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What's the typical markup on quoted exotics, and what drives this premium?
You call up an options desk for a quote, and they'll give you a spread that reflects their market on the vol plus a bunch of other things. … For a more concrete example, if I asked a desk to quote me a $1 strike 5-years-to-expiry call on Amazon, would they price this like pure delta? If there's a premium, what's driving that? …