Glossary N

Refers to a short option position that doesn't have an offsetting stock position. For example, a client has a naked call if he sells a call without being long the quantity of stock represented by his short call or a long another call spread against it. He has a naked put if he sells a put without being short the quantity of stock represented by his short put or long another put spread against it. Compare to covered call or put.

The change in the price of a stock or option from the closing price of the previous day.

The difference between a client's open long and open short positions in any one stock or option.

Founded in 1792, it is the oldest and largest stock exchange in the United States. Options are not traded on the NYSE.

The role of a brokerage firm when client securities are held in street name.

Security that must be paid for in full. Call and put option contracts are examples of this type of security.

An order that gives the floor broker discretion on time and price in getting the best possible fill for a client. When entering a not held order, a client agrees to not hold the broker responsible if the best price is in not obtained.

Positioned to be the premier market for listing and trading of small- and micro- cap companies, its streamlined listing requirements and trading rules are suited to the size and business needs of these firms while ensuring investor transparency.