How is the swaption vol grid clustered/seperated?
I understand that broadly you have gamma/vega and furthermore upper right/left and lower right/left. Can you break it up even more? I've heard "Belly Vega" (2y-5y expires, 5y-10y tails) thrown around.
The vega sectors seems to be very broad. Im sure the specific expiry/tail bounds differ between shops. For example, BofA research classifies tenors between 2y1y and 30y30y as "LLC" (lower left). That seems a bit wide.
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