Finra warns investors about 'unpleasant surprises' in ETNs

Four months after the furore surrounding the Tvix exchange-traded note, Finra has responded by issuing an investor alert warning of the risks involved in the products


US securities regulator Financial Industry Regulatory Authority (Finra) has released its long-awaited investor alert on exchange-traded notes (ETNs). The notice was widely anticipated, coming just a few months after perceptions of the instruments were severely tarnished as a result of Tvix, Credit Suisse's VelocityShares 2x Long Vix Short Term ETN, issuance of which was suspended in late February. As a result, when the Swiss bank resumed creation of its shares a month later, they collapsed to

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