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Natural Hedge: Definition and Examples in Business and Finance Key points A natural hedge reduces risk by combining assets or operations whose cash flows move in opposite directions or offset each other. It can be achieved through asset allocation (e.g., stocks vs. bonds) or corporate structure (matching revenues and expenses in the same currency). Natural…

Natural Gas Storage Indicator (EIA Report) Overview The Natural Gas Storage Indicator is the U.S. Energy Information Administration’s (EIA) weekly estimate of working natural gas volumes held in underground storage. It reports national and regional inventory levels, net changes from the previous week, and historical comparisons that inform market participants about supply conditions. What the…

Natural Gas Liquids (NGLs): Types, Uses, and Challenges Overview Natural gas liquids (NGLs) are hydrocarbons present in natural gas that are separated and condensed into liquid form. They include ethane, propane, butanes, isobutane, and pentanes/condensate. NGLs are valuable feedstocks for petrochemicals and have multiple end uses—ranging from plastics production to residential heating and vehicle fuels—but…

Natural Gas ETFs: What They Are and How They Work A natural gas exchange-traded fund (ETF) is an investment vehicle that provides exposure to natural gas prices without requiring direct ownership of the commodity. These funds typically trade on stock exchanges and are managed to track price movements in the natural gas market. How Natural…

Nationalization What is nationalization? Nationalization is the transfer of privately controlled companies, industries, or assets into government ownership and control. It often occurs with little or no compensation to prior owners. Governments pursue nationalization to consolidate control over strategic sectors, limit foreign influence, protect jobs, or rescue failing enterprises. Explore More Resources › Read more…

National Stock Exchange of India Limited (NSE) What the NSE is The National Stock Exchange of India (NSE) is India’s largest securities exchange. Incorporated in 1992 and launched for trading in 1994, the NSE introduced modern, fully automated electronic trading to the Indian capital markets and has played a central role in improving market transparency,…

National Securities Markets Improvement Act (NSMIA) The National Securities Markets Improvement Act (NSMIA) of 1996 reallocated regulatory authority in U.S. securities markets by strengthening federal oversight and limiting duplicative state regulation. It amended the Investment Company Act of 1940 and the Investment Advisers Act of 1940 and took effect on January 1, 1997. Key takeaways…

National Securities Clearing Corporation (NSCC) Overview The National Securities Clearing Corporation (NSCC) is a central clearinghouse that provides clearing, risk management, information, and settlement services for U.S. securities transactions. As a central counterparty, the NSCC novates trades — acting as the seller to every buyer and the buyer to every seller — which reduces counterparty…

National Retail Federation (NRF) The National Retail Federation (NRF) is the largest retail trade association in the world. Founded in 1911 and based in Washington, D.C., it represents retailers across segments—department stores, specialty and discount retailers, grocers, restaurants, online sellers, and suppliers—from the United States and more than 45 countries. Known as the “Voice of…

National Registration Database (NRD) The National Registration Database (NRD) is Canada’s electronic system for registering securities dealers and investment advisers. Launched in 2003, it replaced the previous paper-based registration processes and enables authorized firms and regulators to submit, share, and maintain registration information electronically. Purpose and scope Administers registration for individuals and firms that trade,…

National Market System (NMS) What is the NMS? The National Market System (NMS) is the framework that governs equity trading and order execution across major U.S. markets. It coordinates trading, clearing, depository, and quote-distribution functions to promote transparent, efficient price discovery and to make bids and offers available to all investors. Purpose and scope Ensure…

National Insurance Contributions (NIC) Overview National Insurance Contributions (NICs) are payments made by employees, employers, and the self-employed in the United Kingdom to fund state benefit programs. Collected through payroll withholding or self-assessment, NICs support the public pension system, health and sickness benefits, unemployment support, and other social programs. The system requires a unique National…

National Income Accounting What it is National income accounting is a government bookkeeping system that records an economy’s production, income, and expenditure over a period. It aggregates data such as corporate revenues, wages, taxes, consumption, investment, and international transactions to measure overall economic activity. How it works The system compiles monetary values for the goods…

National Housing Act The National Housing Act of 1934 reshaped U.S. housing finance by creating federal involvement in home lending to stabilize the market, expand access to mortgages, and reduce foreclosures. It established the Federal Housing Administration (FHA) and introduced mortgage insurance that allowed lenders to offer longer-term, lower-down-payment loans—transforming homeownership from a rare luxury…

National Futures Association (NFA) Overview The National Futures Association (NFA) is the self‑regulatory organization for the U.S. futures and derivatives markets, designated by the Commodity Futures Trading Commission (CFTC). Its mission is to protect investors, promote market integrity, and ensure members adhere to industry rules and best practices. The NFA is financed by member dues,…

National Currency What is a national currency? A national currency is the legal tender issued by a country’s central bank or monetary authority. It serves as the primary medium of exchange for goods and services within that country and is typically backed by the government’s credit and monetary policy. Functions and global role Medium of…

National Credit Union Administration (NCUA) Overview Key takeaways * The NCUA is the federal agency that supervises and insures credit unions in the United States. * The agency oversees more than 9,500 federally insured credit unions serving over 80 million accounts. * The NCUA’s insurance program (the National Credit Union Share Insurance Fund, or NCUSIF)…

National Commodity and Derivatives Exchange (NCDEX) Overview The National Commodity and Derivatives Exchange (NCDEX) is a leading electronic commodities exchange in India, primarily focused on agricultural commodities. Established in 2003 and headquartered in Mumbai, NCDEX operates through offices across the country to facilitate trading, clearing, and price discovery for producers, traders, processors, and investors. Significant…

National Bureau of Economic Research (NBER) The National Bureau of Economic Research (NBER) is a private, nonprofit, nonpartisan organization that advances understanding of how the economy works. It disseminates empirical research to academics, policymakers, business leaders, and the public through working papers, conferences, and policy analysis. What the NBER does The NBER focuses on empirical…

National Best Bid and Offer (NBBO) What is the NBBO? The National Best Bid and Offer (NBBO) is the consolidated quote that shows the highest available bid price and the lowest available ask (offer) price for a security across U.S. exchanges. It represents the best immediate prices at which buyers and sellers can trade and…

National Bank: Definition, How It Works, History, and Examples What is a national bank? A national bank is a commercial bank chartered and supervised by the Office of the Comptroller of the Currency (OCC). In U.S. usage, the term also commonly refers to banks that operate nationally rather than locally. Key points * Chartered and…

National Average Wage Index (NAWI) Key takeaways The National Average Wage Index (NAWI) is an annual measure of U.S. wage trends published by the Social Security Administration (SSA). SSA uses the NAWI to index historical earnings when calculating Social Security benefits. For benefit indexing, an individual’s earnings are adjusted to the average wage level in…

National Association of State Boards of Accountancy (NASBA) Key takeaways * NASBA is a nonprofit association that supports the 55 state and U.S. territory boards of accountancy. * It promotes public protection and trust in financial reporting, provides education and services for the accounting profession, and coordinates policy and regulatory feedback. * NASBA does not…

National Association of Securities Dealers (NASD) Definition The National Association of Securities Dealers (NASD) was a self-regulatory organization (SRO) in the U.S. securities industry from 1939 until 2007. It oversaw market operations, administered qualification exams for securities professionals, and played a leading role in the creation and regulation of the NASDAQ stock market. History and…

National Association of Realtors (NAR) What the NAR is The National Association of Realtors (NAR) is the largest U.S. trade association for real estate professionals. Its members—known as Realtors—include brokers, salespeople, property managers, appraisers and counselors. The association promotes professional standards through a Code of Ethics, provides industry services and tools, and advocates for policies…

National Association of Real Estate Investment Trusts (Nareit) The National Association of Real Estate Investment Trusts (Nareit) is a U.S.-based trade association that represents REITs and other publicly traded real estate companies. It advocates for the industry with policymakers, produces research and indexes, and runs educational events to make real estate investment more accessible to…

National Association of Investors Corp. (NAIC / BetterInvesting) Key takeaways * The National Association of Investors Corp. (NAIC), publicly known as BetterInvesting, is a U.S. nonprofit focused on investor education and long‑term individual investing. * Founded in 1951 and based in Michigan, NAIC supports investment clubs and individual investors with training, analysis tools, and publications….

National Association of Insurance and Financial Advisors (NAIFA) The National Association of Insurance and Financial Advisors (NAIFA) is a U.S. trade organization that represents insurance agents and financial advisors. NAIFA advocates for favorable legislation and regulation, promotes professional and ethical standards, and provides education, networking, and business-development resources for its members. Quick facts Founded in…

National Association of Insurance Commissioners (NAIC) The National Association of Insurance Commissioners (NAIC) is a nonprofit, nonpartisan organization of U.S. state and territorial insurance regulators. It develops model laws, standards, and best practices to promote consistent insurance regulation across states and to support regulators and consumers. Overview Membership: chief insurance regulators from the 50 states,…

National Association of Federally-Insured Credit Unions (NAFCU) Overview The National Association of Federally-Insured Credit Unions (NAFCU) is a trade association that represents federally insured credit unions across the United States. Founded in 1967 and headquartered in Arlington, Virginia, NAFCU advocates for the interests of both large and small credit unions, helping shape laws and regulations…

National Association of Certified Valuators and Analysts (NACVA) What NACVA is The National Association of Certified Valuators and Analysts (NACVA) is a professional organization for valuation and litigation specialists. Founded in 1991 and based in Salt Lake City, Utah, NACVA provides training, certifications, continuing education, professional standards, and peer support for practitioners who perform business…

Nash Equilibrium Key takeaways * A Nash equilibrium is a set of strategies in which no player can improve their payoff by unilaterally changing their own strategy, given the other players’ strategies. * Games can have one, multiple, or no Nash equilibria. * Nash equilibrium assumes rational players who know or anticipate others’ strategies. *…

NASDAQ Global Select Market Composite Key takeaways The NASDAQ Global Select Market Composite is a market-capitalization-weighted index of NASDAQ Global Select Market listings. It represents a selective subset of U.S. and international companies that meet the strictest NASDAQ financial, liquidity, and corporate governance standards. NASDAQ operates three tiers—Global Select, Global Market, and Capital Market—ranked by…

Nasdaq Composite Index Overview The Nasdaq Composite Index tracks more than 2,500 equity securities listed on the Nasdaq stock exchange. Market-capitalization-weighted, it includes U.S. and international common stocks, American Depositary Receipts (ADRs), REITs, and publicly traded partnerships. The index is heavily weighted toward technology companies, making it a widely used barometer for the tech sector…

Nasdaq Capital Market Key points The Nasdaq Capital Market is Nasdaq’s tier for early-stage and small-cap companies seeking to raise capital. Listing requirements are less stringent than for Nasdaq’s higher tiers, but corporate governance standards (audit committee, independent directors, code of conduct) apply across all tiers. Companies qualify for initial listing by meeting one of…