Economic Events and content by followed authorsVelocityShares ETN Sinks on Credit Suisse Delisting© 2007-2020 Fusion Media Limited. Your status will be reviewed by our moderators.Please wait a minute before you try to comment again. https://www.sec.gov/Archives/edgar/data/1053092/000095010320012007/dp130570_424b2-vlsetn1vixa63.htm As disclosed in the Risk Factors section of the Pricing Supplement, the market value of the ETNs may be influenced by, among other things, the levels of actual and expected supply and demand for the ETNs in the secondary market. This is a space where subscribers can engage with each other and Globe staff. Those products have come under A Credit Suisse spokeswoman declined to comment further.The delistings will become effective on July 12, and the ETNs may continue to trade on an over-the-counter basis.
In addition, suspending further issuances of the ETNs may further adversely affect liquidity for any secondary market that may develop following a delisting. All Rights Reserved Your ability to comment is currently suspended due to negative user reports. Volatility? What would you say! We hope to have this fixed soon. That ETN, the VelocityShares Daily Inverse VIX Short-Term Exchange-Traded Note, which is no longer listed, sank by more than 90 percent within hours following a market selloff.
Also available in French and Mandarin. The ETNs may trade, if at all, on an over-the-counter basis. TVIX, along with the other ETNs, will be delisted as of July 12. Credit Suisse will suspend further issuance of TVIX on July 3.
This document was produced by, and the opinions expressed are those of, Credit Suisse as of the date of writing and are subject to change. Thank you for your patience. In 2016, Credit Suisse delisted two ETNs, amid speculation it was trying to clean up its balance sheet. For instance, investors may not be able to sell the ETNs readily and may suffer substantial losses and/or sell the ETNs at prices substantially less than their intraday indicative value or closing indicative value, including being unable to sell them at all or only sell them for a price of zero in the secondary market. var select={root:".js-sub-pencil",control:".js-sub-pencil-control",open:"o-sub-pencil--open",closed:"o-sub-pencil--closed"},dom={},allowExpand=!0;function pencilInit(o){var e=arguments.length>1&&void 0!==arguments[1]&&arguments[1];select.root=o,dom.root=document.querySelector(select.root),dom.root&&(dom.control=document.querySelector(select.control),dom.control.addEventListener("click",onToggleClicked),setPanelState(e),window.addEventListener("scroll",onWindowScroll),dom.root.removeAttribute("hidden"))}function isPanelOpen(){return dom.root.classList.contains(select.open)}function setPanelState(o){dom.root.classList[o?"add":"remove"](select.open),dom.root.classList[o? If investors wish to exercise their early redemption right, they and their broker must follow the procedures set forth in the Pricing Supplement, which can be accessed on the Securities and Exchange Commission website at www.sec.gov as follows:
Credit Suisse is deciding to delist a range of leveraged instruments, DGAZ and UGAZ included, to de-risk their funds under management and to better suit future growth plans.
Unfortunately, that is all the information available on the ‘why’ of delisting. This is a space where subscribers can engage with each other and Globe staff.We aim to create a safe and valuable space for discussion and debate.
In 2018, an investor sued Credit Suisse alleging misstatements regarding another ETN that led to losses, CNBC reported. The products can also produce big losses for investors if markets go the wrong way. An investor that pays a premium for the ETNs, for example, may suffer significant losses if the investor is unable to sell the ETNs in the secondary market, if the investor sells at a time when the premium has declined or is no longer present or if Credit Suisse AG accelerates the ETNs at its option. Non-subscribers can read and sort comments but will not be able to engage with them in any way. REUTERS/Arnd Wiegmann/File Photo The delisting of the ETNs will become effective on July 12, 2020. If you would like to write a letter to the editor, please forward it to Welcome to The Globe and Mail’s comment community. It may therefore take some time before it appears on our website.Velocity? TVIX, along with the other ETNs, will be delisted as of July 12. Credit Suisse will suspend further issuance of TVIX on July 3. NEW YORK, June 22, 2020 /PRNewswire/ -- Credit Suisse AG announced today its intention to delist and suspend further issuances of the following Exchange Traded Notes (the "ETNs"): In addition, as described above, Credit Suisse AG continues to have the right to accelerate the ETNs at its option in the future, either together on the same date or each on a separate date, including shortly after the delisting. Registration on or use of this site constitutes acceptance of our
delisting. For purposes of this announcement, the VelocitySharesAs part of its continuing effort to monitor and manage its suite of exchange traded notes, Credit Suisse AG has decided to delist the foregoing ETNs with a view to better align its product suite with its broader strategic growth plans.
It is possible that this announcement and the delisting and suspension of further issuances of the ETNs, as described above, may influence the market value of the ETNs. Most of the ETNs being delisted are leveraged, which means they use derivatives to amplify returns of the securities they track.
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