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Runaway ETNs Trap Traders in ‘Wild West’

runaway-etns-trap-traders-in-‘wild-west’

Jesper Lannung lost more than $100,000 in August after getting trapped in a zombie investment product.

An exchange-traded note that he bet against was delisted over the summer by Credit Suisse Group AG, relegating the note to the highly illiquid over-the-counter market. Mr. Lannung, a 38-year-old event planner in Milwaukee who layered a speculative trade on an already complex product, was forced to cover his short position after the note inexplicably surged in price.

The…

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