NAIRU
Non-Accelerating Inflation Rate of Employment

NASD (National Association of Securities Dealers)
Formed in 1939 under the auspices of the Maloney Act, it is a self-regulating body of the securities industry designated to establish rules of fair practice for the protection of the investing public.

NCC
National Clearing Corporation

Negotiated Offering
A method of syndication by which the terms of an offering are determined by negotiation between the issuer and the underwriters' manager.

Net Asset Value Percentage (NAV)
Refers to percent of Total Company (net asset) Market Amount.

Net Unsettled Trades
This is the sum of any Due-To-Broker and Due-From-Broker amounts. The actual item purchased shows in the inventory listings as of the Trade Date. The payable is automatically posted against cash on Settlement Date.

New Issue
A stock or bond sold by a corporation for the first time. Proceeds may be said to retire outstanding debt, for new plants or equipment, or for additional working capital.

New Money
In a refunding, the amount by which the principal amount of securities offered exceeds the principal amount maturing.

New Money Preferred
A preferred stock of a public utility that was issued on or after October 1, 1942 and did not refund or replace any bond, debenture or other preferred stock issued prior to October 1, 1942. In accordance with the laws regarding investment by one corporation in the stock of another corporation, corporations are entitled to an 85% tax deduction on the dividends from new money preferred stocks.

Nine Bond Rule
The rule of the New York Stock Exchange that all orders for the nine bonds ($9000 par amount) or less in listed issues must be sent to the floor for execution unless the customer directs the broker to go the OTC market.

Nominal Bond
A bond whose value does not adjust to compensate for the impact of inflation.

Nominal Return
Describes any change in value, including the artificial rise in prices that comes with inflation.

Nominal Yield
The rate listed on the face of a bond; the coupon rate.

Nominee Name
The registered name issued by the Comptroller of the Currency into which a bank or a trust company registers the securities it holds as an investment agent for its trust department portfolios, thereby facilitating a good delivery to brokers at time of sale or exchange.

Non-Callable Treasuries
A treasury which cannot be redeemed at the option of the issuer.

Non-Refundable
Ineligible for a stated period of time, for redemption with funds raised through the sale of an issue having an interest cost lower than that on the outstanding bonds. Bonds with refunding protection are still subject to regular redemption and call for sinking funds.

Note
A promise to pay as distinguished from an order to pay. A written promise of the maker to pay a certain sum of money to the person named as payee, on demand or at a fixed or determinable future date. In the government securities market, a note is a coupon issue with a maturity of one to ten years. In contrast to Treasury bonds, coupon rates on Treasury notes are not restricted by law.

NVA
No value added

NYFE
New York Futures Exchange

NYSE
New York Stock Exchange