Credit Suisse VIX Note Falls to Record-Low Price: New York Mover
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A Credit Suisse Group AG security tracking the benchmark measure of U.S. options prices plunged to an all-time low, reversing ground after trading at a record premium to its underlying assets the last four days.
The VelocityShares Daily 2x VIX Short-Term ETN, or TVIX, retreated 29 percent to $10.20 at 4 p.m. New York time, on volume that was 2.6 times the three-month average. Credit Suisse’s exchange-traded note closed at $14.43 yesterday, or 89 percent above its so-called indicative value, after falling 86 percent from its Oct. 3 peak as the Standard & Poor’s 500 Index rose 28 percent to the highest level since May 2008.