Futures Trading Glossary
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Source: National Futures Association; published here with permission. This publication (Glossary of Futures Terms - An Introduction to the Language of the Futures Industry)
is the property of the National Futures Association.
Naked Option
See Uncovered Option
National Futures Association (NFA)
Authorized by Congress in 1974 and designated by the CFTC in 1982 as a "registered futures association," NFA is the
industrywide self-regulatory organization of the futures industry.
National Introducing Brokers Association (NIBA)
NIBA is a non-profit organization for guaranteed and independent introducing brokers.
Nearby Delivery Month
The futures contract month closest to expiration. Also referred to as the Spot Month.
Net Asset Value
The value of each unit of participation in a commodity pool. Basically a calculation of assets minus
liabilities plus or minus the value of open positions when marketed to the market, divided by the total
number of outstanding units.
Net Performance
An increase or decrease in net asset value exclusive of additions, withdrawals and redemptions.
Notice Day
Any day on which a clearinghouse issues notices of intent to deliver on futures contracts.
Source: National Futures Association; published here with permission. This publication (Glossary of Futures Terms - An Introduction to the Language of the Futures Industry)
is the property of the National Futures Association.
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