on wiki, it says:Local volatility models are not very well used to price cliquet options or forward starting optionscould anybody detailedly explain it?thanks

I've seen a most general payoff function containing local and global cap, and local and global floor.but in reality, do these four guys always exist or only some appear?

I'm a little bit confused by the difference between local vol and implied vol.how do these two guys figured out?

<t>Professor Lane P Hughston will join IC from August 2008.I'm an MSc student of financial maths at kcl and prof. Hughston is our director now. He teaches us portfolio risk management.I'm shocked to hear that he'll join IC this autumn and doubt that the financial maths at kcl will be degraded after ...