# Interest rates - Swaptions implied volatility - Volatility anchoring with Black and with normal volatilities

In a LMM+ with displacement factor a volatility anchoring technique is used, i.e. a long term volatility assumptions is applied, derived from historic time series. Should I adjust this historic volatility (e.g. 10%) when using Black or the normal implied volatilities?

• Your question is not clear. More background information or a reference may be helpful for understanding your question. – Gordon May 27 '16 at 13:05