Citigroup Challenges Barclays, BofA With VIX ETN
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Citigroup Inc. plans to sell an exchange-traded note tracking prices of U.S. stock options, challenging products from Barclays Plc and Bank of America Corp.
The ETN should move in tandem with the VIX, as the Chicago Board Options Exchange Volatility Index is known, according to a regulatory filing. It will allow investors to hedge equity holdings or wager on the magnitude of swings in stock prices, said Oscar Loynaz, a managing director of the New York-based bank.