Complex sentence: Since in local volatility models the volatility is deterministic function of the random stock price, local volatility models are not very well used to price cliquet options or forward start options, whose values depend specifically on the random nature of volatility itself.
Split into simpler sentences: Since in local volatility models the volatility is deterministic function of the random stock price. Local volatility models are not very well used to price cliquet options or forward start options, whose values depend specifically on the random nature of volatility itself.