Business / Finance Glossary

New Account Report: A broker's document including information about a new client. See: Know your customer.

New High-New Low: A stock valued at its highest or lowest price in the last year.

New Issue: Securities that are publicly offered for the first time, whether in an IPO or as an additional issue of stocks or bonds by a company that is already public.

New Listing: A security that has just been entered on a stock or bond exchange for trading.

New Money: In a Treasury auction, the amount by which the par value of the securities offered exceeds that of those maturing.

New York Cotton Exchange (NYCE): Commodities exchange in New York trading futures and options on cotton, frozen concentrated orange juice, and potatoes, as well as interest rate, currency, and index futures and options.

New York Futures Exchange (NYFE): A wholly owned subsidiary of the NYSE that trades futures and futures options on the NYSE composite index.

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.

New Zealand Stock Exchange: Automated, screen-based national trading system based in Wellington.

New-Issues Market: The market in which a new issue of securities is first sold to investors. This is not a separate market but refers to a niche of the overall market.

News Out: Refers to over-the-counter trading. A news story concerning the stock being considered has recently been posted on one of the news services, such as the Dow Jones News Service or Reuters. A . . . View Full Definition

Next Day Settlement: Transaction in which the contract is settled the day after the trade is executed. See: Settlement date.

Next Futures Contract: The contract settling immediately after the nearby futures contract.

Nexus (Of Contracts): A set or collection of something.

Nics: Newly Industrialized Countries, which are countries with high-growth industrial economies, such as Hong Kong and Malaysia.

Nifty Fifty: Institutional investor' 50 most popular stocks.

Nikkei Stock Average: Applies mainly to international equities. Price-weighted average of 225 stocks of the first section of the Tokyo Stock Exchange started on May 16, 1949. Japanese equivalent of the U.S. Dow.

Nine-Bond Rule: An NYSE rule requiring that orders for nine bonds or fewer stay on the floor for one hour to seek a market.

NM: Abbreviation for 'not meaningful'.

No Autex: Used in the context of general equities. 'No buy or sell interest should be entered into the Autex (advertising) system.' Inquirers do not want exposure of an inquiry to affect the price at . . . View Full Definition

No Book: Used for listed equity securities. Not much, if any, stock is being bid for or offered at the present time by customers or the specialist.

No-Action Letter: A letter from the Securities and Exchange Commission agreeing that the commission will take no civil or criminal action against a party, regarding a specific activity.

No-Brainer: A market in which it does not take very complex analysis to figure out how securities are going to perform, such as a strong bull market.

No-Load Fund: A mutual fund that does not impose a sales commission. Related: Load fund, no-load mutual fund.

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