Implied risk-neutral probability distributions derived from market prices generally exhibit different tail behaviors than a theoretical lognormal distribution. For equities (like ABC stock), the volatility skew shows that lower strike prices have higher implied volatilities (fatter left tail) and higher strike prices have lower implied volatilities (thinner right tail) compared to a lognormal distribution. A deep out-of-the-money (OTM) call option relies on the right tail. Since the right tail for equities is thinner than the lognormal assumption, the deep OTM call would be priced relatively lower. Conversely, foreign exchange options typically exhibit a volatility smile, meaning both deep OTM puts and deep OTM calls have higher implied volatilities than at-the-money options. This implies fatter tails on both ends. As a result, the right tail is fatter than the lognormal assumption, leading to a relatively higher price for deep OTM calls on the USD/GBP FX rate.