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NASD
The National Association of Securities Dealers, Inc. This is the American self-regulatory organization of the securities industry responsible for the regulation of NASDAQ and the over-the-counter markets.

NASDAQ
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.

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.

Negotiable
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
Total assets of a corporation less its liabilities. Also referred to as shareholders' equity.

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.

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, which does not take inflation into consideration.

Non-Cumulative
A preferred dividend which does not accumulate if unpaid.

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