Reuters: Regulatory News: SEC examines plunge in volatility product-WSJ

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SEC examines plunge in volatility product-WSJ Mar 29th 2012, 05:17 March 29 | Thu Mar 29, 2012 1:17am EDT March 29 (Reuters) - The Securities and Exchange Commission is conducting a preliminary review into the volatile trading in an exchange-traded note (ETN) that had lost about 60 percent of its value over the past week, the Wall Street Journal said, citing people familiar with the matter. The VelocityShares Daily 2x VIX Short-Term exchange-traded note, managed by Credit Suisse, tracks the volatility in the stock market. On an average, the TVIX moves about up and down in percentage terms as the VIX does. Last week, TVIX fell after speculation began that Credit Suisse would reopen issuance of the ETN on a limited basis. Both the SEC and Credit Suisse were not immediately available for comment.

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