NET POSITION

The difference between the open positions long and the open positions short held in any one financial product by an individual or group.

NOMINAL VALUE

An approximation of the dollar value of traded volume. For interest rate commodities, it is calculated by: (contract face value) x (volume). For equity and agricultural commodities, it is calculated by: (contract face value) x (volume) x (price).

NOVATION

Novation is the substitution of a new contracting party for an existing contracting party. Such a facility allows complete flexibility to enter or quit the market at will.

NYMEX

New York Mercantile Exchange Limited.

NZFOE

New Zealand Futures and Options Exchange a wholly owned subsidiary of SFE.