A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
NASDAQ: the acronym Nasdaq signifies National Association of Securities Dealers Automated Quotations system. In other words it is an electronic quotation system set up by the organisation responsible for the US over-the-counter stock market. In 1971 it became a completely separate regulated market and since then has been independent of the over-the-counter market even though they are both regulated by the same organisation, the NASD (National Association of Securities dealers).
Negotiable debt security: financial instrument launched by French minister Jacques Delors as part of the opening up of financial markets in 1985, which consisted mainly, for economic agents, of being able to access the money market without being obliged to go through the banks.
This money market security representative of a short term loan must be for a minimum amount of 1 million French francs (about 150,000 euros) and its maturity can be anything between 10 days and 7 years. It is issued by the French government (in the form of treasury bills), by banks (in the form of a certificate of deposit), by corporations (in the form of commercial paper), or by various specialist financial institutions.
Net asset value: (or value of a unit in a FCP or of a share in a SICAV) is obtained by dividing the total net asset value of the portfolio held by the UCITS (its net assets) by the number of units or shares issued. The portfolio of the UCITS is valued applying the market price of the equities or financial instruments that it is composed of.
Net assets: the net assets of a UCITS represents the total value of the securities held in the portfolios. It is arrived at by valuing securities at their market prices and adding the cash and cash equivalents in the portfolio. Management fees are deducted from the figure.
Next available price: an investment or a repurchase where the price is not known is calculated on the next available net asset valuation.
Nikkei: Daily Japanese index of 225 leading stocks listed on the Tokyo Stock Exchange. The Nikkei is the sum of the stock prices, unweighted by capitalisation. It therefore gives equal importance to stocks of medium-sized companies as to those of major multinational companies.
