Mortgage bond

Mortgage bond – A bond secured by a mortgage on a property. The value of the property may or may not equal the value of the bondsissued against it.

Nasdaq

Nasdaq – An automated information network that provides brokers and dealers with price quotationson securities traded over-the-counter. Nasdaq is an acronym for National Association of Securities Dealers Automated Quotations.

Money market fund

Money market fund – A mutual fund whose investments are in high-yield money market instruments such as federal securities, CDs and commercial paper. Its intent is to make such instruments, normally purchased in large denominations by institutions, available indirectly to individuals.

Net change

Net change – The change in the price of a security from the closing price on one day to the closing price the next day on which the stock is traded. The net change is ordinarily the last figure in the newspaper stock price list. The mark +1 1/8 means up $1.125 a share from the last sale on the previous day the stock traded.

Member corporation

Member corporation – A securities brokerage firm, organized as a corporation, with at least one member of the New York Stock Exchange who is an officer oremployee of the corporation.

New issue

New issue – A stock or bond sold by a corporation for the first time. Proceeds may be used to retire outstanding securities of the company, fornew plant or equipment, for additional working capital, orto acquire a public ownership interest in the company for private owners.

Market order

Market order – An order to buy or sell a stated amount of a security at the most advantageous price obtainable after the order is represented in the trading crowd.

New York Futures Exchange ( NYFE ) – A subsidiary of theNew York Stock Exchange devoted to the trading of futures products.

New York Stock Exchange ( NYSE ) – The largest organized securities market in the United States, founded in 1792. The Exchange itself does not buy, sell, own or set the prices of securities traded there. The prices are determined by public supply and demand. The Exchange is a non-profit corporation of 1,366 individual members, governed by a board of directors consisting of 10 public representatives, 10 Exchange members or allied members and a full-time chairman, executive vice chairman and president.

Margin call

Margin call – A demand upon a customer to put up money or securities with the broker. The call is made when a purchase is made; also if a customer's account declines below a minimum standard set by the exchange or by the firm.

Noncumulative

Noncumulative – A type of preferred stock on which unpaid dividends do not accrue. Omitted dividends are, as a rule, gone forever.