the central bank. The economic term for narrow money is M1.

Narrow Money

Nasdaq, which stands for the National Association of Securities Dealers Automated Quotation system, is a computerized system for stock trading.

Nasdaq

The Nasdaq 100 index is one of the most frequently cited "technology" indexes.

Nasdaq 100 Index

The Nasdaq Composite is a broad market index that encompasses about 4,000 issues traded on the NASDAQ National Market. The index first started in February

Nasdaq Composite Index

In economics, a Nash equilibrium occurs when two companies in a duopoly react to each other's production changes until their prices reach an equilibrium.

Nash Equilibrium

National accounting, also called macro accounting, is a method of calculating the economic activity of a country or region.

National Accounting

The National Association of Insurance and Financial Advisors (NAIFA) is a trade organization for insurance professionals and financial advisors.

National Association of Insurance and Financial Advisors (NAIFA)

The National Association of Mortgage Brokers (NAMB) is an industry trade group representing mortgage brokers.

National Association of Mortgage Brokers (NAMB)

The National Association of REALTORS (NAR) is a trade association for real estate professionals.

National Association of REALTORS (NAR)

The National Association of Securities Dealers (NASD) was a regulatory organization that oversaw the securities industry. The Financial Industry Regulatory Authority (FINRA) superseded NASD in 2007.

National Association of Securities Dealers (NASD)

The National Automated Clearinghouse Association (NACHA) operates the Automated Clearinghouse (ACH) network, which allows companies and consumers to send payments from one account to another.

National Automated Clearinghouse Association (NACHA)

A national bank is a bank that is a member of the Federal Reserve system and the Federal Deposit Insurance Corp.

National Bank

The National Bank Surveillance System is a computer system that collects financial information about banks.

National Bank Surveillance System

The National Best Bid and Offer (NBBO) is the highest bid and lowest offer price quoted on Nasdaq.

National Best Bid and Offer (NBBO)

The National Bureau of Economic Research (NBER) is a private, nonprofit, nonpartisan research organization that studies the economy.

National Bureau of Economic Research (NBER)

The National Credit Union Administration (NCUA) is an agency of the United States government that charters and oversees federal credit unions. It was created by Congress in 1970.

National Credit Union Administration (NCUA)

A national currency is simply the currency issued by a country's central bank. Currency is a medium of exchange for goods or services within an economy.

National Currency

National income accounting is a government accounting system to measure economic activity.

National Income Accounting

The national market system (NMS) is a system that regulates the disclosure and execution of trades across all exchanges.

National Market System (NMS)

The National Retail Federation (NRF) is a trade group that represents retailers.

National Retail Federation (NRF)

The national savings rate is the percentage of gross domestic product that households, governments and businesses save rather than spend.

National Savings Rate

Nationalization occurs when a country's government seizes the assets of corporations or resources without paying for those assets.

Nationalization

Natural capital is a term that describes an economy's natural resources such as water, timber or oil.

Natural Capital

Natural unemployment is the level of unemployment always present in an economy as industries expand and contract, as technological advances occur, as new generations enter the labor force and as workers voluntarily search for better opportunities.

Natural Unemployment

Near money is a term for highly-liquid assets that are quickly and easily converted into cash. They may also be referred to as cash equivalents.

Near Money

Negative amortization occurs when the principal balance on a loan (usually a mortgage) increases because the borrower's payments don't cover the total amount of interest that has accrued.

Negative Amortization

A negative amortization limit is a clause in a loan that restricts the amount of negative amortization that can occur during the contract.

Negative Amortization Limit

Negative amortizing loans are loans in which the loan's principal balance increases even though the borrower is making payments on the loan.

Negative Amortizing Loan

Negative arbitrage occurs when the interest rate a borrower pays on its debt is higher than the interest rate the borrower earns on the money that will be used to repay the debt.

Negative Arbitrage

A negative assurance is an auditor's written statement that an audit did not uncover any signs of fraud or violations of accounting rules.

Negative Assurance

Negative authorization is the term for a credit card system that approves or disapproves a credit card transaction based on whether the card appears on lists of stolen, canceled, closed, or lost account numbers.

Negative Authorization

Negative butterfly refers to a change in the yield curve whereby medium-term yields change by a greater magnitude than short-term and long-term yields. It is important to note that the negative butterfly is the opposite of the positive butterfly, where medium-term rates change less than the short-term and long-term rates.

Negative Butterfly

Negative carry means that the price of borrowing money is higher than the returns earned on borrowed money. It is the opposite of positive carry.

Negative Carry

Used in foreign exchange (forex), a negative carry pair refers to a situation in which the investor buys the currency of a country with low interest rates and shorts the currency of a country with high interest rates. It is the opposite of a positive carry pair trading strategy.

Negative Carry Pair

A negative confirmation occurs when entities that have a relationship with an auditor's client indicate they have financial discrepancies or disagreements regarding their accounts with the client.

Negative Confirmation

Negative convexity refers to the shape of a bond's yield curve and the extent to which a bond's price is sensitive to changing interest rates.

Negative Convexity

Negative correlation describes a relationship in which changes in one variable are associated with opposite changes in another variable.

Negative Correlation

A negative covenant is a promise a company makes to not exceed certain financial ratios or not conduct certain activities. Negative covenants are almost always found in loan or bond documents.

Negative Covenant

A negative directional indicator (known as negative DI) is a technical measure of a downtrend's momentum.

Negative Directional Indicator

Negative equity occurs when liabilities exceed the value of assets.

Negative Equity

Negative float is the amount of time between when a person writes a check and when that check clears the account.

Negative Float

A negative gap occurs when a bank's interest-bearing liabilities exceed its interest-earning assets.

Negative Gap

Negative gearing is an investment strategy whereby an investor can deduct any shortfall in income from an investment that does not cover the interest expense and maintenance costs associated with owning a particular asset. Not every country allows taxpayers to

Negative Gearing

Negative goodwill, also called a bargain-purchase amount, occurs when a company buys an asset for less than its fair market value. Negative goodwill is the opposite of goodwill.

Negative Goodwill

In economics, negative growth usually refers to shrinking gross domestic product (GDP).

Negative Growth

Negative income tax refers to transfer payments given to families whose reported household income fall below a predetermined amount and qualifies them for a supplemental payment from the government.

Negative Income Tax

In the trading world, negative obligation refers to a stock specialist's responsibility to avoid buying or selling shares for their own accounts in order to match orders. The New York Stock Exchange imposes this rule on its specialists.

Negative Obligation

A negative pledge clause is lending agreement language designed to prevent borrowers from pledging the same collateral to multiple lenders or otherwise taking actions that might jeopardize the security of existing lenders.

Negative Pledge Clause

For mortgages, negative points are a strategy for qualified borrowers to decrease the amount of cash they need upfront to finance their home. A mortgage company will pay fees and closing costs on the borrower’s behalf (in the form of points) in exchange for a higher interest rate on the mortgage.

Negative Points

A negative return is a loss on an investment.

Negative Return

Negative verification is a bank method for verifying bank records.

Negative Verification

A negative volume index (NVI) identifies days in which trading volume of a particular security is substantially lower than other days.

Negative Volume Index (NVI)

Negative watch is a status that credit-ratings agencies assign to companies that might receive a lower credit rating in the future.

Negative Watch

Negatively amortizing loans are loans in which the loan's principal balance (usually a mortgage) increases even though the borrower is making payments on the loan.

Negatively Amortizing Loan

Negotiable refers to an item that can be sold or transferred to another party as a form of unconditional payment. Negotiable also means that the terms of an agreement can be adjusted.

Negotiable

A negotiable certificate of deposit (NCD) is a certificate of deposit that differs from a conventional CD in that its terms are negotiated with the issuer.

Negotiable Certificate of Deposit (NCD)

A negotiable instrument is a signed document that gives the bearer of the document permission to obtain a certain amount of money.

Negotiable Instrument

A negotiable order of withdrawal account (NOW) is an interest-earning bank account in which the account holder can write checks against the balance. Most mutual savings banks, commercial banks, savings and loan associations, and credit unions offer NOW accounts. Thus a NOW account, in simple terms, can be considered a checking account that pays interest.

Negotiable Order of Withdrawal (NOW) Account

Negotiation is a process in which two or more parties resolve a dispute or come to a mutual agreement.

Negotiation

Nellie Mae is a subsidiary of Sallie Mae (SLM), the largest originator, funder and servicer of student loans in the United States. Specifically, it is responsible for originating Federal Stafford Loans, PLUS loans, consolidation loans and private loans for students and parents.

Nellie Mae

A nest egg is a slang term describing money saved for the future.

Nest Egg

Net Advantage to Leasing (NAL) refers to the money a company or individual saves from leasing an asset rather than buying it.

Net Advantage to Leasing (NAL)

Most commonly used in reference to mutual or closed-end funds, net asset value (NAV) measures the value of a fund's assets, minus its liabilities. NAV is typically calculated on a per-share basis.

Net Asset Value (NAV)

In finance, the net asset value per share (NAVPS) is the value of one share of a mutual fund.

Net Asset Value Per Share (NAVPS)

Net assets are what a company owns outright, minus what it owes. Put another way, net assets equal the company assets (economic resources) minus liabilities (what is owed to someone else). For individuals, the concept is the same as net worth.

Net Assets

Net book value is the net value of an asset carried on its balance sheet.

Net Book Value

Net borrowed reserves are a measure of the difference between what a bank has borrowed from the Federal Reserve and the cash reserves it holds above the required minimum. The opposite of net borrowed reserves is free reserves.

Net Borrowed Reserves

A net borrower (also called a "net debtor") is a company, person, country, or other entity that borrows more than it saves or lends. Borrowing can take the form of traditional bank lending, but it also might come in the form of Treasury debt, publicly traded bonds, or even seller financing (

Net Borrower

Net cash flow is the difference between a company’s cash inflows and outflows within a given time period. A company has a positive cash flow when it has excess cash after paying for all operating costs and debt payments.

Net Cash Flow

Net change refers to the difference in closing price of a stock, bond, mutual fund, ETF or other traded financial instrument from one period to the next

Net Change

The net current asset value per share (NCAVPS) equals a company's current assets divided by its number of shares outstanding.

Net Current Asset Value Per Share (NCAVPS)

Net debt is a company's total debt less cash on hand.

Net Debt

Net debt per capita is a government's total debt (less cash on hand) per person.

Net Debt Per Capita

Net debt to assessed valuation is a term used in the municipal bond world to compare the value of debt to the value of the issuer's assets purchased or assessed.

Net Debt to Assessed Valuation

Net debt to estimated valuation is a term used in the municipal bond world to compare the value of debt to the market value of the issuer's assets. It is not the same as

Net Debt to Estimated Valuation

Net domestic product (NDP) represents the net book value of all goods and services produced within a nation's geographic borders over a specified period of time.

Net Domestic Product (NDP)

For businesses, the definition of net earnings is the amount of sales revenue left over after all operating expenses, interest, taxes, and preferred stock dividends (not common stock dividends) are deducted from a company's total revenue.

Net Earnings

A net exporter is a country that sells more to other countries than it buys from other countries. Countries are often net exporters in some industries (natural gas, for example) but net importers in others.

Net Exporter

Net exports are the difference between a country's total value of exports and total value of imports. Depending on whether a country imports more goods or exports more goods, net exports can be a positive or negative value.

Net Exports

Net free reserves is a measure of how much cash a bank holds above the Federal Reserve's required minimum. The opposite of net free reserves is net borrowed reserves.

Net Free Reserves

A net importer is a country that buys more from other countries than it sells to other countries. Often, countries are net importers in some industries (natural gas, for example) but net exporters in others.

Net Importer

Net income is the amount of money that’s left after taxes and certain deductions are made from gross income.   Net income can also be called net profit, the bottom line, and net earnings.

Net Income

Net income after taxes (NIAT) is the number of sales dollars remaining after all operating expenses, interest, depreciation, taxes and preferred stock

Net Income After Taxes (NIAT)

Net interest cost (NIC) is a way to compute the average annual interest expense for a bond issue.