Do You Have a CMS Framework?

The implementation of this is straightforward if you have a CMS framework already in place. Is it very complicated if you don't? Do you have to build it up from scratch? Yes, you have to,. If you want to embed this change of annuity, this convexity adjustment and the nonlinear payoff, then you have to go and do this type of replication. To some extent, I don't know if we discussed later that, but in the paper, I show some linear approximations which are working quite well.