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NAKED CALL: This is an options position in which the investor doesn't have an offsetting stock position. Naked Call's are also known as "uncovered calls" or "short calls." 

NAKED OPTION: This is an option position where the buyer or seller has no underlying security position.

NAKED PUT: This is a put option where the writer of the option does not have a short position in the stock on which he or she has written. This can also be sometimes referred to as an "uncovered put." Compare to covered call or put.

NET CHANGE: This is the difference in the price of either a stock or option from the closing price of that previous day. 

NET POSITION: This is the difference between an investors open long and short positions in any equity.

NEW YORK STOCK EXCHANGE (NYSE): This is the largest stock exchange in the U.S., located on Wall Street in New York City. The NYSE is responsible for setting policy, supervising member activities, listing securities, overseeing the transfer of member seats, and evaluating applicants. It traces its origins back to 1792. Options are not traded on the NYSE. 

NOMINAL OWNER: When customer securities are held in street name, a brokerage firm will be the Nominal Owner. 

NON-MARGIN SECURITY: These are securities that cannot be purchased on margin at a brokerage firm or financial institution. This is a security that must be paid for in full. Specific examples of a non-margin security would include call and put option contracts. 

NOT HELD ORDER (NHO): An order that is given to a floor broker, in which he/she has discretion on the specific time and price to get the best possible fill for an investor. This type of order gives the broker full control over the order and the investor agrees ahead of time to not hold that broker responsible if the best price is not acquired.

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