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Emerging market Interest Rate Options Vol surfaces
Hi there,For emerging mkt IRD options, 1) Other than ATM vols, are there liquid market for the off ATM ones ? if no, how does trader know whatis the level of the skew or use any model (E.g. SABR) to calibrate ?2) HOw to build the vol. surface in such case. How to take into account wide bid-ask spread for theseemgering mkt currency rates ?thx in advance