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NAV See Net Asset Value.
NFA See National Futures Association.
NFA Associate Member See Associate Member
NFX NASDAQ OMX Futures Exchange Inc
NYBT or NYBOT New York Board of Trade, currently known as ICE Futures U.S.
NYCE New York Cotton Exchange
NYFE New York Futures Exchange
NYME or NYMEX New York Mercantile Exchange
NYMEX New York Mercantile Exchange
Naked Call See Naked Option.
Naked Option The sale of a call or put option without holding an offsetting position in the underlying commodity.
Naked Put See Naked Option.
National Futures Association (NFA) Authorized by Congress in 1974 and designated by the CFTC in 1982 as a "registered futures association," NFA is the industrywide self-regulatory organization of the futures industry.
National Introducing Brokers Association The trade association for the introducing broker community.
Nearby Delivery Month The futures contract month closest to expiration.
Negative Carry The cost of financing a financial instrument (the short-term rate of interest), when the cost is above the current return of the financial instrument. See also Carrying Charge. Opposite of Positive Carry.
Negative Yield Curve See Yield Curve.
Net Asset Value (NAV) The value of each unit of participation in a commodity pool. Basically a calculation of assets minus liabilities plus or minus the value of open positions when marked to the market, divided by the number of units.
Net Capital The amount by which Current Assets of an FCM or independent IB exceed its Liabilities.
Net Performance An increase or decrease in net asset value exclusive of additions, withdrawals and redemptions.
Net Position The difference between the open long contracts and the open short contracts held by a trader in any one commodity.
No-Action Floor Trader On April 26, 1993, CFTC registration as a Floor Trader became a requirement for members of exchanges who traded for their own accounts. The CFTC agreed to take no action against these individuals for trading their accounts while their applications for registration were pending approval.
Nolo Contendere A Latin phrase meaning, "I will not contest it." It is a type of plea which may be entered with leave of court to a criminal complaint or indictment by which the defendant does not admit or deny the charges, though a fine or a sentence may be imposed.
Nominal Price Computed price quotation on futures for a period in which no actual trading took place, usually an average of bid and asked prices.
Non Member Panel A panel in which a majority of the arbitrators are not connected with an NFA Member or NFA.
Notice Day Any day on which notices of intent to deliver on futures contracts may be issued.
Notice of Appeal The document a person must file with the adjudicating body in order to pursue an appeal.
Notice of Intent The first formal pleading issued which begins a registration disqualification proceeding. It states the allegations which will be proven to show that an applicant or registrant is disqualified from CFTC registration.
Notional Amount The amount (in an interest rate swap, forward rate agreement, or other derivative instrument) or each of the amounts (in a currency swap) to which interest rates are applied (whether or not expressed as a rate or stated on a coupon basis) in order to calculate periodic payment obligations.

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