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Key Confidence in VaR Spec refers to the confidence interval with respect to which the Value at Risk of the referenced tradable is calculated.
Typical values are 0.99 for a 99% interval or 0.95 for a 95% interval.
For example, if the one-day VaR with 95% confidence interval equals 100 USD then we are 95% confident that the realized loss after one day will not exceed 100 USD.
There would still exist a 5% probability that the realized loss will be greated than 100 USD.