Wednesday, 15 August, 2018

Vague Security Linked to Stock Volatility Plunges 80 percent (VIX)

It's Going To Be A Wild Day For XIV The Credit Suisse Volatility ETN Instant View: US stock slide drags S&P down 5 percent from January record
Orlando Vargas | 11 February, 2018, 13:35

One day after the Cboe Volatility Index (VIX) saw its largest one-day increase ever―115.6%―Credit Suisse announced it would be shuttering its popular inverse VIX ETN.

The fund's spectacular demise marks just one of the casualties in the "short-vol" trade investors piled into in recent years to profit from stable markets with complex products that gained on low and stable volatility. - Following an 85% decline in the value of the VelocityShares Daily Inverse VIX Short-Term exchange-traded note, the XIV ETN is all the rage.

But professional traders said a logical interpretation of language in their prospectuses suggests the notes could be liquidated under circumstances that resemble today's. The company, which owns the VIX intellectual property and licenses it to companies that create funds linked to it, reports quarterly results on Friday. "There is no material impact to Credit Suisse".

IBD'S TAKE: Don't try to guess where the market is headed next. Crow Point Partners LLC purchased a new stake in shares of Credit Suisse AG - VelocityShares Daily Inverse VIX Short Term ETN in the fourth quarter valued at $415,000.

Heavy Pakistan shelling along LoC in Rajouri district
Besides, Pakistani troops also launched mortar shells in Khadi Karmara and Chakan Da Bagh forward areas in Poonch on Saturday. A Defence spokesperson said the Indian Army was retaliating strongly and effectively to the Pakistani firing and shelling.


Freezing Rain Expected to Hit Mississauga
Environment Canada's forecast said Toronto could also see between 2 cm to 4 cm of snow and ice pellets, along with freezing rain. Surfaces such as highways, roads, walkways and parking lots may become icy and slippery, the agency says.


Canada leads team figure skating competition
After Kristi Yamaguchi won gold in 1992, at least one Asian-American figure skater has competed in every Olympic since then. It's hard to believe that the 2018 Olympic Winter Games are upon us! "We strategically planned out the next few days".


"With the CBOE SPX Volatility Index.VIX nearly tripling over the last three trading days mark-to-market profit and losses have been significant", said Ihor Dusaniwsky, head of research at S3 Partners.

Monday's slump in the USA stock market may have been painful for those betting against volatility in prices, but traders who took opposite positions hoping to gain from a sharp move are likely to laugh all the way to their banks.

Those moves picked up steam in afterhours, as the spike in the VIX spread to its futures contracts - the assets used to determine the price of the funds, in this case, the inverse of the S&P 500 VIX Short-Term Futures Index. The VIX surged on Monday, which roiled Credit Suisse's XIV product.

"Since the intraday indicative value of XIV on February 5, 2018 was equal to or less than 20% of the prior day's closing indicative value, an acceleration event has occurred", said a press release put out by issuer Credit Suisse.

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