Briefly explain the two risk measures, VaR $($Value$-$at$-$Risk$)$

and ES $($Expected Shortfall$).$ In what scenario$($s$),$ ES has

advantage over VaR.

$[10$ marks$]$

Using the data from the table above, calculate the one$-$

day $99\%$ VaR and Expected Shortfall $($ES$).$