What a difference a week makes. Following months of historically low volatility, the start of this week marked the largest daily move in the Chicago Board Options Exchange (CBOE) volatility index, VIX, on record. On Monday, the markets’ ‘fear gauge’ rose 115.6 per cent on the previous week’s closing, forcing heavy losses on the cottage industry of traders who make their living shorting the index.
One exchange traded fund, XIV, that...
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