Rest in peace, VIX. You're no longer the fear gauge for globalmarkets.

The Bank for International Settlements has found a betterbarometer to capture the nervousness that starts as a slightreduction in global banks' leverage, is magnified by Europeanlenders as a dollar squeeze in Asian supply chains, andreverberates around the world as a financial tightness felt byeveryone.

Everyone, except the Chicago Board Options Exchange's VolatilityIndex.

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