Page 118 - PRIAA Glossary

NATURAL GAS PROCESSING
The process of separating various hydrocarbons and fluids from pure natural gas to produce a pipeline quality natural gas. The quality of natural gas is sometimes referred to as “dry gas”.
NET ASSET VALUE (NAV)
This is a measure of a fund’s price per share and is calculated by subtracting the fund’s liabilities from its total assets and dividing by the total number of issued shares.
NET OF FEE PERFORMANCE
The performance of an investment portfolio after the investment management, trading, administrative fees and carried interests are deducted.
NET PRESENT VALUE
For an over-the-counter (OTC) derivative, the discounted net sum of all future cash flows on the derivative based on today’s values for the underlying market variables.
NETTING
The settlement of obligations between two parties through an offsetting process guided by various contractual provisions.
NETWORK CODE
The legal framework for players in the gas industry which provides the rules for fair competition and governs processes like network planning and allocation of network capacity.
NEW YORK PORTFOLIO CLEARING (NYPC)
A joint venture between The Depository Trust & Clearing Corporation (DTCC) and NYSE Euronext that allowed for “one-pot” margining of interest rate futures positions cleared by NYPC with US Treasury and agency securities and repurchase agreements cleared by DTCC’s Fixed Income Clearing Corporation (FICC). NYPC is a Commodity Futures Trading Commission (CFTC)-registered derivatives clearing organisation (DCO). Since the acquisition of NYSE Euronext by ICE in 2013, NYPC’s operations have been winding down
116