xuxu1980

回1楼：Switching to a 99% confidence level (from 95%) would provide a more conservative VAR， 因为99%对应的值更大。不过Q7 问的是the meaning of the current VAR measure,所以只cover这段话的前半部分，前半部分是对的。

回2楼：ability to incorporate optionality into the analysis是指可以deal with nonnormality，因为option通常是不normal的。However, one of assumptions of the analytical method is normal distribution.

回3楼：the first sentence of the last paragraph in viganette says that the bank has the short position.

个人观点，仅供参考。