Cyber*School

(Naked position). A position is uncovered if it is neither secured by the underlying securities nor money. Contrary covered

The NASDAQ Composite Index is a measure of the price movement of all listed NASDAQ stocks. The index is weighted according to the market capitalization of the companies. The NASDAQ Composite Index includes over 5,000 companies and is one of the most highly publicized indices.

abbr. Net Asset Value

abbr. of Non Delivery Forward, a FX forward contract, which is not physically settled, At maturity a compensation in the amount of the difference between the agreed price and the fixing-price is paid. NDFs exist mainly in currencies with market restrictions.

(Net Asset Value NAV) The sum of all assets held by an investment fund, ie the value of all securities, cash balance, cash deposits as well as other rights. The net asset value is calculated on daily basis.

Total assets minus all liabilities and obligations

Net stable funding ratio is a liquidity ratio and shows the medium-term (1 year) liquidity available with respect to the medium-term cash outflows.

Netting of all outstanding receivables and payables between two parties

Shares which are issued due to a capital raising. As soon as they are equal to old shares they are no longer called new shares.

(Wall Street, NYSE), the New York Stock Exchange is the largest stock exchange in the world and is part of the NYSE Euronext group. Because of their address at 11 Wall Street in New York, the NYSE is often also known as Wall Street.

short cut for Nikkei 225

(Nikkei) The Nikkei is Asia's most important stock index and since 1971 it is calculated by the Japanese business newspaper Nihon Keizai Shimbun (short: Nikkei). It is a price-weighted index designed to track the performance of the 225 most important companies on the Tokyo Stock Exchange.

see face value

It is governed by the bond conditions and you can see how many percent of the nominal value will be annually paid in interest.

the absolute return on an investment without considering an inflationary impactopposite: real interest rate

value of a financial instrument (bond, note, mortgage or other security) given on the certificate or instrumentsyn: nominal value

v. NDF

Expressed in no particular face value. They certify a share of the assets of the Company.

Non-negotiable instruments are those order instruments pursuant to commercial law, which contain no order clause.

They arrange security transactions among members (banks) at markets which are operated by the exchange operating company.

Part of the overall risk in stocks, which is not induced by fluctuations in the overall market (title specific risk).

yield curve with lower short term rates than long term ratesalso called: positive yield curve, steep yield curve

see fair price

In case of novation netting the assets and liabilities of two transactions are netted on the day of recognition by a novation agreement.

abbr. New York Stock Exchange

A cross-border European stock exchange, originally created in 2000 from the merger of the Amsterdam, Brussels and Paris stock exchanges. In 2001 and 2002, respectively, Euronext acquired the London International Financial Futures and Options Exchange (LIFFE) and the Portuguese stock exchange, Bolsa de Valores de Lisboa e Porto (BVLP), in order to become one of the world's largest exchanges. 2006 Euronext completed their agreed merger with the NYSE Group, resulting in the formation of NYSE Euronext.