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The volatility depends on Key Vol::Peg Date, but also on the tenor and strike of the underlying swap assumed to start on Peg Date.
It is specified by a
HyperTable object containing volatilities for various (option expiry,swap tenor,strike spread) combinations.
The first dimension must span the strike spreads, the second the option expiries (entered as steps) and the third the swap tenors (entered as steps).
The strike spread of 0 must be present along the 1st dimension and the corresponding subtable must contain the at-the-money swaption vols.
All other subtables - i.e. the subtables corresponding to non-zero strike spreads - must contain the vol spreads.
Note this type only makes sense if the entry
Key Vol Spec::Ref Quotable defined within Vol Spec relates to a Vanilla Swaption.
It is implemented through the QuantLib SwaptionVolCube1.
Linear interpolation and flat extrapolation is assumed for those dates, tenors and strikes that do not appear in the HyperTable