Business / Finance Glossary

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.

No-Load Mutual Fund: An open-end investment company whose shares are sold without a sales charge. There can be other distribution charges, however, such as Article 12B-1 fees. A true no-load fund has neither a s . . . View Full Definition

No-Load Stock: Shares that can be purchased from the issuing companies themselves, so that broker fees and commissions can be avoided.

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