This excerpt taken from the HBC 6-K filed Aug 8, 2008.
Daily VAR (trading and non-trading) (US$m)
The major contributor to the trading and non-trading VAR for the Group was Global Markets.
The histogram below illustrates the frequency of daily revenue arising from Global Markets trading, balance sheet management and other trading activities.
The average daily revenue earned therefrom in the first half of 2008 was US$21.7 million, compared with US$26.3 million in the first half of 2007. The standard deviation of these daily revenues was US$48.3 million compared with US$17.8 million in the first half of 2007. The standard deviation measures the variation of daily revenues about the mean value of those revenues.
An analysis of the frequency distribution of daily revenue shows that there were 33 days with negative revenue during the first half of 2008 compared with one day in the first half of 2007. The most frequent result was a daily revenue of between US$46 million and US$50 million with 8 occurrences.