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In Portfolio and Investment management, I need to get answers for the following questions: What's volatility smile and smirk? In what markets do we

In Portfolio and Investment management, I need to get answers for the following questions:

What's volatility smile and smirk? In what markets do we see volatility smile? In what markets do we see volatility smirk? Why are they interesting?

When did we start seeing a volatility smirk in US equity index options? 

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