(i) Securities. An approximation of a security's market value, given for the purpose of valuation. (ii) Futures. An estimated price for a future month or date for which there is no bid, ask or trade price.
Nominee name
Name in which a security is registered and held in trust on behalf of the beneficial owner.
Normal market size (NMS)
A value expressed as a number of shares used to calculate the minimum quotation size for UK domestic equities and ADRs traded on the London Stock Exchange. The NMS values, which range from 500 shares to 200,000 shares, are based on each individual stock's average market turnover value in the previous 12 values.
Notice day
Any day on which notices of intent to deliver on futures contracts may be issued.
Odd lot
A block of securities bid or offered which is smaller than the standard lot size for that particular security.
Offer for sale
A method of bringing a company to the market. The public can apply for shares directly at a fixed price. A prospectus containing details of the sale must be printed in a national newspaper.
Offer price
The price at which a seller is willing to sell. The best offer is the lowest such price available.
Official list
The list of securities which have obtained a formal listing on the main market of an exchange.
Offset
The closing-out or liquidation of a futures position.
Open interest
The total number of outstanding option or futures contracts that have not been closed out by offset or fulfilled by delivery.
