There needs to be a post-mortem on XIV
The most-baffling thing about XIV was why it was trading at $99 at the close. It was down 15% on the day but volatility was up 100%.
It was then marked at $4.22 after hours by Credit Suisse.
I've heard a lot of explanations but none explains both how it was so high in regular trading, and so low after hours.
The question here is: Do you trust Swiss regulators to make it right? For all the slack the SEC gets (from me included), they tend to come down harder when someone screws up.
