N

Negotiable Certificate of Deposit  These instruments are not exempt securities, like a regular bank CD. These CDs are securities that can be purchased and sold in the secondary market, where they generally trade in round lots of $5 million. As a security, they also have a CUSIP number associated with it, whereas regular CDs do not have a CUSIP number. A regular CD issued by a bank to a retail customer cannot be sold to another party.