Page 119 - PRIAA Glossary

and the clearing of interest rate futures listed on NYSE Liffe US will be transferred to ICE Clear Europe by the third quarter of 2014, subject to regulatory approval.
NFC+ AND NFC- ENTITIES
All counterparties to a derivatives contract other than financial counterparties, trade repositories, central counterparties. Examples include manufacturers and airline/shipping companies. NFCs who trade above clearing thresholds set by European Securities and Markets Authority (ESMA) are referred to in the market as “NFC+” entities. NFC+ is subject to the clearing obligation of the European Market Infrastructure Regulation (EMIR) and must clear all of its derivatives transactions through a central counterparty clearing house, even if it only passes the threshold for one class. Non-financial counterparties to which the clearing obligation does not apply are NFC- entities.
NON-DELIVERABLE CURRENCY
A foreign currency which cannot be settled by certain market participants due to local market restrictions.
NON-DELIVERABLE FORWARD (NDF)
An over-the-counter (OTC) settled short-term currency forward on a lightly traded currency or non-deliverable currency. The settlement amount is the net rate of the contract rate against the spot rate on an agreed notional amount.
NON-DISCRETIONARY ACCOUNT
An account which does not allow its broker, advisor or bank to buy or sell securities without permission from its holder.
NORD POOL
The world’s largest and only multinational exchange for the trading of power contracts. The Nord Pool operates in Sweden, Norway, Finland, Denmark and Estonia.
NORMAL BUTANE (NC4)
An natural gas liquid (NGL) hydrocarbon component of NGLs primarily used in petrochemical industry, gasoline or as an oil additive.
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