Business / Finance Glossary

Note: Debt instruments with initial maturities longer than one year and shorter than 10 years.

Note Agreement: A contract for privately placed debt.

Note Issuance Facility (NIF): An agreement by which a syndicate of banks indicates a willingness to accept short-term notes from borrowers and resell these notes in the Eurocurrency markets.

Notes To The Financial Statements: A detailed set of notes immediately following the financial statements in an annual report that explain and expand on the information in the financial statements.

Notice Day: A day on which notices of intent to deliver pertaining to a specified delivery month may be issued. Related: Delivery notice.

Notice Of Sale: A notice advertising a new issue of municipal securities and inviting underwriters to submit competitive bids.

Notification Date: The day the option is either exercised or expires.

Notional Principal Amount: In an interest rate swap, the predetermined dollar principal on which the exchanged interest payments are based.

Nouveau Marche: An equity market unit of the Paris Bourse that deals solely in innovative, high-growth companies.

Novation: Defeasance whereby the firm's debt is cancelled.

NPV Profile: A graph of NPV as a function of the discount rate.

Numismatist: Collector of historical coins and currencies.

NYSE Composite Index: Composite index covering price movements of all new world common stocks listed on the New York Stock Exchange. It is based on the close of the market on December 31, 1965, at a level of 50.0 . . . View Full Definition

O: Fifth letter of a Nasdaq stock symbol specifying that it is the company's second class of preferred shares.

O.K. To Cross: Used for listed equity securities. 'Legal to cross the buy and sell orders on the exchange floor because transactor is not a principal in the transaction.'

Objective (Mutual Funds): The fund's investment strategy category as stated in the prospectus. There are more than 20 standardized categories. E.g. Aggressive growth, balanced.

Obligation: A legal responsibility, such as to repay a debt.

Obligation Bond: A municipal bond with a face value greater than the value of the underlying property. The difference is designed to compensate the lender for costs exceeding the mortgage value.

Obligor: A person who has an obligation to pay off a debt.

Odd Lot: A trading order for less than 100 shares of stock. Compare round lot.

Odd-Lot Dealer: A broker who combines odd lots of securities from multiple buy or sell orders into round lots and executes transactions in those round lots.

Odd-Lot Short-Sale Ratio: The percentage of total odd-lot sales that is composed of short sales.

Odd-Lot Theory: The theory that profits can be made by making trades contrary to odd-lot trading patterns, since odd-lot investors have poor timing. This theory is no longer popular.

OEX Index: Applies to derivative products. Quotron symbol for the S&P 100 index option.

Off-Balance-Sheet Financing: Financing that is not shown as a liability on a company's balance sheet.

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