df.reset_index(level=0, inplace=True)
>>> df.reset_index(level=['tick', 'obs'])
tick obs val
tag
C 2016-02-26 2 0.0139
A 2016-02-27 2 0.5577
C 2016-02-28 6 0.0303
>>> df
val
tick tag obs
2016-02-26 C 2 0.0139
2016-02-27 A 2 0.5577
2016-02-28 C 6 0.0303