Jargon beginning with: n

NAFTA: North American Free Trade Agreement. A free trade agreement dating from 1994 involving Canada, Mexico and the United States of America.

NCU: National Currency Unit. Units of the Legacy Currencies which will be replaced by the Euro.

NDF: Non-deliverable forward - a form of future or forward contract used in foreign exchange and commodities markets where the counterparties exchange only the difference in purchase and sale prices on the date of delivery. NDFs are often used to trade currencies which are subject to exchange controls.

Negative Pledge: A condition of a secured loan or funding agreement that states that its security cannot be pledged to secure another transaction.

Negotiable Instrument: Documents including Bills of Exchange, Promissory Notes, cheques, Bills of Lading and others which can be transferred to other parties by endorsement.

Negotiate / Negotiation: Buying or selling Bills of Exchange or shipping documents.

Negotiating Bank: A bank which is party to a Letter of Credit and which agrees to buy or sell Bills of Exchange or shipping documents.

Non Negotiable Instruments: Non-negotiable instruments do not entitle to their owners to the goods or rights described in them.

Notarising: Certification by a notary.

Note: Colloquial term for Promissory Note especially in the context Forfaiting.

Notify Party: A person or company whose name appears in transport documents and who is to be notified upon the arrival of goods at their destination.

Noting: A Bill of Exchange may be noted when the Drawee refuses to Accept it or to make payment against it. A Notary confirms how, where and when the Bill has been dishonoured which may later be used in court as proof of dishonour.

NPV: Net Present Value. The value today of cashflows due in the future. Calculated using predicted interest rates and a margin to reflect the risk of non payment.

NYSE: New York Stock Exchange.