老师，在贴现的时候，用的利率为什么不是6%呢，按照二叉树的意思，today的利率是5%，有0.8024的可能性在六个月后利率到5.5%，那这个5.5%指的是today到六个月的利率，还是六个月到一年的利率？如果指的是六个月到一年的，那最后one year的时候是6%，应该表示一年到一年半的利率，那求swap的payoff怎么能用6%呢，不是应该用5.5%吗？就是题干中，是不是最后一列利率表示时点，前面的利率表示区间呢？辛苦老师解释一下～

“Spearman’s rank correlation and Kendall’s τ are ordinal correlation coefficients that should not be used with cardinal financial variables because they underestimate risk by ignoring the impact of outliers.”这个cardinal financial variables是什么意思呢？

A functionally independent corporate operational risk function is desirable in a bank but is not necessary for an effective control environment. This is especially true for a small bank, which might roll all risk management activities into one risk management group (i.e., not segregated by type of risk). An effective control environment should include the following five components: (1) a control environment, (2) risk assessment, (3) control activities, (4) information and communication, and (5) monitoring activities.

麻烦老师重点解释C，其他的选项略带解释

不太明白年和天的转化 为什么不能先算出年的VaR然后转化为天

bootstrap的缺点无法考虑异常值该如何理解，我有些忘记了

CDS 的exposure 是指buyer 还是 seller 的exposure， credit risk PPT page 77

老师，文中老师红笔写的EA是哪个缩写呀？

为什么这样是sell一个6x12的FRA呢

exceedence的个数为零不是最佳状态吗，N为什么会有下限？