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4. simply applying DNV to such model with both rounding and random noise does not really take care of rounding effect. There is also a nontrivial interaction between rounding and random noise that is difficult to disentangle. As we mentioned in the third-to-last paragraph of the Introduction;The additional presence of random noise destroys the model structure to which DNV applies, hence
5. Exchange Rate Returns Standardized by Realized Volatility are (Nearly) Gaussian