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Nakadachi

Regular members of the Osaka Stock Exchange buy and sell securities on the trading floor through the medium of nakadachi members who serve as intermediate agents in transactions between members. Nakadachi members are prohibited from trading on their own account.

Namenaktien

On German and Swiss exchanges, shares made out in the name of the owner who is entered in the register of shareholders of the company concerned.

Nasdaq

The Nasdaq stock market is the second largest equity market in the US. It is screen-based, with multiple competing market-makers. The Nasdaq system is the market's electronic communications facility.

Nearby contracts

The closest active futures contracts, ie those that expire the soonest.

Net-asset value

The market value of all assets owned by an investment trust minus liabilities and divided by the number of shares outstanding. In mutual funds, the market value of a fund share.

Netback

An industry term referring to the net FOB cost of product offered on a delivered or CIF basis. It is derived by subtracting all costs of shipment from the landed price.

New issue

A company coming to the market for the 1st time or issuing additional new shares.

New shares

Shares recently issued by a company; these shares can usually be transferred on renouncable documents.

New time

On the London Stock Exchange, new time dealings may be transacted by special arrangement in the last 2 days of an account, and settled as if they had been done during the following account.

Nil paid

A new issue of shares, usually as the result of a rights issue, on which no payment has yet been made.

No brainer

A transaction guaranteed to make a profit.

Nominal quotation

(i) Securities. An approximation of a security's market value, given for the purpose of valuation.
(ii) Futures. An estimated price for a future month or date for which there is no bid, ask or trade price.

Nominee name

Name in which a security is registered and held in trust on behalf of the beneficial owner.

Normal market size (NMS)

A value expressed as a number of shares used to calculate the minimum quotation size for UK domestic equities and ADRs traded on the London Stock Exchange. The NMS values, which range from 500 shares to 200,000 shares, are based on each individual stock's average market turnover value in the previous 12 values.

Notice day

Any day on which notices of intent to deliver on futures contracts may be issued.