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      "kind": "list",
      "text": "Refer to \"Risk appetite framework\" in this section for more information\nRefer to \"Stress testing\" in this section for more information about our stress testing framework",
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      "text": "Value-at-risk: VaR is a statistical measure of market risk, representing the potential market risk losses over a set time horizon (holding period) at an established level of confidence.",
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      "text": "We use a single VaR model for both internal management purposes and determining market risk RWA... For internal management purposes, we establish risk limits and measure exposures using VaR at a 95% confidence level.",
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      "text": "We calculate VaR daily. The profit or loss distribution VaR is derived from our internally developed VaR model, which simulates returns over the holding period for those risk factors our trading positions are sensitive to.",
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      "text": "Liquidity-adjusted stress: LAS is our primary stress loss measure for Group-wide market risk. The LAS framework captures the economic losses that could arise under specified stress scenarios.",
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      "text": "Market risk stress loss: We measure and manage market risks through a comprehensive framework of non-statistical measures and related limits, as well as VaR. This includes an extensive set of stress tests and scenario analyses.",
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