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N


Naked Option

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


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.


Non-callable bond

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


O


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.


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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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.