Vague Security Linked to Stock Volatility Plunges 80 percent (VIX)
Vague Security Linked to Stock Volatility Plunges 80 percent (VIX)
Instant View: US stock slide drags S&P down 5 percent from January record
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.
She later went on to become the first woman to serve as the president of the Supreme Court Bar Association, The Dawn reported. She was again put under house arrest in November 2007 after the imposition of emergency rule in Pakistan .
Schools in North Sinai have been closed until further notice starting Saturday as the army and police continue operations. This follows after the President of Egypt Abdul-Fattah Al-Sisi three-month period to suppress the Islamist insurgency.
Capital Asset Advisory Services LLC purchased a new stake in Gilead Sciences during the second quarter worth $875,000. (NYSE:C). The firm has "Hold" rating by Jefferies given on Friday, August 25. (NASDAQ: GILD ) on Tuesday, January 30 to "Buy" rating.
It is said that the 5G network will be based on the 3GPP standard-compliant 5G devices and infrastructure. The Snapdragon X50 5G NR (New Radio) mobile modem chipset can attain download speeds of several gigabits.
Interesting post? Please share! "I think it is important for the belief of the team", he told reporters at Wembley . ARSENE WENGER will not prioritise the Europa League - despite virtually conceding Arsenal's top-four hopes.
Last Saturday, seven Turkish troops died in the worst single-day loss of the operation so far, with five killed in a tank attack. She called for an immediate end to the fighting, adding that the siege "means there is nowhere for them to escape".
This means that a short term shutdown of just a few hours could be over by the time government workers wake up Friday morning. The House passed a bill Tuesday to fund the government through March 23, along with a full year of funding for the Pentagon.
Mr Lopez says Bollinger "knelt down on the ground and that he knelt down along her left side and slightly in front of her". Lopez told police that he meant to meet up with Bollinger and convince her not to kill herself, the affidavit stated.
Oppenheimer & Company Inc increased Unitedhealth Group Inc (NYSE:UNH) stake by 10,889 shares to 32,784 valued at $6.42M in 2017Q3. Piper Jaffray Companies set a $385.00 target price on Tesla and gave the company a "buy" rating in a research note on Thursday.
The mass start is the event in which Dunklee became the first USA woman to win an individual world championships medal. After narrowly missing out on qualifying for the pursuit, Egan lamented a spill she took early in the race.
Study finds drowsy driving is leading to more accidents
In the study - 29 percent of those surveyed admitted to having trouble keeping their eyes open while driving in the past month. According to the AAA Foundation for Traffic Safety, nine and a half percent of all crashes are caused by drowsy driving.
Catastrophe star Rob Delaney's son dies of cancer at age 2
He had undergone surgery to remove the tumour early a year ago , but the cancer then returned and he passed away in January. The cancer returned in the fall of 2017, and Henry died in January, Delaney wrote in a Facebook post on Friday.
Marco Belinelli agrees to sign with the 76ers
Averaging 11.4 points per game, the Italian shot 92-for-247 from beyond the three-point line off the bench for Atlanta. Hawks coach Mike Budenholzer says the 31-year-old Belinelli "was great for us".
UFC 221: Luke Rockhold vs Yoel Romero
He scored points in the form of leg kicks and a steady jab, but he never completely settled into a rhythm. But having missed weight, Romero was also ineligible for any post-fight performance bonuses.
Uber agrees to $245m payout to settle Waymo dispute
Uber has settled a lawsuit alleging that it ripped off self-driving auto technology from Google's autonomous vehicle division. Kalanick released a statement in which he was not almost as conciliatory as the man who succeeded him in Uber's top job.
Walker replaces Porzingis in NBA All-Star Game
This year and the last have clearly been the best two seasons of Walker's career as he also made the All-Star Game last year. He was selected by National Basketball Association head coaches as an All-Star reserve and drafted to Team LeBron by James.