瑞信和野村提前贖回掛鉤波動(dòng)率的產(chǎn)品

A Credit Suisse product once valued at $2.2bn has fallen victim to Wall Street’s dramatic equities sell-off, leaving institutional investors and hedge funds nursing heavy losses while the Swiss bank said it had emerged financially unscathed.

瑞信(Credit Suisse)一款價(jià)值一度達(dá)22億美元的產(chǎn)品，淪為此次華爾街大規(guī)模股票拋售的受害者，機(jī)構(gòu)投資者和對(duì)沖基金因此損失慘重。與此同時(shí)這家瑞士投行表示，這件事未對(duì)其自身財(cái)務(wù)狀況造成任何影響。

Credit Suisse said on Tuesday that it would begin the early redemption of a product that allowed investors to profit when volatility was low but lost 96 per cent of its value overnight on Monday after Wall Street suffered its worst day in six years.

瑞信周二表示，將開(kāi)始提前贖回一款讓投資者能在波動(dòng)率較低時(shí)獲利的產(chǎn)品。華爾街周一遭遇6年來(lái)最糟糕的一天后，這款產(chǎn)品在一夜之間貶值96%。

Japanese bank Nomura also announced the closure of a similar product that rewarded investors for low volatility, writing to clients that “we apologise from the bottom of our hearts for causing great inconvenience for the holders”.

日本投行野村(Nomura)也宣布贖回一款在波動(dòng)率較低時(shí)讓投資者獲利的類似產(chǎn)品，野村向客戶致信稱，“對(duì)于給持有者帶來(lái)的極大不便，我們從心底深表歉意”。

Exchange traded fund (ETF) specialist ProShares, whose short volatility product was suspended amid Monday’s freefall, said it would continue to operate the fund “as usual” since performance was “consistent with its objectives”.

周一股市直線下跌期間，專營(yíng)交易所交易基金(ETF)的ProShares旗下做空波動(dòng)率的產(chǎn)品暫停交易。ProShares稱，它將繼續(xù)“如常”運(yùn)營(yíng)該基金，因?yàn)槠錁I(yè)績(jī)表現(xiàn)“與其目標(biāo)一致”。

This week’s slide in exchange traded notes and funds ended what had until recently been a stellar trade. Buyers bet on market tranquility and the notes more than doubled in value during 2017 as the Vix volatility index reached record lows.

本周交易所交易票據(jù)(ETN)和ETF的下挫，為這類產(chǎn)品直到不久前還堪稱搶眼的表現(xiàn)畫(huà)上了句號(hào)。隨著波動(dòng)率指數(shù)Vix達(dá)到創(chuàng)紀(jì)錄低位，買家紛紛押注于市場(chǎng)的平靜，這類產(chǎn)品的價(jià)值在2017年翻了一番多。

The collapse of the products, and the central role of two significant banks, also shone an unwelcome glare on a financial industry that has suffered in the past for its creation of complex financial products that hurt both their clients and the economy at large.

這些產(chǎn)品的暴跌，以及上述兩大投行的重要地位，也給金融業(yè)的形象造成了負(fù)面影響——過(guò)去，金融業(yè)就曾因創(chuàng)造復(fù)雜的金融產(chǎn)品導(dǎo)致客戶及整體經(jīng)濟(jì)受損而陷入麻煩。