30. The expected shortfall represents: a. The expected gain during time T conditional on the loss being greater that the Xth percentile of the loss distribution b. The expected loss during time T conditional on the loss being greater that the Xth percentile of the loss distribution c. The expected loss during time T conditional on the loss being smaller that the Xth percentile of the loss distribution d. The expected gain during time T conditional on the loss being smaller that the Xth percentile of the loss distribution tinnol hid-offer spread of 100