| Naked: |
A
naked option strategy is an uncovered option strategy.
It is an investment in which options sold short are NOT matched
with either a long position in the underlying or a long position in
another option of the same type which expires at the same time or later
than the options sold. The
loss potential with naked writing is virtually unlimited.
|
| 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.
|
| Near
Term: |
Expiration
month closest to expiration. |
| 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 marked 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. |