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Term Description
NAIC
Naked Option
naked position
NASAA
NASD
NASDAQ
National Best Bid and Offer - NBBO
National Guarantee Fund (NGF)
National Market System
Negotiable
net asset value (NAV)
net assets
Net Change
net current assets
net position
net profit
net tangible asset backing
net tangible assets (NTA)
new
New Issue
New York Stock Exchange (NYSE)
NFA
no liability company
non current liabilities
Non-cumulative
Non-Regular Way
non-renounceable rights
normal market
NSCC
NSTA
number
number of employees
NYAC
NYSE Composite Index
NYSE-Listed
National Market System
A national market system was mandated by the Securities Act Amendments of 1975, the most important federal securities legislation since the 1930s. At the heart of the national market is the ITS), which began operation in 1978. Nine markets -- the American, Boston, Cincinnati, Chicago, New York, Pacific, and Philadelphia and NASD over-the-counter market -- are linked electronically by ITS computers. This allows traders at any exchange to seek the best available price on all other exchanges that a particular security is eligible to trade on. The national market system also includes a consolidated electronic tape, which combines last-sale prices from all markets into a single stream of information.
 
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