1. Figures and Tables

2. Tab I

3. Fig 1 – The normal and excited instantaneous volatility curves

4. Fig. 2- The Instantaneous Volatility Path: Model Data (5 x 5)

5. Fig. 3 - The Implied Volatility Path: Model Data (US$) – 5 x 5 swap vol

6. Fig. 4 Implied Path Empirical (10 x 10 USD)

7. Fig. 5- Implied Path Empirical (1 x 3 EUR)

8. Fig. 6 – Fitting to Market Smile

9. Tab Kurt: Model and Real Kurtosis

10. Tab Kurt2: Model and Real Kurtosis

11. Tab Skew:Model and Real Skew

12. Tab Skew:Model and Real Skew

13. Fig 7: Eigenvectors: real data

14. Fig 8 - Eigenvectors: new approach

15. Fig 9 - Eigenvalues: real data

16. Fig 10 - Eigenvalues: model data

17. Tab DetVol

18. Fig 11

19. Fig 12
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