It is, for example, noteworthy that the skew in index options appears initially to have been largely an American phenomenon. L9 The British options market, for example, does not seem to have responded to 1987 by developing a similar skew (Gemmill 1996). Although stock markets in the United Kingdom and elsewhere also crashed, the effects on the then-tiny British derivatives markets were nowhere near as devastating as in the United States. When a consistent skew did emerge in the U.K. in the first half of the 1990s, it seems to have been only a third as intense as in the U.S. In Japan, too, the skew may have been less marked (Gemmill and Kamiyama 2001).

Donald MacKenzie, An Engine, Not a Camera, loc. 921