OSU Federal

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Glossary

# A B C D E F G H I J L M N O P Q R S T U V W Y Z

N

naked (uncovered) call
A call option written (sold) without the writer owning the underlying stock; should the option be exercised, the writer would have to buy the stock at the current market price for delivery to the call buyer.
naked (uncovered) put
A put option written (sold) without the writer holding a short position in the underlying stock; should the option be exercised, the writer would have to buy the underlying stock at the strike price from the holder of the put.
NASD
National Association of Securities Dealers. Agency that regulates the OTC market.
NASDAQ
National Association of Securities Dealers Automated Quotations. The computerized network run by the NASD providing price quotes on OTC and other securities.
NAV
See net asset value.
NBBO
National best bid and offer, a term applying to the SEC requirement that brokers guarantee customers the best available bid price when the customers sell securities and the best available ask price when they buy securities. The NBBO is dynamically updated throughout the trading day to show a security's highest bid and lowest offer among all exchanges and market makers registered to trade in that security.
net asset value (NAV)
The current value of one share of a mutual fund. NAV is calculated by subtracting a fund's liabilities from its total assets, and then dividing the result by the number of fund shares currently outstanding. A mutual fund calculates its NAV at the end of every market day. You can use the eVision Mutual Fund Center to look up a fund's NAV.
no-load fund
A mutual fund that does not charge fees for either buying or selling shares. See also front-end load, back-end load, level load, and 12b-1 fees.
not held order
A not held order gives the floor broker discretion over price and time of a trade. The broker is not held responsible if the order is not executed, or if the best price is not attained.
NYSE
New York Stock Exchange, largest of the securities exchanges. Located on Wall Street, the NYSE is sometimes referred to as "The Exchange" or the "Big Board."
# A B C D E F G H I J L M N O P Q R S T U V W Y Z
Non-deposit investment products and services offered through CUSO Financial Services, L.P. (Member FINRA/SIPC) are:
• not NCUA/NCUSIF or otherwise federally insured • not guarantees or obligations of the credit union
• may involve investment risk, may lose value