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Credit Suisse “Terminates” XIV

Courtesy of ZeroHedge. View original post here.

After it was halted for trading earlier in the day, which many saw as a harbinger of imminent termination – moments ago Credit Suisse confirmed retail vol sellers’ worst fears when it announced that it would indeed be “accelerating” the XIV ETN, i.e. terminating it. From Bloomberg:

  • CREDIT SUISSE REPORTS EVENT ACCELERATION OF XIV ETNS
  • CREDIT SUISSE AG ACCELERATION DATE IS EXPECTED TO BE FEB. 21
  • CREDIT SUISSE SEES TO DELIVER IRREVOCABLE CALL NOTICE ON XIV

How much money will holders of the now defunct XIV get?

  • CREDIT SUISSE: ETN INVESTORS TO GET CASH PMNT AT CLOSING VALUE

Which is bad news for XIV holders, because as we showed last night, the NAV of the ETN crashed  to $4.22 yesterday from 108.36.

… effectively wiping it out, and assuring that longs get nothing in what was until recently one of the best performing investments in the market.


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