Why is volatility always quoted in terms of caplet and swaption? Why not quoted in terms of other instruments?

  • $\begingroup$ these are the most liquid interest rate options. $\endgroup$ – Randor Dec 15 '16 at 19:22
  • $\begingroup$ you can also someties see quotes of bermudan european switch - the vol diff between the 2 $\endgroup$ – Randor Dec 15 '16 at 19:23

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