N


Naked Option

Option for which the buyer or seller has no underlying security position.


Natural capital
The set of systems (seas, rivers, lakes, forests, flora, fauna, territory), agricultural products, fishery, hunting and gathering products and the artistic and cultural heritage of a territory.

NGDC (Next Generation Data Center)
A major rethinking of IT architecture through the physical concentration and the virtualization of servers to reduce maintenance/management costs and power consumption and to improve their efficiency.


Net Asset Value (NAV)

The price of a share of a fund, net of sales charges. Price may vary daily.
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Net Worth

Amount by which assets exceed liabilities.


Network
An interconnected collection of elements. In a telephone network, these consist of switches connected to each other and to customer equipment. The transmission equipment may be based on fiber optic or metallic cable or point to point radio connections.

NGDC (Next Generation Data Center)
A major rethink of the IT architecture through the physical concentration and virtualization of the servers in order to reduce the costs of maintenance/management and energy consumption, and to improve efficiency.

NGN2 (Next Generation Network)
New generation network created by Telecom Italia to meet the demands of industries, public administrations and citizens. The new network architecture guarantees an infrastructure designed to face multiple offers by increasing customization levels and bandwidth availability, removing bandwidth limits and providing an impressive capacity along with a wide selection of access systems.
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Non-callable bond

A bond that cannot be called for redemption by the issuer before its specified maturity date.

Non-Government Organizations
Organizations that are independent from governments and their policies that deal, amongst other things, with interpreting the needs of civil society towards large organizations.


O


OECD
This acronym stands for Organization for Economic Cooperation and Development. It deals with developing forms of economic cooperation and coordination between the 30 member countries, the 70 developing countries, NGOs and civil society.
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Off-Balance-Sheet Financing
Financing that does not add debt on a balance sheet and thus does not affect borrowing capacity as it would be determined by financial ratios.

Offer
The price at which a seller will sell a security.

Offering price

The price at which members of an underwriting syndicate for a new issue will offer securities to investors.

OHSAS 18001
OHSAS 18001 (Occupational Health and Safety Assessment Series) certification defines the requisites of a WSH (Workers’ Safety and Health) Management System. These requisites are to be fulfilled by the company and verified by a body that is qualified to issue the relevant Certificate of Compliance.


OLOs (Other Licensed Operators)
Companies other than the incumbent operator which operate telecommunications systems in a national market.


Open-End Fund

A listed fund that continually creates new shares on demand. The fund shareholders buy the shares at net asset value and can redeem them at any time at the prevailing market price.


OPEX (operating expenditure)

Expenditure linked to the normal operative business of the company, including administration, sales of the final product, employee wages, and the research & development sector.
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Optical fiber
Thin glass, silicia or plastic wires, building the interstructure base for data transmission. An optical fiber cable contains several individual fibers, and each of them is capable of driving a signal (light impulse) at illimited bandwidth. Optical fibers are usually employed for long-distance communication. they can transfer "heavy" data loads, and the signal reaches the recipient, protected from possible disturbances along the way. The driving capacity of optical fibers is higher than the traditional cable ones.


Option value
It refers to the decision not to use a natural resource. This decision is associated with the option of acting in the future in two possible ways: deciding to use the resource as it has always been used, or to use it on the basis of new needs.


OSS (Operations Support System)

Methods and procedures (whether mechanized or not) which directly support the daily operation of the telecommunications infrastructure.

Over the Counter (OTC)
Market in which securities transactions are conducted through a telephone and computer network connecting dealers in stocks and bonds, rather than on the floor of an exchange.