CPTMatt - UWTI
I was able to short some via TD Ameritrade this afternoon (surprisingly). It will continue to trade on the pinksheets after the delisting, but there may be a flurry of selling prior that event on December 9th. It's a gamble I am willing to take on the short side and will cover sometime before the possible forced close-out. IB sent out this restriction notice to clients who hold shares.
"Delisting Notice
Dear Client, You are receiving this notice as your IB account XXXXXXX holds a position in DWTI and/or UWTI, both Exchange Traded Notes (ETNs) scheduled to be delisted by the issuer, Credit Suisse AG effective December 9, 2016. In addition, Credit Suisse AG has announced that it has suspended further issuances of these notes. Following the delisting, these ETNS will remain outstanding but will no longer trade on a national securities exchange. The ETNs may trade on an over-the-counter basis, however, there is no assurance that a ready market will exist. In addition, while Credit Suisse Ag retains the right to accelerate the February 9, 2032 due date for these two ETNs, they have provided no notice of their intent to do so. As a result, effective today IB will no longer accept opening transactions for DWTI or UWTI but will accept orders to close existing positions. In addition, customers holding short positions remain subject to the risk of forced close-out should the shares borrowed be recalled by the lender.
Interactive Brokers Client Services"
