不好意思，没看懂你在说什么，请具体说明你在干什么，你要达到什么目的，用的什么方法，然后具体问题是什么，尽量连贯表达，不要直接说问题。以免大家无所适从或者回答文不对题，耽误双方时间。

节点是数据给出的，如果lmm的拟合数据也是3月libor谁说你能每天都迭代模拟一个利率出来~神模型么可以无中生有啊~同样的数据结构，lmm较好因为波动率结构更准确些

Tough I still didn't catch your point.

I have not calibrated these two models so I can't give you any conclusion. Just share my opinion.

To calibrate these two models, the most common way is to use cap or swaption.

I think everyday you have the forward libor rate for a certain period (e.g. 3 month) and the corresponding derivatives, they should be on a rolling basis. So I don't understand the data issue you are talking about.

LMM can have a better term structure of the volatility (as mentioned by the floor above) so that this is its advantage. But Heston, as an SV model is more flexible in calibrating and it should perform better in hedging (although you are not talking about hedging issue).

best,

如果数据是每日滚动的，那3个月只是利率种类不是数据结构，数据结构是日频率的3月libor；那么heston模型也可以做日拟合的；

再说了heston模型不是个sv模型么，是想说水平利率模型比如BDT等再加上heston的波动率结构吧，这就也不知道他想问什么了

Agree, I either can't figure out what get him confused. And he seems never appear any more.

Thanks for leading some active discussion. My board needs more people like you.

best,