Glossary
NASD (National Association of Securities Dealers) (USA)
The national organisation of the USA securities industry. Under USA law, as a self regulatory organisation, NASD has substantial responsibility for regulation of broker-dealers, as well as for the operation of the Nasdaq marketsNasdaq Bulletin Board (or OTC Bulletin Board)
A regulated quotation service that displays real-time quotes, last-sale prices, and volume information in the over-the-counter equity securities. Although operated by Nasdaq Stock Market, it is not part of the Nasdaq Stock Market.See over-the-counter (OTC).Nasdaq National Market
(formerly NASDAQ NMS) The larger and higher quality of the two markets administered by the Nasdaq Stock Market. The Nasdaq National Market is now one of the largest stock markets in the world in terms of volume of shares traded. The Nasdaq markets are not physical stock exchanges in the traditional sense. In place of an exchange floor, they use computer-based trading and trade support systems.See Nasdaq-Amex Market Group, Nasdaq SmallCap Market, Nasdaq Bulletin Board.Nasdaq SmallCap Market
A stock market for smaller companies which cannot satisfy the listing requirements of the Nasdaq National Market.See Nasdaq Stock Market.Nasdaq Stock Market
The Nasdaq Stock Market (based in Washington, D.C.) has two tiers, the Nasdaq National Market and the Nasdaq SmallCap Market. Each tier has its own set of financial requirements that a company must meet to list its securities. Nasdaq also operates the Nasdaq (OTC) Bulletin Board. The Nasdaq markets are not physical stock exchanges in the traditional sense. In place of an exchange floor, they use computer-based trading and trade support systems. In 1998, Nasdaq and the American Stock Exchange combined into one corporate organisation, the Nasdaq-AMEX Market Group.Nasdaq-100
An index based on the Stock of the top 100 companies traded on the Nasdaq National Market.See index.Nasdaq-AMEX Market Group
Former In October 1998 as a result of merger between Nasdaq and the American Stock Exchange (AMEX).Net debt
Net debt is calculated as short and long-term interest-bearing debt minus cash (and equivalents) The concept of net debt is the same under cash and accrual-based financial reporting. High levels of net debt impose a call on future revenue flows to service that debt. One shortcoming of the net debt concept is that it does not provide information on whether debt has been incurred to finance fixed asset accumulation or current expenditure.Calculation:debt due within one year excluding bank overdrafts+ debt due after one year
- cash in hand and at bank
- overnight deposits
+ bank overdrafts
+ other current investments
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Net debt