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      "text": "Measures the potential mark-to-market loss on all positions from adverse market moves. We use historical simulations which are “walk-backs” through time to determine what would have been the P&L impact on today’s portfolio if we relived each day over the past four years. We weight the data giving more weight to recent market moves while at the same time giving less weight to market moves further back in time. This approach allows us to avoid making assumptions about distributions, about diversification, about relative risk factor weightings. In order to determine the reasonableness of the market risk measures, we do back-testing, comparing the market risk generated for the portfolio using the historical simulation approach to its actual trading P&L",
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