wilmott.com

After some reading I think I have a reasonable idea of some uses for vanilla options.When I ask about exotic options and structured 'solutions' I get stuck, principally I think because I have a limited idea of what these terms really mean. So I ask you:What are exotic options?'What are structured derivatives – i.e. derivatives? I've heard quant’s state that old exotic options are now becoming more vanilla (which I take to mean more liquid and better understood). So, perhaps someone very kind could comment on the relative markets for each and the role of the quant therein.Thanks, Hens