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Interest Rate Options - Exchange Traded vs OTC

Hi,

I understand that Exchange Traded Interest Options (USD Libor 3m or Euribor 3m) trade with a lower volatility than the respective Cap or Floor for an equivalent structure.

Can anyone give any colour as to the specific reasons for this? Liquidity / One-Way demand in OTC? And are there any research / papers on this area. Thanks for help.
 
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