Commodities Now Glossary

N2EX - N2EX is the UK power market offering from NASDAQ OMX Commodities and Nord Pool Spot. NASDAQ OMX Clearing is the authorised clearinghouse.

North American Derivatives Exchange (NADEX) - Nadex, Inc. is a retail-orientated exchange offering simplified derivatives contracts on the world's markets. Nadex is subject to regulatory oversight by the CFTC. Nadex, Inc. is part of IG Group, a FTSE-250 company with headquarters in London. Market Risk Management, a Delaware corporation and a 100%-owned subsidiary of IG Group, is a market maker on the Nadex exchange. As a member of the exchange, Market Risk Management is subject to all Nadex rules. Other parties interested in becoming a Nadex market maker are invited to contact us.

Naked option - 
E.g. the writer of a put option contract who is not short the underlying security. Or the writer of a call option does so without being long the underlying security.

NASDAQ OMX Commodities - The brand name for the NASDAQ OMX Group’s worldwide suite of commodity related products and services. The NASDAQ OMX Commodities offerings include power, natural gas and carbon emission markets and clearing services. NASDAQ OMX Commodities is a trademark of the NASDAQ OMX Group, Inc.

National Allocation Plans (NAPs) The documents, established by each Member State and reviewed by the European Commission, that specify the list of installations under the EU ETS and their absolute emissions caps, the amount of CERs and ERUs that may be used by these installations as well as other features such as the size of the new entrants reserve and the treatment of exiting installations or the process of allocation (free allocation or auctioning).

National Renewable Energy Laboratory - NREL is a national laboratory of the U.S. Department of Energy, Office of Energy Efficiency & Renewable Energy, operated by the Alliance for Sustainable Energy, LLC.

Natural long - 
A market actor who is intrinsically long is a natural long. E.g. a power generator is a natural long as it would normally hold the ownership to physical power.

Natural short - 
A market actor who is intrinsically short is a natural short. E.g. a power supplier (distributor) without its own generation would normally have obligation to supply its customers with power and hence be naturally short.

NBP - National Balance Point is the virtual unified trading point for the GB gas transmission network.

National Multi-Commodity & Derivative Exchange (NCDEX) - National Commodity & Derivatives Exchange Limited (NCDEX) is a professionally managed on-line multi commodity exchange. The shareholders of NCDEX comprises of large national level institutions, large public sector bank and companies.

National Commodity Exchange Limited (NCEL) - National Commodity Exchange Limited (NCEL) is the first technology driven, de-mutualized, on-line commodity futures exchange in Pakistan. NCEL’s shareholders are Karachi Stock Exchange, Lahore Stock Exchange, Islamabad Stock Exchange, Pak Kuwait Investment Company (Pvt.) Limited, and Zarai Taraqiati Bank Ltd and it is regulated by Securities and Exchange Commission of Pakistan.

New Entrant Reserve (NER) - New Entrant Reserve is a set aside of carbon dioxide allowances, reserved for new installations and extensions to existing permitted installations.

New South Wales Greenhouse Gas Reduction Scheme (NSW GGAS) Operational since January 1, 2003 (to last at least until 2012), the NSW Greenhouse Gas Abatement Scheme aims at reducing GHG emissions from the power sector. NSW and ACT (since January 1, 2005) retailers and large electricity customers have thus to comply with mandatory (intensity) targets for reducing or offsetting the emissions of GHG arise from the production of electricity they supply or use. They can meet their targets meet their targets by purchasing certificates (NSW Greenhouse Abatement Certificates or NGACs) that are generated through project activities.

New Zealand Emissions Trading Scheme (NZ ETS) The NZ ETS will progressively regulate emissions of the six Kyoto gases in all sectors of the economy by 2015. Forestry is covered since 2008 and by July 1, 2010, stationary energy, industrial process, and liquid fossil fuel will be phased-in. The government recently announced, however, that full implementation could be delayed if adequate progress is not made in establishing similar regulations in other developed countries.

Newedge - a leading force in global multiasset brokerage with a presence in more than 20 locations across 17 countries and access to more than 85 derivatives and stock exchanges, Supported by two top tier shareholders, Société Générale and Credit Agricole CIB, Newedge is independently run and offers a full range of execution, clearing and prime brokerage services.

National Multi-Commodity Exchange of India (NMCE) - National Multi-Commodity Exchange of India Limited is committed to provide world class services of on-line screen based Futures Trading of permitted commodities and efficient Clearing and guaranteed settlement, while complying with Statutory / Regulatory requirements. We shall strive to ensure continual improvement of customer services and remain quality leader amongst all commodity exchanges

Nodal Exchange - Nodal Exchange is the first independent electronic commodities exchange dedicated to offering locational (nodal) futures contracts and related services to participants in the organized North American power markets. Nodal Exchange builds on the success of the existing Regional Transmission Organization (RTO/ISO) Day Ahead and Real Time markets by allowing its Participants to trade cash-settled, fully standardized futures contracts in a cleared market, enabling market Participants to effectively manage basis and credit risk. Nodal Exchange's auction and bilateral trade platforms, with LCH.Clearnet clearing, provide enhanced basis and credit risk management and generate the forward price transparency and transaction liquidity needed in the North American power markets.

Nordic Power Exchange (NORD POOL)- Nord Pool Spot runs the largest electrical energy market in the world, offering both day ahead and intraday markets to its participants. 330 companies from 20 countries trade on the exchange. The Nord Pool Spot group has offices in Oslo, Helsinki, stockholm, fredericia (Denmark), Tallinn and London. Nord Pool Spot is owned by the Nordic Transmission System operators. In 2009 the group has a turnover of287 TWh representing a value of EUR 10.8 billion.

Nord Pool Spot - operates the leading power markets in Europe, offering both day-ahead and intraday power trading markets to its customers. In the UK Nord Pool Spot runs the power market offering N2EX together with NASDAQ OMX Commodities.

NorNed - a 580-kilometre (360 mi) long HVDC submarine power cable between Feda in Norway and the seaport of Eemshaven in the Netherlands, which interconnects both countries' electricity grids. It is the longest submarine power cable in the world. Budgeted at €550 million, and completed at a cost of €600m,[2] the NorNed cable is a bipolar HVDC link with a voltage of ±450 kV and a capacity of 700 MW. NorNed is a joint project of the Norwegian transmission system operator Statnett and its Dutch counterpart TenneT.