A German Bank Has Exposure to the S&P500

Multiple Choice

A German bank has exposure to the S&P500.Which of the following is true

A) The S&P 500 index should be always be measured in U.S. dollars when VaR is calculated
B) The S&P 500 index should be always be measured in euros when VaR is calculated
C) Either A or B can be done
D) The S&P 500 index should be measured in euros only if the bank has not got a U.S. subsidiary.