S*******s 发帖数: 13043 | 1 After Tuesday’s regular trading session, Credit Suisse (CS) announced in a
brief press release that it has “temporarily suspended further issuances of
the VelocityShares Daily 2x VIX Short-Term ETNs (TVIX) due to internal
limits on the size of the ETNs.” The company added that “this suspension
does not affect the Early Redemption rights of noteholders as described in
the pricing supplement. Other ETNs issued by Credit Suisse are not affected
by this suspension.”
The announcement by Credit Suisse raises a lot of questions, and I will see
what I can do to answer some of the more pressing ones here.
While this is all speculation, based on the “internal limits on the size of
the ETNs,” it sounds as if the recent exponential growth in TVIX has
violated a position size risk control rule relative to the VIX futures
products that comprise the S&P 500 VIX Short-Term Futures Index ER (excess
return) on which TVIX is based. Of course, we do not know how much the
volatility of those VIX futures products is factored into the position size
issue, but given the overhang of events in Europe, China and Iran, I can
certainly make the case for a very conservative approach to risk control for
any VIX futures exposure at the moment. | i*******e 发帖数: 1904 | 2 1st, the premium on TVIX is huge now.
So if you are on the "squeeze" side, then you should long TVIX.
If you bet CS will resume the supply of TVIX shortly, then you should short
TVIX. | w******t 发帖数: 1929 | 3 搂主能解释一下么, 到底什么意思? TVIX stop trading? 现在的TVIX 往上往下?
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【在 S*******s 的大作中提到】 : After Tuesday’s regular trading session, Credit Suisse (CS) announced in a : brief press release that it has “temporarily suspended further issuances of : the VelocityShares Daily 2x VIX Short-Term ETNs (TVIX) due to internal : limits on the size of the ETNs.” The company added that “this suspension : does not affect the Early Redemption rights of noteholders as described in : the pricing supplement. Other ETNs issued by Credit Suisse are not affected : by this suspension.” : The announcement by Credit Suisse raises a lot of questions, and I will see : what I can do to answer some of the more pressing ones here. : While this is all speculation, based on the “internal limits on the size of
| S*******s 发帖数: 13043 | 4 well, I don't think i have the power or guts to be a squeezer. since I
believe in equilibrium, I will keep on the short side.
short
【在 i*******e 的大作中提到】 : 1st, the premium on TVIX is huge now. : So if you are on the "squeeze" side, then you should long TVIX. : If you bet CS will resume the supply of TVIX shortly, then you should short : TVIX.
| S*******s 发帖数: 13043 | 5 it "should" go down, say 10%+ for today, or 15% since yesterday. because of
the limited supply, the price is much higher than that.
【在 w******t 的大作中提到】 : 搂主能解释一下么, 到底什么意思? TVIX stop trading? 现在的TVIX 往上往下? : : a : of : affected : see : of
| l*********m 发帖数: 16971 | 6 Thanks for sharing
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【在 S*******s 的大作中提到】 : After Tuesday’s regular trading session, Credit Suisse (CS) announced in a : brief press release that it has “temporarily suspended further issuances of : the VelocityShares Daily 2x VIX Short-Term ETNs (TVIX) due to internal : limits on the size of the ETNs.” The company added that “this suspension : does not affect the Early Redemption rights of noteholders as described in : the pricing supplement. Other ETNs issued by Credit Suisse are not affected : by this suspension.” : The announcement by Credit Suisse raises a lot of questions, and I will see : what I can do to answer some of the more pressing ones here. : While this is all speculation, based on the “internal limits on the size of
| l*********m 发帖数: 16971 | 7 mark
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【在 S*******s 的大作中提到】 : After Tuesday’s regular trading session, Credit Suisse (CS) announced in a : brief press release that it has “temporarily suspended further issuances of : the VelocityShares Daily 2x VIX Short-Term ETNs (TVIX) due to internal : limits on the size of the ETNs.” The company added that “this suspension : does not affect the Early Redemption rights of noteholders as described in : the pricing supplement. Other ETNs issued by Credit Suisse are not affected : by this suspension.” : The announcement by Credit Suisse raises a lot of questions, and I will see : what I can do to answer some of the more pressing ones here. : While this is all speculation, based on the “internal limits on the size of
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