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The National Association of Securities Dealers Automated Quotations System, the electronic, over-the-counter, screen-based communications system used by the second largest U.S. securities market.

In addition, NASDAQ is a self-regulatory organization of the securities industry responsible for the regulation of NASDAQ and the over-the-counter markets.

National Association of Securities Dealers, Inc. (NASD)

This is the American self-regulatory organization of the securities industry responsible for the regulation of NASDAQ and the over-the-counter markets.

NAV is the value of all the holdings of a mutual fund, less the fund's liabilities.

NAVPS represents the assets under management divided by the number of shares or units held by its investors.

Negative pledge provision

A protective provision written into the trust deed of a company's debenture issue, providing that no subsequent mortgage bond issue may be secured by all or part of the company's assets, unless at the same time the company's debentures are similarly secured.


A certificate that is transferable by delivery and which, in the case of a registered certificate, has been duly endorsed and guaranteed. Transferable from one party to another.

Net asset value (NAV)

Net Asset Value (NAV) refers to the residual value remaining after the fair market value of all outstanding liabilities have been deducted from the fairmarket value of all assets. For example,

  1. For a corporation, the NAV is equal to the value of all corporate assets less all liabilities. The NAV is also referred to as shareholders' equity.
  2. For an investment like a mutual fund, the NAV is equal to the total market value of all the fund's individual investments less the current value of all liabilities. The NAV is often expressed as a dollar value per unit or share of the investment fund.

Net change

The change in the price of a security from the closing price on one day to the closing price on the following trading day. For example, ABC traded yesterday at 255/8 and today it closed at 27. The net change is 13/8. In the case of a stock which is entitled to a dividend one day, but is traded ex-dividend the next, the dividend is not considered in computing the change. The same applies to stock splits. A stock selling at $100 the day before a two-for-one split and trading the next day at $50 would be considered unchanged.

Net earnings

That part of a company's profits remaining after all expenses and taxes have been paid and out of which dividends may be paid.

Net sales

Gross sales less any applicable excise taxes, returns, allowances and discounts or rebates given to customers.

Net worth

The difference between a company's total assets less its total liabilities. Also referred to as shareholders' equity.

New issue

A stock or bond issue sold by a company for the first time. Proceeds may be used to retire outstanding securities of the company, or be used for a new plant or equipment or for additional working capital. New debt issues are also offered by governments.

New York Stock Exchange (NYSE)

The oldest and largest stock exchange in the United States, founded in 1792, located on Wall Street in New York City. Also referred to as The Exchange. Currently, shares listed on the NYSE make up more than half of the total dollar volume in shares traded on all U.S. markets.

No load

No load refers to a mutual fund that typically does not charge a fee for buying or selling its shares. No load funds can be charged a redemption fee at the discretion of the broker under special circumstances.

No par value (n.p.v.)

Common stock that has no stated face value. This is the usual practice in Canada so it is assumed and not always stated on the share certificate.

Nominal interest rate

The stated interest rate that does not take inflation into consideration.


A preferred dividend that does not accumulate if unpaid.


An unsecured promise to pay, such as a promissory note.

Notice of Assessment

This is a Revenue Canada notice sent to you after you have filed an income tax return. The Notice of Assessment tells you the maximum allowable contribution you can make towards a Registered Retirement Savings Plan (RRSP).

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