The following definitions may help you better understand the capital markets. N Naked writer A seller of an option contract who does not own a position in the underlying security. Net change The difference between the previous day's closing price and the last traded price. Net earnings A company's remaining profits after all expenses and taxes have been paid. Dividends may be paid from net earnings. Net worth The difference between a company's or individual's total assets and its total liabilities. Also known as shareholders' equity for a company. New issue A stock or bond issue sold by a company for the first time. Proceeds may be used to retire the company's outstanding securities, or be used for a new plant, equipment or additional working capital. New debt issues are also offered by governments. Non-certificated issues An issue that is recorded on the transfer agent's electronic book rather than being held as a physical note. Non-client order An order from an investment dealer or an order a firm is executing on behalf of an institution, such as a mutual fund. Non-exempt company A listed company that is subject to special reporting rules. Non-net order A special-term order when there is a clear understanding between the buying and selling parties that they will settle the trade directly with each other. Non-resident order A special term order when one or more participants in the trade is not a Canadian resident. Top