RIP: XIV. Credit Suisse declares 'acceleration event'. Will close ETN

Credit Suisse to shutter XIV ETN

All that's left is for the lawsuits.

Credit Suisse will begin shutting down the XIV ETN after announcing an "acceleration event". The prospectus outlines the procedure for shutting down the short-VIX product if it falls more than 80% intraday. The shares will likely be zeroed out after closing at $99 yesterday. The move wipes out $1.5B in an instant.

The big question is: Why was it only down 15% in regular trading yesterday?

Anyway, that will be a story for another day because stocks are open and it's ugly.