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Futures and Forex Glossary Dictionary N2

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New Zealand Dollar (NZD)

The currency of New Zealand. One NZD is made up of 100 cents.

News trader

A trader who primarily trades on news releases such as economic reports and Federal Reserve announcements. News releases are usually followed by hectic trading times.

No Dealing Desk (NDD)

A broker using a no dealing desk uses a system that matches institutional traders (liquidity providers) with retail clients. The liquidity providers competing quotes are entered into the system, where the retail client will then receive the best offer.


Market movements that do not match the overall trend development in the market. The shorter the time period, the more noise, as it will be more difficult to separate irregular trading patterns from patterns.

Noise trader

A trader that generally does not use fundamental or even technical data to make trades, but instead relies on short term movements, trends and news releases.

Nominal Effective Exchange Rate (NEER)

Exchange rate measure calculated by taking the weighted average of a nation’s currency exchange rates against a pool of currencies, where the weights are determined by the nation’s trade balance
with each country.

Non-Client Order

A trade made on the exchange by a firm on its own behalf or by one of its partners, employees or staff, where the member firm is authorized to trade on the exchange. The trade is not made on behalf of a client, hence the name.

Non-Convertible Currency

A currency that is not traded on the forex market, but only used for domestic purposes. See Also: Unconvertible Currency

Non-farm payroll

Employment statistic released by the U.S. Bureau of Labor Statistics. This statistic measures the number of people employed in the US except for those employed in the government, farming industry and private households.

Noon rate

The difference between the Canadian dollar (CAD) and the US dollar (USD) based on trading taking place at noon (11.59-12.01) every day.

Norwegian Krone (NOK)

The currency of Norway. The Norwegian Krone is made up of 100 oere.

Nostro Account

An account that a bank has in another country in the local currency. See Also: Vostro Account

Notice Day

The day on which a clearinghouse issues a notice of intent to deliver on Futures contracts.
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