Options Glossary: N

Naked or uncovered option

A short option position that is not fully collateralized if notification of assignment is received. A short call position is uncovered if the writer does not have a long stock or deeper-in-the-money long call position. A short put position is uncovered if the writer is not short stock or long another deeper-in-the-money put.

Nasdaq

A national securities exchange (Operated by Nasdaq OMX).

Net credit

Money received in an account either from a deposit or a transaction that results in increasing the account's cash balance.

Net debit

Money paid from an account either from a withdrawal or a transaction that results in decreasing the cash balance.

Neutral

An adjective describing the belief that a stock or the market in general will neither rise nor decline significantly.

Neutral strategy

An option strategy (Or stock and option position) expected to benefit from a neutral market outcome.

Ninety-ten (90/10) strategy

A conservative option strategy in which an investor buys Treasury bills (or other liquid assets) with 90% of their funds, and buys call options (or put options or a mixture of both) with the balance. The proportions of this strategy are subject to change based on prevailing interest rates.

NOBO

Nasdaq BX, Inc.

Non-equity option

Any option that does not have common stock as the underlying asset. Non-equity options include options on futures, indexes, foreign currencies, Treasury security yields, etc.

Not-held order

A type of order that releases normal obligations implied by the other terms of the order. For example, a limit order designated as not-held allows discretion to the floor broker in filling the order when the market trades at the limit price of the order. In this case, there is no obligation to provide the customer with an execution if the market trades through the limit price on the order. See also Discretion and Market-not-held order.

NSDQ

Nasdaq Options Market, LLC

Nasdaq Options Market

Nasdaq Options Market

Nasdaq Options Market

Nasdaq Options Market

Please update the www.optionseducation.org site to reflect the new name changes on these pages:

 

Participant Exchanges and Naming Convention.docx

Exchange Identifier Information.xlsx

From: Christine Stange 
Sent: Wednesday, March 08, 2017 3:08 PM
To: Marsha Oliver <marshaoliver@theocc.com>; Denise Knabjian <dknabjian@theocc.com>
Cc: William Prine <wprine@theocc.com>; Karen Glad <kglad@theocc.com>; Sonya Caffrey <scaffrey@theocc.com>; Adam Kasper <AKasper@theocc.com>; Christine Stange <cstange@theocc.com>
Subject: RE: ISE exchanges name changes

Hi Marsha,

Thanks for the info!  There were some emails floating around last week on ISE's name change.  We'll have some development as well as content work to be done to accommodate the change.

With regards to NASDAQ vs. Nasdaq, the website uses both the exchange's legal name and trading facility names.  The approved NASDAQ ones were originally provided to us by Legal back in 2012.  We should reach out to Legal to have them revalidate the list.  They had last reviewed and certified it in January 2017.  I've attached the document that you were referring to in your email.  I'm also attaching a spreadsheet where we (in conjunction with Product Development) track the exchange identifiers used on our various systems.​

---

FW ISE name changes.msg

Legal Name

Trading Facility Name & Acronym

Nasdaq ISE, LLC

Nasdaq ISE

ISE

Nasdaq GEMX, LLC

Nasdaq GEMX

GEM

Nasdaq MRX, LLC

Nasdaq MRX

MCRY

Nasdaq BX, Inc.

Nasdaq BX Options

NOBO

Nasdaq PHLX LLC

Nasdaq PHLX LLC

PHLX

The Nasdaq Stock Market LLC

Please update the www.optionseducation.org site to reflect the new name changes on these pages:

 

Participant Exchanges and Naming Convention.docx

Exchange Identifier Information.xlsx

From: Christine Stange 
Sent: Wednesday, March 08, 2017 3:08 PM
To: Marsha Oliver <marshaoliver@theocc.com>; Denise Knabjian <dknabjian@theocc.com>
Cc: William Prine <wprine@theocc.com>; Karen Glad <kglad@theocc.com>; Sonya Caffrey <scaffrey@theocc.com>; Adam Kasper <AKasper@theocc.com>; Christine Stange <cstange@theocc.com>
Subject: RE: ISE exchanges name changes

Hi Marsha,

Thanks for the info!  There were some emails floating around last week on ISE's name change.  We'll have some development as well as content work to be done to accommodate the change.

With regards to NASDAQ vs. Nasdaq, the website uses both the exchange's legal name and trading facility names.  The approved NASDAQ ones were originally provided to us by Legal back in 2012.  We should reach out to Legal to have them revalidate the list.  They had last reviewed and certified it in January 2017.  I've attached the document that you were referring to in your email.  I'm also attaching a spreadsheet where we (in conjunction with Product Development) track the exchange identifiers used on our various systems.​

---

FW ISE name changes.msg

Legal Name

Trading Facility Name & Acronym

Nasdaq ISE, LLC

Nasdaq ISE

ISE

Nasdaq GEMX, LLC

Nasdaq GEMX

GEM

Nasdaq MRX, LLC

Nasdaq MRX

MCRY

Nasdaq BX, Inc.

Nasdaq BX Options

NOBO

Nasdaq PHLX LLC

Nasdaq PHLX LLC

PHLX

The Nasdaq Stock Market LLC

NYSE

A national securities exchange (Operated by NYSE Euronext).

NYSE Amex

NYSE American Options

NYSE Arca

NYSE Arca Options

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