瑞信和野村提前贖回掛鉤波動率的產品

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)一款價值一度達22億美元的產品，淪爲此次華爾街大規模股票拋售的受害者，機構投資者和對衝基金因此損失慘重。與此同時這家瑞士投行表示，這件事未對其自身財務狀況造成任何影響。

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.

瑞信週二表示，將開始提前贖回一款讓投資者能在波動率較低時獲利的產品。華爾街週一遭遇6年來最糟糕的一天後，這款產品在一夜之間貶值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)也宣佈贖回一款在波動率較低時讓投資者獲利的類似產品，野村向客戶致信稱，“對於給持有者帶來的極大不便，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”.

週一股市直線下跌期間，專營交易所交易基金(ETF)的ProShares旗下做空波動率的產品暫停交易。ProShares稱，它將繼續“如常”運營該基金，因爲其業績表現“與其目標一致”。

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.

本週交易所交易票據(ETN)和ETF的下挫，爲這類產品直到不久前還堪稱搶眼的表現畫上了句號。隨着波動率指數Vix達到創紀錄低位，買家紛紛押注於市場的平靜，這類產品的價值在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.

這些產品的暴跌，以及上述兩大投行的重要地位，也給金融業的形象造成了負面影響——過去，金融業就曾因創造複雜的金融產品導致客戶及整體經濟受損而陷入麻煩。