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National Association of Securities Dealers Automatic Quotation System. An electronic quotation system that provides price quotations to market participants.


A security that can be transferred or sold as a form of payment.

Net Asset Value (NAV)

A single mutual fund share’s price.

Net Change

The difference between today’s last trade and the previous day’s last trade.

Net Income

A company’s revenue minus costs. Also called the bottom line earnings, or net profit.

Net Worth

Common stockholder’s equity, consisting of common stock, surplus, and retained earnings.

New Issue

Securities being offered to the public for the first time, subject to the rules of the Securities and Exchange Commission.

New York Stock Exchange (NYSE)

Located on Wall Street and founded in 1792, it is the oldest and largest exchange in the U.S.

No-load Mutual Fund

A mutual fund without upfront sales charges or distribution fees. However, no-load funds still incur management fees and 12b-1 fees.


A class of preferred stock that does not accrue unpaid dividends.

Nonqualified Assets

Any assets subject to taxes.

Nonrecourse Debt

Debt for which the borrower is not personally liable.


A bond indenture condition that restricts a bond from being refunded.


A debt security with an initial maturity of more than one year, and less than 10 years.

NYSE Composite Index

A weighted index of all NYSE common stocks.