Before revision: During last 15 years various parameterizations of the implied volatility (IV) surface were proposed in the literature to address few goals: a) given market data on some options build a no-arbitrage local volatility (Dupire's) surface to further exploit it for calibration of a local stochastic volatility model;
After revision: We propose a new static parameterization of the implied volatility (IV) surface were proposed in the literature to address few goals: a) given market data on some options build a no-arbitrage local volatility (Dupire's) surface to further exploit it for calibration of a local stochastic volatility model;