SRF
IMPLIED VOLATILITY SURFACE · σ(Δ,T) · ATM · 25Δ RR · 25Δ BF
MARKET QUOTES PER TENOR
ATM %25Δ RR25Δ BF
↶ RESET
IMPLIED VOLATILITY SURFACE — σ(Δ,T) · 3D
SMILE —
ATM
RR
BF
TERM STRUCTURE —
Volatility Surface