Credit Suisse liquidating XIV Feb. 20

  • Credit Suisse (CS -1.6%) will end trading in its inverse volatility ETN, the VelocityShares Daily Inverse VIX Short-Term (NASDAQ:XIV), after an 84% collapse that halted trading in the notes.
  • The last day of trading for the security is Feb. 20, the bank says.
  • It was intended to track calm markets by giving the opposite return of the VIX volatility index, but broke down along with similar instruments as volatility blew up late yesterday.
  • CS made the move since the intraday indicative value off XIV was 20% or less of the prior day's closing indicative value, which created an acceleration event.
  • The decline has no "material impact" on the bank itself, Credit Suisse said last night; CS shares have opened lower along with the broader market.
  • Previously: VIX pushes past 50; Credit Suisse mulls redemption of XIV (Feb. 06 2018)
  • ETFs: VXX, UVXY, XIV, TVIX, SVXY, VIXY, ZIV, VXZ, VIXM, VMAX, VMIN, VIIX, CVOL, XVZ, TVIZ, XXV, IVOP, VIIZ

Recommended For You

Comments (122)

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.