 |
| Naked strategies |
An unhedged strategy making exclusive use of one of the following: long call strategy (buying call options), short call strategy (selling or writing call options), long put strategy (buying put options), and short put strategy (selling or writing put options). By themselves, these positions are called naked stratgies because they do not involve an offsetting or risk-reducing position in another option or the underlying security. |
|
| National Futures Association (NFA) |
The futures industry self regulatory organization established in 1982. |
|
| Nearby futures contract |
When several futures contracts are considered, the contract with the closest settlement date is called the nearby futures contract. The next futures contract is the one that settles just after the nearby futures contract. The contract farthest away in time from settlement is called the most distant futures contract. |
|
| Nominal price |
Price quotations on futures for a period in which no actual trading took place |
|
| Notes |
Debt instruments with maturities of less than 10 years. |
|
| Notice day |
A day on which notices of intent to deliver pertaining to a specified delivery month may be issued. |
|
| Notional principal amount |
In an interest rate swap, the predetermined dollar principal on which the exchanged interest payments are based. |
|
| Net Position |
The amount of currency bought or sold which have not yet been offset by opposite transactions. |
|
