Elected officials, law enforcement send well-wishes to Orlando Police Department Mina said officers tried to offer one of their phones to Lindsey, whose phone had spotty service, and saw that one of the children had been killed.
Finally we have ETNs Exchange Traded Noteswhich are debt instruments of an issuer, whose value is tied to some underlying formula based on the performance of specific assets. Many ETNs also have redemption mechanisms where holders can deliver shares in minimum block sizes to the ETN in exchange for the underlying assets or value thereof.
Which brings us to the belle of the ball: You can read the specifics in the prospectus if you like. So what does the XIV manager have to do?
This is why we saw VIX futures spike late in the day on Monday, and especially into the 4: The XIV prospectus describes it thusly: And finally we come to the coup de grace — the termination event: Since the XIV tracks the inverse of the weighted average of these contracts, what do you think happened to the value of XIV?
The damage was done. The damage was caused by the negative convexity of the rebalance in thin markets, which cascaded the NAV losses for the ETN. When we look at the XIV chart, I have a few questions of my own: It looks to me like it was trading at a pretty significant premium to NAV.
Of course, after the 4: CS was in a position where they needed to buy a massive quantity of futures in order to rebalance the daily ETN exposure.
Another point of random disinformation that needs correcting: This situation was indeed insane, and unprecedented, although many had noted the possibility for it to happen given the low-volatility powder-keg that had settled in and required little more than a match to ignite.
Sounds like a jackpot for the issuer…. This brings up another question: I spoke with a few savvy folks tonight who highlighted a few important points that I over-simplified in my post: Why would they lay off the exposure?
Risk metric limits on their balance sheet perhaps?
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