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Naked Option
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An option for which the buyer or seller has
no underlying security position. Involves very high risk.
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National Association of Securities Dealers
(NASD)
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Non-profit organization formed under the
joint sponsorship of the Investment Banker's Conference and the SEC to
comply with the Maloney Act. The NASD's fundamental purposes are to 1)
standardize practices in the field, 2) establish high moral and ethical
standards in the securities business, 3) provide a representative body to
consult with the government and investors on matters of common interest, 4)
establish and enforce fair and equitable rules of securities trading and 5)
establish a disciplinary body capable of enforcing the above mentioned
provisions.
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Net Asset Value (NAV)
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The per share value of a mutual fund found
by subtracting the fund's liabilities from its assets and dividing by the
number of shares outstanding. Mutual Funds calculate their NAV's at least
once a day.
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Net Worth
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Amount by which assets exceed liabilities
(debt).
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New York Stock Exchange (NYSE)
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The oldest and largest stock exchange in the
United States. An unincorporated association governed by a board of
directors, which is headed by a full-time chairman and is comprised of 24
individuals representing the public and the exchange membership in roughly
equal portion. Trading hours are between 9:30 a.m. and 4:00 p.m. EST,
Monday through Friday, excluding market holidays.
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No-Load
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A mutual fund offered by an open-end
investment company that imposes no sales charge (load).
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