Stats › Options, shorts and positioning › February 2018
Nobody has published an authoritative figure for what XIV lost, or proved what caused it
| Figure | What it actually measures, and who published it |
|---|---|
| 84% | Fall in value, from the Bank for International Settlements quarterly review box of March 2018. Measured close to close on the indicative value, which is the basis the termination clause itself uses. |
| 95% | Decline from its open, from a peer-reviewed paper in Risks in May 2023, quoting a closing indicative value of $4.22. |
| 96.3% | Friday close of $115.55 against $4.22, from a trade publication on 6 February 2018. The $115.55 is a market price, not an indicative value. |
| No percentage | Credit Suisse's own Form 6-K filing states the 20% intraday trigger and a closing indicative value of $108.3681 on 2 February 2018, and gives no loss figure. |
Published figures for XIV's loss on 5 February 2018. The three percentages are not inconsistent with each other. They are measurements of three different quantities over three different windows, and two of the three sources are not peer reviewed.
Three sources opened for this page give three different figures for how much XIV lost: 84%, 95% and 96.3%. They measure three different things. The only primary document, the issuer's own filing, gives no percentage at all.
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