老师哦，这个题是什么意思，要考察什么？怎么解释？

The owner of USD 200 million portfolio wants to estimate 1-d 99% liquidity adjusted VaR using the random spread approach. The portfolio daily mean return is zero with daily volatility of 1.4%. The bid-ask spread on the portfolio has a daily mean of 0.1% and standard deviation of 0.2%. If the confidence parameter of the spread is equal to 3,what is the daily liquidity cost adjustment that should be added to VaR? key: 0.7million 我算出来和答案不一样，请老师解释下

老师，这个20bp为什么不是付在senior上？

老师，为什么不是firm pay这20million？

操作风险百题 62题，PPT 什么地方讲到过？

操作风险百题 55题，capital policy 和 governance policy 不太会区分。

操作风险百题 50题，the firm's cost of capital is 15%，这个15%是怎么体现的？没有用到这个条件，是干扰条件吗?

老师，请问这道题如何算呢？

Declining local currency can decrease the position gain in a foreign currency transaction, while increasing risk exposure of the counterparty. C为什么不正确？还不太明白。另外对于这种题目，需要假设分析的企业是currency transaction的哪一方吗？（例如支付本币，收取外币）

老师，怎么解释？