Super Finance Glossary
Over 10,000 financial glossary terms...
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Near Money
Definition: Assets that are easily convertible into cash, such as money market accounts and bank deposits.
Definition: Assets that are easily convertible into cash, such as money market accounts and bank deposits.
Nearby
Definition: The nearest active trading month of a financial or commodity futures market. Related: Deferred futures.
Definition: The nearest active trading month of a financial or commodity futures market. Related: Deferred futures.
Nearby Delivery Month
Definition: The month of the futures contract closest to maturity; the front month or lead month.
Definition: The month of the futures contract closest to maturity; the front month or lead month.
Nearby Futures Contract
Definition: When several futures contracts are considered, the contract with the closest settlement date is called the nearby futures contract. The next (or the "next out") futures contract is the one that settles just after the nearby futures contract. The contract farthest away in time from settlement is called the most distant futures contract.
Definition: When several futures contracts are considered, the contract with the closest settlement date is called the nearby futures contract. The next (or the "next out") futures contract is the one that settles just after the nearby futures contract. The contract farthest away in time from settlement is called the most distant futures contract.
Nearest Month
Definition: The expiration date of an option or future that is closest to the present.
Definition: The expiration date of an option or future that is closest to the present.
Negative Amortization
Definition: A loan repayment schedule in which the outstanding principal balance of the loan increases, rather than amortizing, because the scheduled monthly payments do not cover the full amount required to amortize the loan. The unpaid interest is added to the outstanding principal, to be repaid later.
Definition: A loan repayment schedule in which the outstanding principal balance of the loan increases, rather than amortizing, because the scheduled monthly payments do not cover the full amount required to amortize the loan. The unpaid interest is added to the outstanding principal, to be repaid later.
Negative Convexity
Definition: A bond characteristic such that the price appreciation will be less than the price depreciation for a large change in yield of a given number of basis points. For example, a fixed-rate mortgage may lose value as rates go down because of prepayments.
Definition: A bond characteristic such that the price appreciation will be less than the price depreciation for a large change in yield of a given number of basis points. For example, a fixed-rate mortgage may lose value as rates go down because of prepayments.
Negative Covenant
Definition: A bond covenant that limits or prohibits certain actions unless the bondholders agree.
Definition: A bond covenant that limits or prohibits certain actions unless the bondholders agree.
Negative Duration
Definition: Occurs when the price of an MBS moves in the same direction as interest rates.
Definition: Occurs when the price of an MBS moves in the same direction as interest rates.
Negative Income Tax
Definition: A proposal to assist taxpayer with below-subsistence-level incomes. After filing a tax return, such persons would receive a subsidy to bring them up above the poverty level.
Definition: A proposal to assist taxpayer with below-subsistence-level incomes. After filing a tax return, such persons would receive a subsidy to bring them up above the poverty level.
Negative NPV Tie-in Project
Definition: A negative-NPV infrastructure development project that a local government requires of a company engaged in a positive NPV investment project elsewhere in the country.
Definition: A negative-NPV infrastructure development project that a local government requires of a company engaged in a positive NPV investment project elsewhere in the country.
Negative Obligation
Definition: A New York Stock Exchange rule that governs the behavior of specialists. Negative obligation is the mandate of the specialists not trade for the specialist's firm's own account when enough public investor orders exist to match up naturally -- without intervention. An example of violating negative obligation is Trading Ahead. Also see positive obligation.
Definition: A New York Stock Exchange rule that governs the behavior of specialists. Negative obligation is the mandate of the specialists not trade for the specialist's firm's own account when enough public investor orders exist to match up naturally -- without intervention. An example of violating negative obligation is Trading Ahead. Also see positive obligation.
Negative Pledge
Definition: An agreement in which the borrower agrees not to pledge any of its assets as security and/or not to incur further indebtedness.
Definition: An agreement in which the borrower agrees not to pledge any of its assets as security and/or not to incur further indebtedness.
Negative Pledge Clause
Definition: A bond covenant that requires the borrower to grant lenders a lien equivalent to any liens that may be granted in the future to any other currently unsecured lenders.
Definition: A bond covenant that requires the borrower to grant lenders a lien equivalent to any liens that may be granted in the future to any other currently unsecured lenders.
Negative Working Capital
Definition: Occurs when current liabilities exceed current assets, which can lead to bankruptcy.
Definition: Occurs when current liabilities exceed current assets, which can lead to bankruptcy.
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