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Names
Individual members of Lloyds of London who join together in syndicates to underwrite insurance business.
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NASDAQ 100 index
A stock market index of 100 of the largest domestic and international non-financial companies listed on the NASDAQ stock exchange, it is a modified market value-weighted index; the companies weights in the index are based on their market capitalization.
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National Association of Pension Funds (NAPF)
Trade association of pension funds through which they can voice their opinions collectively.
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National Association of Securities Dealers Automated Quotation System (NASDAQ)
A US screen-based dealing system. It is owned and operated by the National Association of Securities Dealers (NASD) which is an American securities industry self-regulatory organisation. Companies listed on NASDAQ are often smaller, newer companies, especially in the higher technology sector.
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National Savings
A range of financial products such as Premium Bonds distributed via the Post Office network.
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Negative Pledge
A guarantee given by an issuer of a bond that it will not give security for certain other issues unless it provides matching security for that bond.
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Net Yield
A yield that has been calculated after taking account of income and/or capital taxes at chosen rates. (See also Gross Yield)
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New Issues
Issue of shares arising from the flotation of a company on the stockmarket.
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New York Stock Exchange (NYSE)
The NYSE is the world’s largest stock exchange. Dealing takes place on the floor of the Exchange or through a computer system called SuperDot.
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Nikkei Stock Average I Nikkei 225
The principal index for the Tokyo Stock Exchange. It is a weighted index of 225 Japanese companies.
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Nomad
See Nominated Advisor
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Nominal
The face value of a security.
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Nominated Advisor
A firm appointed to advise AIM company directors on their responsibilities.
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Nominated Broker
A firm appointed to assist dealing in AIM securities.
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Nominee Shareholding
A shareholding held on behalf of an investor by a third party such as a stockbroker or bank. The investor remains the beneficial owner of the shares. The nominee system removes the need for investors to hold share certificates.
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Normal Market Size (NMS)
This is important because the Minimum Quote Size (MSQ) is set out at 1 x NMS. It is based on the security's average daily customer turnover in the preceding year. There are currently 15 different levels of NMS from 100 to 200,000 shares.
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Not Rated (NR)
An indication that a recognised rating agency has not rated a particular security.