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Noncompetitive bid
In a Treasury auction, bidding for a specific amount of securities at the price, whatever it may turn out to be, equal to the average price of the accepted competitive bids.
Noncompetitive tender
Offer by an investor to purchase Treasury securities at a price equivalent to the weighted average discount rate or yield of accepted competitive bids in a Treasury auction. Noncompetitive tenders are always accepted in full.
Noncontributory pension plan
A pension plan that is fully paid for by the employer, requiring no employee contributions.
Noncumulative
Applies mainly to convertible securities. Type of preferred stock on which unpaid or Omitted dividends do not accrue. Omitted dividends are, as a rule, gone forever.
Noncumulative preferred stock
Preferred stock whose holders must forgo dividend payments when the company misses a dividend payment. Related: Cumulative preferred stock.
Noncurrent asset
Any asset that is expected to be held for the whole year, not sold or exchanged, such as real estate, machinery, or a patent.
Noncurrent liability
A liability due in one year.
Nondeductible contribution
A contribution to either a traditional IRA or Roth IRA. Income tax is due on the contribution in the tax year for which the contribution is made.
Nondeliverable Forward Contracts (NDF)
Agreement regarding a position in a specified currency, a specified exchange rate, and a specified future settlement date, that does not result in delivery of currencies. Rather one party in the agreement makes a payment to the other party on the basis of the exchange rate at the future date.
Non-Discretionary Proposal
A proposition on a proxy card requiring a response from the beneficial owner which does not fall under the Ten Day Rule. Therefore, the broker cannot vote on behalf of the beneficial owner, it can only vote after specific instructions have been received from the beneficial owner.
Nondiscretionary trust
A personal trust whose trustee has no discretion in deciding how income will be distributed to the beneficiary.
Nondiversifiability of human capital
The difficulty of hedging one's human capital (the unique capabilities and expertise of individuals) and employment effort.
Nondiversifiable risk
Risk that cannot be eliminated by having a large portfolio of many assets.
Non-Equity Option
An option whose underlying entity is not common stock; typically refers to options on physical commodities and index options.
Nonfinancial assets
Physical assets such as real estate and machinery.
Nonfinancial services
Such things as freight, insurance, passenger services, and travel.
Noninsured plans
Defined benefit pension plans that are not guaranteed by life insurance products. Related: Insured plans.
Noninterest-bearing note
A note without periodic interest payment, but selling at a discount and maturing at face value. See: Zero-coupon bond.
Nonintermediated debt market
A financial market in which borrowers (government and large corporations) appeal directly to savers for debt capital through the securities markets without using a financial institution as intermediary.
Nonmarketable security
Securities that cannot be easily bought and sold.
Nonmarketed claims
Claims that cannot be easily bought and sold in the financial markets, such as those of the government and litigants in lawsuits.
Nonmember bank
Depository institution that is not a member of the Federal Reserve System. Specifically, a state-chartered commercial bank that has elected not to join the System.
Nonmember firm
Used for listed equity securities. Brokerage firm that is not a member of an organized exchange (NYSE). Such firms execute trades either through member_firm, or on regional_stock_exchanges where they are members, or in the third market.
Nonmonetary assets and liabilities
Assets and liabilities with noncontractual payoffs.
Nonparallel shift in the yield curve
A shift in the yield curve in which yields do not change by the same number of basis points for every maturity. Related: Parallel shift in the yield curve.
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