Wednesday, April 7, 2010 as of 11:14 AM ET
SunGard is a multinational company based in Wayne, Pennsylvania, which provides software and services to education, financial services, and public sector organizations.
Read More at Wikipedia ›Something was amiss when Erich Brehm checked his TVIX holdings late last week.
The VelocityShares Daily 2x VIX Short-Term exchange-traded note, which trades under the symbol TVIX, shed half its market value between Thursday and Friday, a tumble that spooked investors and underscored the complexities of easy-to-trade securities tied to volatility."Something weird happened last week and the market value got cut in half. It happened for some reason that none of us understand," said Brehm, 59, owner of a medical supply distribution business in Sunnyvale, Texas, who said he bought 2,200 TVIX shares for $17.30 each back on Feb. 22.On Wednesday, TVIX rose 15% to $8.02.Last week's price crash capped a month of anomalous moves in the TVIX after new issuance dried up.Credit Suisse AG (CS), the bank that issues TVIX shares, suspended new creation after a rush of demand. The suspension prompted the price of TVIX to drift far from the basket of assets it was meant to track. Prior to the temporary su...By Isabell Witt and Claire RuckinLONDON (Reuters) - Thomson Reuters <TRI.TO> said it has agreed to sell its trade and risk management software business, which includ...
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Sungard CEO on short-selling.
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