E-encyclopedia of banking, stock exchange and finance

Selected letter: N

  • NATIONAL MICROCREDIT INSTITUTION

    The National Entity for Microcredit (ENM) is a non-economic public body established in 2005 by the Italian Committee for Microcredit, established within the international year of microcredit promoted by the United Nations.
    The ENM exercises important functions in the field of microcredit and microfinance, at national and international level, including:
    ? promotion, guidance, facilitation, evaluation and monitoring of microfinance instruments promoted by the European Union and of microfinance activities carried out under EU funds (Law 106 of 12 July 2011, article 8, paragraph 4 bis);
    ? monitoring and evaluation of Italian micro-credit and microfinance initiatives (Directive of the President of the Council of Ministers of 2 July 2010 published in the Official Journal No. 220 of 20 September 2010);
    ? promotion and support of microcredit and microfinance programs for the country's economic and social development, as well as for developing countries and transition economies (Law 24 December 2007 n.244, art.2, paragraphs 185-186-187 ).
    The body has been given the task of maintaining and managing the list of operators in auxiliary non-financial assistance and monitoring services for microcredit. In application of article 15 of the D.M. 176/2014, Banca d’Italia has regulated procedures, terms and procedures for the creation and management of a national list of microcredit operators. Article. 13, paragraph 1-bis of the Decree Law of 22 October 2016, no. 193 - converted with amendments into the Law of 1 December 2016, no. 252 - consequently instituted at the ENM, which is responsible for maintaining and updating the mandatory national list of operators in auxiliary non-financial assistance and monitoring services for microcredit. On 20 February 2018, Banca d’Italia and ENM signed the memorandum of understanding aimed at the realization of the aforementioned list, as envisaged by the aforementioned Tax Decree.
    The ENM promotes microfinance instruments, with particular reference to entrepreneurial and social microcredit, agricultural microcredit, micro-insurance and housing microfinance. The ENM also manages important self-employment projects funded by the European Community.
    Finally, the National Microcredit Authority plays an important legislative promotion role in favor of the microcredit market and has been the main actor in various provisions of primary and secondary legislation among which it is worth mentioning those referring to the microcredit legislation, introduced with the amendment to Title V of the Consolidated Banking Act (Article 111 TUB Introduced by Article 7 of the Legislative Decree of 13 August 2010; Legislative Decree of 19 September 2012, No. 169), to the extension to the microcredit of the intervention of the Central Guarantee Fund for SMEs (Article 39, paragraph 7-bis, DL December 6, 2011, No. 201), to non-financial services to support microcredit (Bank of Italy provisions for registration and management of list of microcredit operators implementing Article 111 of the TUB and Article 15 of the MEF Decree 176/2014, published in GURI on 3 June 2015).
    In the action of spreading microfinance tools, with particular reference to those aimed at fighting poverty and promoting social inclusion, the Authority promotes agreements and partnerships with public and private subjects, banking and financial intermediaries, universities and research centers.

  • NATURAL BORROWING LIMIT

    It's the maximum amount of debt that I can afford to pay with certainty at each point in time (no default admitted)

    bt ? - ?t Rt,T YT (t = t+1 to ?)

    bt = financial wealth

    Rt,T = present discounted value of 1€ of future income.

    YT = the amount of future income.

  • NEGOTIABLE ORDERS OF WITHDRAWAL ACCOUNTS - NOW

    Negotiable Orders Of Withdrawal Account, normally called NOW account, is an interest-bearing deposit account. The funds in a NOW account may be accessed in various ways, such as by means of checks, drafts, telephonic or electronic orders or instructions to make payments or transfers to third persons or to others, and the number of withdrawals and transfers allowed under NOW accounts is unlimited. In the United States, the Glass-Steagall Act of 1933 (Section 11) provided that no member bank of the Federal Reserve System could pay any interest on checking accounts and the Banking Act of 1935 extended the prohibition also to non-member banks. Moreover, Regulation Q (Title 12, part 217 of the United States Code of Federal Regulations) imposed rate ceilings on saving accounts. Since 1972, mutual savings banks began to offer NOW accounts to compete more effectively with commercial banks in the retail sector without infringing these legal provisions. The new instruments were structured as to present all the basic features of interest … bearing checkable accounts without being for legal purposes demand accounts. Finally, Title III of the Depository Institution Deregulation and Monetary Control Act of 1980, called the Consumer Checking Account Equity Act, permitted NOW accounts nationwide at all depository institutions. If no interest is paid, the account is called a NINOW.
    Editor: Bianca GIANNINI
    © 2010 ASSONEBB

  • NET PRESENT VALUE - NPV

    The net present value (NPV) is the sum of the discounted annual cash flows. It provides an evaluation of what the expected net benefit from the initiative would be if it were available at the time the decision was taken.
    Its formula is:

    Where:
    B = benefits
    C = costs
    t = time
    r = discount rate
    Two conditions have to be satisfied in order to decide to realize the project: (a) the NPV, at the predetermined discount rate, must not be negative for any of the stakeholders involved; (b) the estimated NPV has to be superior or equal to the NPV of alternative projects.
    The most important features of the NPV are:
    - it considers cash flows produced during the whole economic life of the investment;
    - it gives different weights to the cash flows related to different time periods;
    - its value depends on the importance of the investment value;
    - under the same conditions, its value could vary depending on the scale of the project dimensions;
    - it is affected by the subjective value of the discount rate.
    Editor: Carmen NOTARO
    © 2010 ASSONEBB


  • NEW ECONOMY (Encyclopedia)

    Abstract

    “New Economy” is a term used for the first time in the nineties to describe the result of the transition, in the West countries, from a manufacturing-based economy to a service-based one, mostly deriving from immaterial assets. Talented and qualified persons, with brand-new ideas and entrepreneurial attitude, have become the most prized components to succeed in the New Economy.

    Description

    In order to fully understand what the New Economy deals with, it is important to analyse how it differs from the Old Economy.

    In the Old Economy, growth and development were driven by manufacturing companies with significant plants availability. The economic sector of a specific field used to be mainly defined by the manufacturing infrastructures and by the ability to accumulate the old and more common kind of capital (plant, equipment, land, lending capacity, etc.). Because of the huge capital required and the long-term planning involved in the construction of manufacturing deposits, communities tended to keep, as long as they could, whatever economic activity they were involved into, without facing any kind of innovation.

    Labor markets used to be locally confined, just like the competition among communities; therefore the talented ones had to adjust to the needs of a market regionally oriented.

    In the New Economy, the Old Economy paradigm has been completely overturned: because of the economic growth and the increasing prosperity, talent has replaced manufacturing plants. As a consequence, the talented ones tend to make up jobs rather than merely looking for them. They are driven by a variety of factors such as:

    - quality of life,
    - access to facilities,
    - recreational opportunities,
    - compact communities promoting an active lifestyle, thanks to trails, city parks and cycle paths,
    - the proximity to working places and residencies to entertainment places,
    - the presence of other talented people,
    - an environment that promotes innovation, tolerance and diversity,
    - access to universities and different transit opportunities so that using a car is no longer necessary.

    Their lifestyles allow less pressure on the environment and promote social justice. Better embedded in their culture than in the one of their elders, it is the concept of sustainability. Therefore, in the New Economy, economic development does not necessarily comes at the expense of depleted resources and social equality, but it is promoted by the culture of sustainability.

    Furthermore, the main foundation of the New Economy is the awareness that economic competition and success are no longer determined on a local scale, but on a global one.

    Globalization has also allowed rapid international and technological communication across distances which used not to be easily reachable. International transactions, that once took weeks, if not months to be carried out, can now be completed in just few seconds. Moreover, many sources of information are now available in networks as they are accessible to every users. Widespread technology and information innovations have shifted the relevance of the economic production from a local market to a global one. Countries with lower labor costs and fewer regulations, can manufacture products and distribute them to international markets at a moderate prize if compared to countries like the United States. The availability of investment dollars and capital, which used to be place-based, is now global. This globalization of the economy, due to the advances in communication and technology, has created, similarly, an increasingly “flat world,” a term coined by The New York Times columnist Thomas L. Friedman in 2005. Not only has it dramatically changed where a job can be found, but also what type of work can be carried out.

    The manufacturing and labor force that used to be a kind of anchorage in the Old Economy, are no longer as relevant as in the past, thanks to current automation technology and international outsourcing. Manufacturing and engineering work that was previously carried out in the USA or in Europe, now is performed in China and India. While not all of the industries are global yet, and many service industries will probably remain regional for a quite long time, it is widely believed that there is no State that can prosper in the present world only by producing economic services for of its own region or nation. In the developed countries, the shift to the New Economy will necessitate innovation, with an increasing demand for skilled workers. As a matter of fact, talented individuals, new intellectual advancements and entrepreneurism are the most prized components to succeed in the New Economy.

    The success of the Old Economy was mostly due to the fact that the economic activities took place where it was cheaper to carry on business. Companies were attracted by low costs and fixed competitive advantages (such as certain resources or skills),as they tended not to consider factors such as quality of life or an attractive and pleasant location which would have meant higher costs.

    New Economy and Productivity

    The New Economy can thus be described as the set of factors that gives the development and productivity a completely brand-new impulse in opposition to the Old Economy. Therefore, the New Economy is able to create the right conditions for a real and permanent growth.

    Some scholars extend this feature including other characteristics, such as:

    - the change of the role played by the State in the economy (from a player to a referee);
    - the rise of NGO - Non-Governmental Organizations;
    - the globalization process;
    - the increasing diffusion of financial innovation in the international financial markets.

    This process was indicated by the economist Paolo Savona as “LISCA Effect” - which stands for: Liberalization, Internationalization, Securitization, Computerization and Apoliticization - which was also strengthened by the development of ICT (Information and Communication Technology Innovation), nanotechnology, biotechnology and genetics.

    The New Economy and Globalization can be considered as the result of the so-called "LISCA Effect ". This effect includes all the impulses caused by the liberalization of markets, the internationalization of economic activity and the globalization of choices, the securitization of ownership, the computerization of processes and finally, the Apoliticization (government intervention is lesser than in the past, provoking the retreat of the State as a direct provider).

    For this reason, we can state that the New Economy embodies all of the new technological achievements as well as the new institutional arrangements that contribute to increase productivity.

    The importance of the place

    However, the New Economy, tends to thrive in those places where there are lots of talented people and new ideas are constantly generated. It is no longer about attracting companies, but mainly about attracting talented people, therefore the quality of life plays a fundamental key-role. Areas which are currently seeking for economic prosperity are focused on creating a climate in which to come up with new ideas, enabling productive partnerships and attracting, at the same time, talented people rather than manufactured goods and services, which almost any country is now able to supply. In order to prosper in the New Economy, regions must become adaptable, and rather than benefit from an economic development mostly led by Government, as it used to be in the Old Economy, they must engage partnerships among various sectors (business, government and non-profit). Communities, committed to help building the New Economy are finding out that prosperity comes if the right balance between economic development and place making strategies is achieved. The differences between the Old and New Economy are summarized in Table 1. They suggest a whole new mindset for growth and prosperity.

    Small entrepreneurial companies guided by skilled and talented staff, are replacing larger and more stable ones while taking the role of engine of the economic prosperity. Personalized quality products are replacing the mass produced ones, consequentially supporting the market place and the local communities. A changing dynamic environment is more attractive to qualified workers than a rigid and predictive one which was characterized by the Old Economy manufacturing plants. Finally, information, innovation and empowerment are taking over in order to achieve success and prosperity.

    The formula for success in the New Economy, as noted before, starts first and foremost by investing in people and attracting the talented ones. In fact, young talents , hard workers are the ones who bring brand-new ideas and foster innovations. They are also the ones most likely to decide where their skills could be employed to the best according to the amenities of the surrounding location.

    Strategic Growth and Economic Development

    In the New Economy, communities grow by leveraging their assets, which are mostly derived by territory and qualified staff. Other assets that have been used to attract or create effective strategies for recruiting the talented and particularly creative people include:

    - technology,
    - innovation,
    - universities,
    - location of parks and trails,
    - entertainment centers,
    - the employment of lands,
    - clustering of historical and cultural places and activities,
    - image management,
    - access to amenities,
    - attractive design.

    Identifying the economic areas is fundamental for the success of the New Economy. First of all, identifying nearby similar economic activities makes it easy for the talented and qualified workers to shift from a job onto a different one; secondly, it also facilitates the employers in hiring skilled and qualified workers.

    Since the young talents are necessary in the New Economy, it is essential also to take into consideration the quality of the working place. In fact, “strategic place-making” is the key in order to attract them to a particular city or region. Land use strategies, place-making, amenities and other quality of life factors have gradually replaced plant, equipment, capital and basic skills, becoming the main causes of growth and development.

    Ten Smart Growth Principles

    In order to succeed in the New Economy, communities must give prominence to the critical role of place-making. This involves creating the environment for talented people and innovative partnerships with the aim of growing and succeeding. For this reason, adopting land use strategies that are developed on the foundations of “Smart Growth” will allow the community to provide a variety of options and, at the same time, to be adaptable to change while becoming more sustainable. Smart growth is a collection of land use and development principles that aim to enhance quality of life, to preserve the natural environment and to save money over time. Smart growth principles ensure that growth is fiscally, environmentally and socially responsible, underlining the connections between development and quality of life.

    The smart growth principles are:

    1. Mix land uses. Each neighbourhood is made up of a set of homes, retails, businesses, and recreational opportunities.
    2. Build well-designed neighbourhoods. Residents can choose to live, work, shop and entertain themselves in the close proximity. People can easily access to daily activities thanks to a viable transit. Local businesses are also supported.
    3. Provide a variety of transportation choices. Neighbourhoods are attractive as they are also provided with safe infrastructures for walking, cycling and transit, in addition to driving.
    4. Create different housing opportunities. People belonging to different family types, age groups and income levels, can afford a home in the neighbourhood of their choice.
    5. Encourage growth in existing communities. Investments in infrastructure (such as roads and schools) have to be used efficiently, and developments do not have to take up new lands.
    6. Preserve open spaces, natural beauty, and environmentally sensitive areas. Development respects natural landscape features and it has an higher aesthetic, environmental, and financial value.
    7. Protect and enhance agricultural lands. A safe and productive land base provides food security, employment, habitat, while maintaining an urban containment boundary.
    8. Utilize smarter, and cheaper infrastructures. Green buildings and other systems can save both money and the environment in the long run.
    9. Foster a unique neighbourhood identity.
    10. Involve citizens actively by participating in the community life as well as in the decision-making.
    The Ten Tenets of Smart Growth, crucial elements for the New Economy, are fundamental to any community wishing to provide a high quality of life in a way that manages to balance economic growth with environmental preservation and social equity.

    Bibliography
    Adelaja S., J. L. Hannah (2007), Comparison of the Old Economy to the New Economy, Michigan, FAICP.
    Atkinson R.D., R. H. Court (1998), The New Economy Index: Understanding America’s Economic Transformation, Washington DC, Progressive Policy Institute.
    Porter M. (2002), Clusters and the New Economics of Competition, Cambridge, Harvard Business School Press.
    Samuelson P, H. R. Varian (2001), The “New Economy” and Information Technology Policy, Berkley, University of California Press. http://people.ischool.berkeley.edu/~pam/papers/infopolicy
    Savona.P (2002), Politica Economica e New Economy, Milano, McGraw-Hill

    Editor: Francesca BERTI

  • NEW EUROCOIN

    New Eurocoin (€-coin) is a new real time indicator of the euro area economy. It replaces the old Eurocoin index, which has been published on a monthly basis by CEPR and the Bank of Italy since 2002. €-coin is an updated estimate of GDP growth free from measurement errors, seasonal and other short-run fluctuations. €-coin is constructed by extracting, from a large set of data on the euro area (that includes the indexes mentioned above), the information that is most relevant to forecast the future GDP. It gives an early estimate of Euro area growth performance in terms of quarter-on-quarter changes in GDP. As a result, the index sheds light on the underlying trend in GDP, because it removes short-run fluctuations and measurement errors. In this respect, €-coin is not only a forecast, but also a clearer indicator of the true growth momentum in the Euro area, which is particularly useful for the euro area economic policy decisions.

    Fig.1. €-coin indicator


    Source: CEPR official web-site

    Link: http://eurocoin.cepr.org

    Editor: Bianca GIANNINI
    © 2011 ASSONEB

  • NEW YORK MERCANTILE EXCHANGE - NYMEX

    NYMEX is the biggest of equity commodity markets, where to trade noble metals and energy products. The NYMEX is the exchange to trade derivative contracts (futures and option contracts) written on oil (WTI), heating oil, natural gas, electricity, platinum, palladium, environmental products; while other materials such as gold, silver, and aluminium are traded through the COMEX (division of the NIMEX). These transactions come through the CME Globex® electronic trading system and the NYMEX ClearPort® system. This stock exchange has been active for more than 135 years and everyday hundreds of thousands of transactions in more than 400 energy markets are exchanged through the NYMEX ClearPort®. These transactions are managed by the clearing house that acts as a counterparty in any exchange. This market was the first to experiment the development of energy futures and option contracts in 1978. The exchanges are traded between 7.00 p.m. on Sunday and 2.30 p.m. on Friday with a 45 minute break between 2.30 p.m. and 3.15 p.m..
    Editor: Claudio DICEMBRINO
    © 2009 ASSONEBB

  • NICE TREATY (Encyclopedia)

    Introduction

    The Treaty of Nice (Treaty), drafted during an intergovernamental conference started in February 2000, was finalized at the Nice European Council of 11 December 2000 and signed on 26 February 2001. It entered into force on 1 February 2003 after being ratified by the fifteen Member States according to their respective constitutional rules.

    History

    The Treaty of Amsterdam, approved in 1997, provided for the convening of the 2000 intergovernmental conference in its Protocol on the institutions in the context of the enlargement of the Union, specifying that "at least one year before the membership of the European Union exceeds twenty, a conference of representatives of the governments of the Member States shall be convened in order to carry out a comprehensive review of the provisions of the Treaties on the composition and functioning of the institutions 1."
    The Cologne European Council of June 1999 confirmed this necessity. The Helsinki European Council of December 1999 decided that the intergovernmental conference would deal with the size and composition of the Commission, the weighting of votes in the Council, the extension of qualified-majority voting, as well as any other institutional adjustments that would have to be made to the Treaties in connection with the above issues and in the context of implementing the Treaty of Amsterdam. As the possibility had been left open for new items, in the Feira European Council of June 2000, enhanced cooperation was also added. The preparation for the intergovernmental conference began in October 1999 when, at the request of the Commission, a Group of high level experts led by Mr Dehaene presented a report on the institutional implications of the enlargement, which led the Commission to adopt its opinion "Adapting the institutions to make a success of enlargement". After consultation of the Commission and the Parliament, as provided in Article 48 of the Treaty on the European Union 2, the conference began on 14 February 2000 under the Portuguese Presidency 3. The mandate of the conference included the drafting of amendments to the treaties concerning the size and composition of the Commission, the weighting of votes in the Council, the extension of qualified-majority voting and enhanced cooperation. The Treaty, as mentioned, was signed on 26 February 2001 and entered into force on 1 February 2003.

    Structure of the Treaty

    The Treaty consists of two parts and four Protocols. The Final Act also includes twenty-four declarations and takes note of three further declarations from different Member States. The first part consists of six articles and includes amendments to the Treaty on European Union (Article 1), to those establishing the European Community (Article 2), the European Atomic Energy Community (Article 3) and the European Steel and Coal Community 4 (Article 4), to the Protocol on the Statute of the European System of Central Banks and of the European Central Bank (Article 5), and to the Protocol on the privileges and immunities of the European Communities (Article 6). Part two, which consists of Articles 7 to 13, includes the transitional and final amendments. The Treaty has four annexed Protocols concerning (i) the enlargement of the European Union dealing with the composition of the European Parliament and the Commission and the weighting of votes in the Council; (ii) the Statute of the Court of Justice and the Court of First Instance; (iii) the financial consequences of the expiry of the ECSC Treaty (European Coal and Steel Community); (iv) Article 67 of the EU Treaty 5.

    Main Provisions

    Summary

    With regards to the modifications to the Treaty on European Union, the Treaty qualified the procedures concerning serious violations of the principles of the European Union 6. In the field of foreign affairs, the scope of the common foreign and security policy (CFSP) and the relationships with other international organisations competent in the same field … such as NATO and the Western European Union - as well as procedural issues on international agreements, were determined. Cooperation in criminal affairs was regulated with regards to conflicts of jurisdiction, harmonisation, coordination and extradition. It is relevant to remember also the definition of the activities undertaken by "Eurojust", which shall contribute to coordinating national authorities competent for criminal prosecution. The tool of enhanced cooperation between some Member States was also developed, on the condition that they strengthen the integration process without compromising the internal market and economic and social cohesion. Veto powers were eliminated from the enhanced cooperation 7. Various procedural issues were also resolved. Rules were also adopted with regards to the adoption of a statute for European political parties.

    Institutional reforms

    As for institutional issues, the Treaty:
    -Extended the qualified majority voting, which had already become prevalent with the Amsterdam Treaty and was extended to other matters for specific policies8, institutional matters and the CFSP (Common foreign and security policy);
    -Established a Social Protection Committee, aimed at fostering cooperation in the field of social protection;
    -Changed the pondering of votes, within the Council, in favour of the most populated States and established rules for voting with 25 and, later, 27 States;
    - Strengthened, within the Commission, the powers of the President and reviewed its appointment;
    -Reformed the repartition of competences between the Court of Justice and the Court of First Instance;
    -Extended, in favour of the Parliament, the use of the co-decision procedure and reviewed the number of representatives to be attributed to each current or future Member State;
    -Modified the composition and appointment procedures for members of the Court of Justice, Court of Auditors, European Economic and Social Committee and Committee of the Regions.

    Conclusions

    The Treaty was important both for its developing further areas of the European integration and for improving the decisional process under the necessity of the enlargement of the Union.
    As for the first issue, the innovations concerning the CSFP and fundamental rights were particularly important. As for the decision process, it is important to remember the increased flexibility introduced for enhanced cooperation (less strict conditions, elimination of the power of veto and extension of the interested fields), the extension of the qualified majority voting and the redetermination of weighting and determination of competences of the institutions.

    Subsequent developments

    The period subsequent to the entering into force of the Treaty

    At the entering into force of the Nice Treaty, a further verification of the future of the Union was already foreseen, with the aim of further developing the issues concerning the competences of the Union and of Member States, the Charter of fundamental rights, the simplification of the treaties and the role of national parliaments in the European architecture.
    With the Laeken declaration of December 2001, the European Council specified that the reform would develop through a Convention, in order to prepare an intergovernmental conference. Similarly to the Convention that established the Charter of fundamental rights, the Convention was composed of representatives from national governments and parliaments in the Member States and candidate countries and representatives from the European Parliament and the Commission. Its inaugural session was held on 28 February 2002 and work came to an end after 17 months of discussions. The Convention produced a draft Treaty establishing a European Constitution that was presented to the Thessaloniki European Council. The draft Constitution served as a basis for the work of the intergovernmental conference, convened in October 2003. The draft finalized by the Conference was signed by the Heads of State and Government on 29 October 2004. The entering into force of the Constitution was conditioned on ratification by all Member States, in accordance with each one's constitutional rules. Due to the difficulties encountered in certain States, the Heads of State and Government decided, at the European Council meeting on 16 and 17 June 2005, to launch a period of reflection on the future of Europe. At the European Council meeting on 21 and 22 June 2007, European leaders reached a compromise and agreed to convene an intergovernmental conference to draft, instead of a Constitution, a reform treaty for the European Union. The result was the Treaty of Lisbon, which entered into force on 1 December 2009, after ratification by all 27 Member States, and includes relevant institutional and procedural reforms aimed at conforming the Union to its enlargement to 27 States and preparing it for the current economic and geopolitical challenges.

    The accession treaties subsequent to the Treaty

    When the Treaty of Nice was drafted, it was not known when and in what order the candidate countries would join the Union. It was thus necessary to set out the principles and methods for changing the composition of the Commission and redefining the qualified majority in the Council. Thus, as anticipated in the Protocol on enlargement and the Declarations annexed to the Treaty, the allocation of Parliamentary seats and Council votes to the new Member States and the qualified majority threshold applicable in the future were determined in details in their accession treaties. Thus, the Treaty of Accession of the ten new Member States, signed in Athens on 16 April 2003, and the Treaty of Luxembourg on the accession of Romania and Bulgaria, signed on 25 April 2005, regulated the matter.
    ____________________________________

    1 Three Member States, Belgium, France and Italy also formalized a Declaration stating that strengthening the institutions was an "an indispensable condition for the conclusion of the first accession negotiations."
    2 As per article 48, the conference can be requested by the Commission or by any Member State and if the Council, after having consulted the Parliament and, the case being, the Commission, decides in favour, the President convenes the Convention.
    3 From July 2000 the conference worked under the French presidency.
    4 The ECSC ended on 23 July 2002
    5 Administrative cooperation between the Member States' administrations over visas, asylum, immigration and other policies related to free movement of persons.
    6 As defined in Article 6(1) of the Treaty on European Union.
    7 The use of enhanced cooperation is to be considered an “extrema ratio”, and its costs are borne by participant States. The Council and the Commission ensure that enhanced cooperation does not conflict with other policies and actions of the Union.
    8 For instance, the fight against discrimination; the free circulation in Member States; common principles for exile and immigration; cooperation in civil process matters.
    Editor: Lucio LANUCARA
    © 2010 ASSONEBB

  • NOMAD

    Nomads: Acronym for Nominated Advisers. Under the AIM Italia Rules for Nominated Adviser (3 December 2009), each company that applies to the Alternative Investment Market (AIM) must appoint and retain a Nomad to guide it through the admission process and its subsequent time as a public company. Nomads are in general investment banks, corporate finance firms or accountancy firms that are responsible for ensuring that the company is suitable for AIM, and that the company continues to respect its obligations under the AIM Rules during its life as a public company. The London Stock Exchange, through the AIM Rules for Nominated Advisers, sets the eligibility criteria to safeguard the integrity of the market and to ensure high-quality advice for all AIM companies. The final approval is made by the Exchange's AIM Regulation team and a full list of Nomads and their contact details is made public on the Exchange’s website at www.londonstockexchange.com/aim.
    Link: http://www.londonstockexchange.com/companies-and-advisors/aim/advisers/advisers.htm
    Editor: Bianca GIANNINI
    © 2010 ASSONEB

  • NON AGRICULTURAL MARKET ACCESS (NAMA)

    Negotiations on “Non-Agricultural Market Access” (NAMA) constitute a key part of the World Trade Organization (WTO) and Doha Round (see also Doha Development Agenda - DDA). The aim of negotiations is to reduce or as appropriate eliminate tariffs, including the reduction or elimination of high tariffs, tariff peaks and tariff escalation as well as Non-Tariff Barriers, in particular on products of export interest to developing countries. NAMA refers to all products not covered by the Agreement on Agriculture. It includes manufacturing products, fuels and mining products, fish and fish products, and forestry products. They are sometimes referred to as industrial products or manufactured goods. Collectively, they represent almost 90% of world merchandise exports.

    Editor: Giovanni AVERSA

  • NON-EQUITY

    Any financial instrument other than equity.

    ©2012 Editor: House of Lords

  • NORTH ATLANTIC TREATY ORGANIZATION (NATO)

    The North Atlantic Treaty Organization (NATO),established under the North Atlantic Treaty (Apr. 4, 1949) by 12 countries (Belgium, Canada, Denmark, France, Great Britain, Iceland, Italy, Luxembourg, the Netherlands, Norway, Portugal, and the United States). Greece and Turkey entered the alliance in 1952, West Germany (now Germany) entered in 1955, and Spain joined in 1982. In 1999 the Czech Republic, Hungary, and Poland joined, and Bulgaria, Estonia, Latvia, Lithuania, Romania, Slovakia, Slovenia, Albania and Croatia joined five years later, bringing the membership to 28. NATO's headquarters are in Brussels. In the 1990s, with the collapse of the Soviet Union and the Warsaw Treaty Organization, NATO's role in world affairs changed. The treaty, one of the major Western countermeasures against the threat of aggression by the Soviet Union during the cold war, was aimed at safeguarding the freedom of the North Atlantic community. NATO has increasingly concentrated on extending security and stability throughout Europe, and on peacekeeping efforts in Europe and elsewhere. NATO today is the military organization more used to the resolutions of the United Nations Security Council relating to situations of global crisis. Together, the Permanent Members form the North Atlantic Council (NAC), a body which meets together at least once a week and has effective governance authority and powers of decision in NATO.


    Editor: Giovanni AVERSA

Selected letter: N English version

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