4. The Barclays Capital Global Risk Model is available through POINT, Barclays Capital portfolio management tool. It is a multi-currency cross-asset model that covers many different asset classes across the fixed income and equity markets, including derivatives in these markets. At the heart of the model is a covariance matrix of risk factors. The model has several hundreds of factors, many specific to a particular asset class. The asset class models are periodically reviewed. Structure is imposed to increase the robustness of the estimation of such large covariance matrix. The model is estimated from historical data. It is calibrated using extensive security-level historical data and is updated on a monthly basis.