The Risk Limited Glossary
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N - the Commodity Futures Symbol which represents the July Delivery Month.
Naked Calls - an option strategy for which the investor sells a call against securities, commodities or other positions that the investor does not own.
NASDAQ - the acronym for the National Association of Securities Dealers Automated Quotations or Quote system that links brokers and dealers in an unified price quotation system.
Net Settlement - a contract provision that allows for netting out payables and receivables in terms of cash or items that can be readily converted to cash in an established market.
NGL - natural gas liquids; a general term for all liquid products separated from natural gas in a gas processing plant. NGL's include propane, butane, ethane, and natural gasoline.
Negative Carry - the condition whereby a portfolio after financing considerations generates a negative income stream or loss.
Non-attainment Area - a U.S. geographic area in which air quality is worse than that allowed by the U.S. federal air pollution standards.
Normal Distribution - a continuous probability distribution whose probability density function has a "bell" shape. A normal distribution is symmetric, and has zero skewness. A normal distribution is fully described with two parameters, its mean and standard deviation.
Notional - the face amount of a transaction; typically used as the basis for interest payment calculations or determination of other payment amounts. This face or prinicipal amount is referred to as 'notional' since it is not typically an amount that is paid or received.
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