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In finance, a binary option is a type of option in which the payoff can take only two possible outcomes, either some fixed monetary amount (or a precise predefined quantity or units of some asset) or nothing at all (in contrast to ordinary financial options that typically have a continuous spectrum of payoff). The two main types of binary options are the cash-or-nothing binary option and the asset-or-nothing binary option. The cash-or-nothing binary option pays some fixed amount of cash if the option expires in-the-money while the asset-or-nothing pays the value of the underlying security. They are also called all-or-nothing options, digital options (more common in forex/interest rate markets), and fixed return options (FROs) (on the American Stock Exchange).〔(Binary Option Definition ) Investopedia. Retrieved 2013-06-30.〕 For example, a purchase is made of a binary cash-or-nothing call option on XYZ Corp's stock struck at $100 with a binary payoff of $1,000. Then, if at the future maturity date, often referred to as an expiry date, the stock is trading at above $100, $1,000 is received. If the stock is trading below $100, no money is received. And if the stock is trading at $100, the money is returned to the purchaser. The value of a digital option can be expressed in terms of the probability of exceeding a certain value, that is, the cumulative distribution function, which in the Black-Scholes equation is the Gaussian. Due to the difficulty for market-makers to hedge binary options that are near the strike price around expiry, these are much less liquid than vanilla options (that is, standard and ordinary call and put options). Dealers often replicate them using vertical spreads, which provides a rough, inexact hedge. Though binary options sometimes trade on regulated exchanges, they are generally unregulated, trading on the internet, and prone to fraud.〔 The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have issued a joint warning to American investors regarding unregulated binary options.〔(【引用サイトリンク】 Investor Alert Binary Options and Fraud )〕 ==Regulation and compliance== On non-regulated platforms, client money is not necessarily kept in a trust account, as required by government financial regulation, and transactions are not monitored by third parties in order to ensure fair play. On May 3, 2012, the Cyprus Securities and Exchange Commission (CySEC) announced a policy change regarding the classification of binary options as financial instruments. The effect is that binary options platforms operating in Cyprus, where many of the platforms are based, will have to be CySEC regulated within six months of the date of the announcement. CySEC was the first EU MiFID-member regulator to treat binary options as financial instruments. In March 2013, Malta's Financial Services Authority announced that binary options regulation would be transferred away from Malta's Lottery and Gaming Authority.〔(Gaming or Trading? That is the Question – MFSA To Regulate Binary Options as a Financial Product )〕 On 18 June 2013, Malta’s Financial Services Authority confirmed that in their view binary options fell under the scope of the Markets in Financial Instruments Directive (MiFID) 2004/39/EC. With this announcement Malta became the second EU jurisdiction to regulate binary options as a financial instrument, providers will now have to gain a category 3 Investment Services licence and conform to MiFID's minimum capital requirement In 2013, CySEC prevailed over the disreputable binary options brokers and communicated intensively with traders in order to prevent the risks of using unregulated financial services. On September 19, 2013, Cyprus Securities and Exchange Commission (CySEC) sent out a press release warning investors against binary options broker TraderXP, CySEC stated that TraderXP is not and has never been licensed by CySEC.〔(【引用サイトリンク】Warning )〕 On October 18, 2013, CySEC released an investor warning about binary options broker NRGbinary and its parent company NRG Capital (CY) Ltd., stating that NRGbinary is not and has never been licensed by CySEC.〔(【引用サイトリンク】Warning )〕 The Cypriot regulator also temporarily suspended the license of the Cedar Finance on December 19, 2013. The decision was taken by Cyprus Securities and Exchange Commission(CySEC) because the potential violations referenced appear to seriously endanger the interests of the company’s customers and the proper functioning of capital markets, as described in the official issued press release. CySEC also issued a warning against binary option broker PlanetOption at the end of the year and another warning against binary option broker LBinary on January 10, 2014, pointing out that it is not regulated by the Commission and the Commission has not received any notification by any of its counterparts in other European countries to the effect of this firm being a regulated provider. As far as penalties are concerned, the Cyprus regulator imposed a penalty of €15,000 against ZoomTrader. OptionBravo and ChargeXP were also financially penalized. CySEC also indicated that it has voted to reject the ShortOption license application.〔(【引用サイトリンク】The projects of the CySEC regulator in terms of binary options in 2014 )〕 The U.S. Commodity Futures Trading Commission (CFTC) oversees the regulation of futures, options, and swaps trading in the United States. On June 6, 2013, the CFTC and the U.S. Securities and Exchange Commission jointly issued an Investor Alert to warn about fraudulent promotional schemes involving binary options and binary options trading platforms. At the same time they charged Banc De Binary Ltd., a Cyprus-based company, with illegally selling binary options to U.S. investors.〔(【引用サイトリンク】SEC Warns Investors About Binary Options and Charges Cyprus-Based Company with Selling Them Illegally in U.S. )〕〔(【引用サイトリンク】Binary Options and Fraud )〕 In the UK, the Department for Culture, Media and Sport have written to the Gambling Commission suggesting binary options are to be reclassified from "fixed odds bets" to "financial instruments".〔(【引用サイトリンク】Binary Options brokers to be regulated by the FCA )〕 This would mean regulation falls under the remit of the Financial Conduct Authority. This would be a significant step in the regulation of binary options as FCA regulation would carry much more weight both with European members and UK consumers. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Binary option」の詳細全文を読む スポンサード リンク
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