Sun, Oct 21, 2018
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Traders whipsawed on the open, Credit Suisse terminates XIV

Wednesday, February 07, 2018

Bailey McCann, Opalesque New York:

Last night's wild ride in markets has taken another product. Shares of $XIV and $SVXY were halted today as VIX pushed passed new highs for the first time in years. Shortly before trading opened on Wall Street, Credit Suisse announced that it would be accelerating VelocityShares Daily Inverse VIX Short Term ETNs ($XIV) over the next two weeks ending on February 21.

In a statement, Credit Suisse said investors will get cash back on February 21 "in an amount equal to the closing indicative value of XIV on the accelerated valuation date." The last day of trading for XIV is expected to be February 20, 2018.

Proshares also released a statement saying its short volatility ETF ProShares Short VIX Short-Term Futures ($SVXY) behaved as expected in last night's plunge and will remain open for trading.

Horizon's Canada Inverse VIX ETF ($HVI) has also been halted. In a statement, Horizons ETFs Management said it would continue to monitor market volatility and make a decision in the future about whether to re-open trading.

As Opalesque reported after markets closed, Nomura ended the Next Notes S&P 500 VIX Short-Term Futures Inverse Daily Excess Return Index ETN - the first product loss of the VIX spike.

Markets opened down as expected but have already had wild swings in the first hour. As of this writing, equities have bounced......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. BB&T Securities to bolster alternative investment offerings with CAIS platform[more]

    Laxman Pai, Opalesque Asia: The financial services firm BB&T Securities has selects the financial product marketplace CAIS to expand alternative investment access for advisors. A press release from the wholly owned subsidiary of BB&T Corporation said that with CAIS, it will gain access to pr

  2. Europe: Europeans up interest in unconstrained bond strategies, Generali steps up efforts to build multi-boutique business, Nordea bank in new Russia funds complaint, FCA proposes climate risk reporting duty for asset managers[more]

    Europeans up interest in unconstrained bond strategies Unconstrained bond assets are on the rise. Across both retail and institutional accounts, assets under management in these strategies rose from $153.2 billion in Q2 2013 to $289.7 billion in Q2 2018, for a five-year compound annual

  3. Stock slump aftermath: Hedge funds got caught long and wrong before stock slump, The huge 'blackout' that may be deepening market turbulence, Market veterans don't see the bottom yet: 'More selling is yet to come', Hedge funds hold up in rout as defensive stance finally pays off, Rally erupted in gold market days after funds made big bear bet[more]

    Hedge funds got caught long and wrong before stock slump From Bloomberg: In a moment of bad market timing, hedge funds had increased their bullish bets on U.S. stocks to the highest since February, and second-highest in five years, just before last week's sell-off. Speculative net

  4. Robert Citrone's discovery cashes in on bearish bets[more]

    From Institutional Investor: The macro hedge fund is riding strong gains since mid-year thanks to savvy wagers against Italian fixed income and other instruments. Macro hedge funds are finally getting a reprieve, between the bond market selloff and overall financial market volatility - two even

  5. Hedge funds at the 'core' of stock slump may be done offloading, Why hedge funds will stick with ever-risky short volatility trades[more]

    Hedge funds at the 'core' of stock slump may be done offloading From Bloomberg: One quantum of solace for bruised stock bulls: Some of the usual suspects behind last week's rout may be done frightening markets. Equity long-short hedge funds are among the worst-performing categori