UBS Dictionary of Banking

Na

naked position / ungedeckte Position / position à découvert / posizione scoperta
Long or short position which is not hedged by a corresponding opposite position. See also long position, short position.

Napoleon coin / Napoleon / Napoléon / napoleone
French 20-franc gold piece bearing the picture of Napoleon I or III.

narrow market / enger Markt / marché étroit / mercato ristretto
A market is referred to as narrow if a security is traded irregularly or if only a few units of a particular issue are in circulation. Sizable buying or selling orders for such securities generally lead to sharp price fluctuations in a narrow market.

Nasdaq / Nasdaq / Nasdaq / Nasdaq
Acronym for National Association of Securities Dealers Automated Quotations. US electronic exchange for high-growth, innovative stocks, catering for OTC traders.

National Association of Securities Dealers Automated Quotations
See Nasdaq.

national bank / Nationalbank / banque nationale / banca nazionale
Synonym for central bank. See also Swiss National Bank.

national income / Volkseinkommen / revenu national / reddito nazionale
Total income earned by the population of a country or region in a year. The national income is calculated on the basis of the income earned by the nationals of the country or region in question both at home and abroad. See also per capita income.

Top

Ne

negative clause / Negativklausel / clause négative / clausola negativa
(1) Synonym for negative mortgage clause.
(2) Synonym for negative pledge clause.

negative correlation / negative Korrelation / corrélation négative / correlazione negativa
See correlation.

negative interest / Negativzins / intérêt négatif / interesse negativo
Also: interest charge. Interest which is deducted from the principal.

negative mortgage clause / negative Hypothekenklausel / clause hypothécaire négative / clausola ipotecaria negativa
The promise made by a mortgage borrower to the creditor not to encumber the property with any additional pledges in favour of third parties without the creditor's consent and not to raise existing ones. Usually agreed in writing. See also negative pledge clause.

negative pledge clause / negative Verpfändungsklausel / clause de nantissement négative / clausola di pegno negativa
Promise made by the borrower in writing to the creditor not to pledge any assets in favour of third parties (securities, goods, claims, etc.) without the agreement of the creditor. This clause is also applied when issuing bonds. Here, the issuer undertakes to his/her creditors not to pledge assets in favour of third parties. See also negative mortgage clause.

negotiating bank / negoziierende Bank / banque négociatrice / banca che negozia i documenti
In a letter of credit operation, the bank which accepts the documents for the purpose of examining and crediting the documentary credit amount from the exporter (beneficiary).

net asset value / (1) Nettoinventarwert (2) (3) (4) Substanzwert / (1) valeur d'inventaire nette (2) (3) (4) valeur intrinsèque / (1) valore d'inventario netto (2) (3) (4) valore reale
(1) Value of an investment fund unit corresponding to the market value of the fund on a set reference date, minus liabilities and divided by the number of units outstanding.
(2) Business management: market value of the fixed and current assets of the company to be valued. See also intrinsic value.
(3) Options: positive difference between the price of the underlying and an option's strike price.
(4) Real estate: value of land and buildings.

net position / Nettoposition / position nette / posizione netta
A market player's total position, ascertained by offsetting purchases against sales.

netting / Netting / netting / netting
Mutual offsetting of claims and liabilities from identical types of transaction between two parties. Important in connection with the capital adequacy requirements applicable to banks. In industry: a method of optimizing intra-group capital transfers via a central account of net credits.

new issue / Neuemission / nouvelle émission / nuova emissione
Security offered to the public for the first time when a company is floated. See also initial public offering, issue.

new issues market
Synonym for primary market.

new share / junge Aktie / action nouvelle / azione di nuova emissione
Share issued on the occasion of a capital increase which does not yet entitle the owner to receive the full dividend for the year and is therefore traded separately until the dividend is distributed.

New York Stock Exchange
Abbr.: NYSE. Also known in stock market jargon as the Big Board or Wall Street. It was founded in 1792 and is the world's largest stock exchange. Website: www.nyse.com.

Top

Ni

NIF
Abbr. for note issuance facility.

night safe / Nachttresor / trésor de nuit / cassa continua
Night depository in the form of a vault which is used mainly by commercial clients to deposit their takings in safeboxes or safebags outside opening hours. Their use is regulated by written agreement.

Top

No

Noble / Noble / Noble / Noble
Platinum coin minted on the Isle of Man. Usual size contains 1 ounce of platinum, but coins containing 1/10 ounce are also produced.

nominal claim / nominelle Forderung / créance nominale / credito nominale
See claim.

nominal value / Nominalwert / valeur faciale / valore facciale
Synonym for par value.

nominee / Nominee / nominée / nominee
A company recorded in the share register of a stock corporation as a shareholder, but which does not actually own any shares. This practice is particularly commonplace when trading US registered shares outside the USA, as each transaction must be entered in the share register, which can be a problem because of the distance. However, where a nominee is entered in the share register, it issues a stock certificate attesting to the possession of these foreign registered shares. These can be traded in Switzerland in the same way as bearer shares.

non-cash dividend / Naturaldividende / dividende en nature / dividendo in natura
Also: dividend in kind. Dividend that is paid out in the form of real assets, rather than cash.

non-conforming mortgage / Non-conforming Mortgage / non-conforming mortgage / non-conforming mortgage
Mortgage loan that does not conform to US agency-established limits such as loan-to-value ratio, term to maturity and other characteristics. Non-conforming mortgages are usually mortgages not meeting the purchase requirements of the two Federal agencies, Fannie Mae and Freddie Mac, because they are too large or for other reasons such as poor credit or inadequate documentation.


non discretionary / nicht-diskretionär / non discrétionnaire / non discrezionale
Opposite of discretionary. Used in banking for account and custody account maintenance without a management agreement, i.e., the bank conducts transactions only at the express order of the client.

non-interest business / indifferentes Bankgeschäft / affaire en commission / operazione indifferente
Synonym for off-balance-sheet operations.

non-investment grade / Non-Investment-Grade / non investment grade / Non-investment grade
Also: high yield. Broad term for all credit ratings below BBB, signifying that the security is speculative in nature. See also investment grade.

non-operating assets / betriebsfremdes Vermögen / actif hors exploitation / capitale non d'esercizio
Assets of a company that are not required for operational purposes. Opposite: operating assets.

non-paid-up capital / nicht einbezahltes Kapital / capital non versé / capitale non versato
Difference between the capital of a corporation (joint stock company) stipulated in the articles of association and the capital actually paid in.

non-performing loan / notleidender Kredit / crédit en souffrance / credito in sofferenza
Also: impaired loan. A loan on which the borrower is late in repaying the agreed interest and/or capital or where the borrower is declared insolvent.

non-resident / Devisenausländer / non-résident / non residenti
Natural person or legal entity which is treated as non-resident for the purpose of exchange and currency regulations. Opposite: resident.

non-systematic risk / unsystematisches Risiko / risque non systématique / rischio non sistematico
Risk exposure dependent on factors which influence an individual security only, e.g. corporate results. Opposite: systematic risk.

non-versé / Non-versé / non-versé / non-versé
French expression, synonym for unpaid capital.

no-par stock / Quotenaktie; nennwertlose Aktie / action de quotité / azione senza valore nominale
Also: non-par value share. Share issued by a corporation with no par value shown on the face of the share. Used most frequently in the United States.

no-par-value share
Synonym for no-par stock.

normal order / Normal Order / ordre normal / normal order
Spot order for the purchase or sale of securities traded on the SWX Swiss Exchange. May be entered as a market or limit order. See also market order.

nostro account / Nostro-Konto / compte Nostro / conto Nostro
The account maintained by a domestic bank with a foreign bank in foreign currency. Opposite: vostro account.

not easily marketable / unkurant / non courant / illiquido
Also: illiquid. Refers to securities of such low investment quality that they cannot be readily sold to investors.

not to order clause / Rektaklausel / clause non à ordre / clausola non all'ordine
A bill or cheque marked «not to order» cannot be transferred through endorsement. Transfer may only be effected by assignment since the «not to order» clause changes an order paper into a registered security.

note / Note / note / note
(1) In the Swiss context only: a fixed or variable-rate security legally classed as a bond or debenture issued as a private placement. The maturity is usually between five and seven years. Notes are inexpensive financing instruments for foreign issuers and have become a popular medium-term investment among institutional investors.
(2) In other contexts, a note is a credit instrument consisting of a written, unconditional promise to pay a sum of money at some specified future date to a named person or to bearer.

note issuance facility / Note-Issuance-Facility / facilité d'émission d'effets / Note Issuance Facility
Abbreviation: NIF. Credit limit extended to first-class borrowers in the Euromarket which cover their medium-term capital requirements through revolving issues. See also revolving underwriting facility.

note-issuing bank / Notenbank / institut d'émission / istituto di emissione
Also: bank of issue. Bank vested with the right to issue bank notes (note-issuing privilege). In addition to performing this key historic function, today's note-issuing banks are also responsible for organizing monetary operations in the broadest sense, mainly by implementing a monetary policy that serves the interests of the country. Example: Swiss National Bank.

note-issuing privilege / Notenmonopol / monopole d'émission des billets de banque / monopolio dell'emissione di moneta
Exclusive right to issue banknotes. In Switzerland, this privilege has been granted to the Swiss National Bank by the Federal Government.

notification / Notifikation / notification / notifica
(1) Formal communication to the borrower by the former or new creditor when a claim is assigned or assets pledged as security.
(2) Under bill of exchange law, notification means the legally prescribed communication addressed by the cheque or bill holder to the previous holder and drawer or by the endorser to the previous endorser concerning the refusal of the drawee to pay under the bill.

notify address / Notadresse / recommandataire au besoin / occorrendo
Person named on a bill by the drawer, endorser or guarantor and expected to accept or pay should the need arise.

Top

Nu

Nugget / Nugget / Nugget / Nugget
Australian gold coin with a face value of AUD 100 containing 1 ounce of fine gold. Nugget coins with 1/2, 1/4 and 1/10 ounce of fine gold are also minted.

numbered account / Nummernkonto / compte numérique / conto cifrato
An account where the name of the accountholder is known only to a small circle of people within the bank, as all transactions are processed under a number.

numbered safekeeping account / Nummerndepot / dépôt numérique / deposito cifrato
A safekeeping account where the name of the accountholder is known only to a small circle of people within the bank, as all transactions are processed under a number. See also numbered account.

numismatics / Numismatik / numismatique / numismatica
The study of coins in all aspects, i.e. as a state-approved form of payment, as artefacts conveying information about language, writing and metallurgy, and as works of art.

Top

Ny

NYSE
Abbr. for New York Stock Exchange.

Top