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The main takeaway from the article: Brady plans every detail of his life so he can play football as long as possible, and he'll do anything he can to get an edge. He diets all year round, takes scheduled naps in the offseason, never misses a workout, eats what his teammates call "birdseed," and does cognitive exercises to keep his brain sharp. Brady struggles to unwind after games and practices. He's still processing, thinking about what's next.

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Are binary options legal wikipedia

As of May , eToro had 13 million registered accounts. There is no impact on existing, open leveraged crypto positions. On Friday, January 8 afternoon, eToro notified its European clients that "due to extreme market volatility in the crypto markets, margin positions for all leveraged crypto positions" should be changed to nonleveraged, or they would be closed within four hours.

A few hours later, eToro closed all leveraged positions. Lawyers and users expressed intent to file a class action lawsuit and a motion to revoke eToro license in Cyprus. A four-hour notice before closing all leveraged crypto positions made people wake up in their different timezones and seeing their positions closed. People were losing these positions in their sleep or at work.

Clients followed all the steps eToro gave to keep these CFD's open, and eToro closed them anyway," said Slavko Vesenjak , an attorney in Slovenia , who represented several eToro clients from across Europe. A law professor Jurij Toplak said he would gather users and file motion to revoke eToro license in Cyprus where it is registered. From Wikipedia, the free encyclopedia. Social trading and multi asset brokerage company.

For the ethnic group, see Etoro people. This article reads like a press release or a news article and is largely based on routine coverage or sensationalism. Please expand this article with properly sourced content to meet Wikipedia's quality standards , event notability guideline , or encyclopedic content policy. January Retrieved 2 November Retrieved 5 December Business Insider. Retrieved 13 May Is It That Easy? Littlegate Publishing. Archived from the original on 23 March Retrieved 10 May Finance Magnates.

London Evening Standard. Finance Magnates Financial and business news. Retrieved 14 May Retrieved 27 March Archived from the original on 29 June The Irish Times. Furthermore, no matter how far the market goes against a trader's position, the trader is not stopped out.

Members pay trading fees on each side of their trades: once to open and once to close. Nadex does not charge settlement fees on trades that settle out of the money. From Wikipedia, the free encyclopedia. TSCOptions column. Archived from the original on Retrieved The site, which launched in early October Print Edition. I'd spend the first half of every conversation saying 'no,'" said Mr.

Nafeh, chairman of the San Mateo company. Binary options strategy. The Wall Street Journal. Now a new online market wants to bring derivatives to the masses, albeit in small doses and not in the speculative form that critics contend can pose financial ruin. Commodity Futures Trading Commission. Categories : Companies based in Chicago Financial services companies established in Economics websites Prediction markets Futures exchanges.

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On a certain occasion, it was predicted that the season's olive harvest would be larger than usual, and during the off-season, he acquired the right to use a number of olive presses the following spring. When spring came and the olive harvest was larger than expected, he exercised his options and then rented the presses out at a much higher price than he paid for his 'option'.

The book Confusion of Confusions describes the trading of "opsies" on the Amsterdam stock exchange, explaining that "there will be only limited risks to you, while the gain may surpass all your imaginings and hopes. In London, puts and "refusals" calls first became well-known trading instruments in the s during the reign of William and Mary.

Their exercise price was fixed at a rounded-off market price on the day or week that the option was bought, and the expiry date was generally three months after purchase. They were not traded in secondary markets. In the real estate market, call options have long been used to assemble large parcels of land from separate owners; e. Many choices, or embedded options, have traditionally been included in bond contracts.

For example, many bonds are convertible into common stock at the buyer's option, or may be called bought back at specified prices at the issuer's option. Mortgage borrowers have long had the option to repay the loan early, which corresponds to a callable bond option.

Options contracts have been known for decades. The Chicago Board Options Exchange was established in , which set up a regime using standardized forms and terms and trade through a guaranteed clearing house. Trading activity and academic interest has increased since then. Today, many options are created in a standardized form and traded through clearing houses on regulated options exchanges , while other over-the-counter options are written as bilateral, customized contracts between a single buyer and seller, one or both of which may be a dealer or market-maker.

Options are part of a larger class of financial instruments known as derivative products , or simply, derivatives. A financial option is a contract between two counterparties with the terms of the option specified in a term sheet. Option contracts may be quite complicated; however, at minimum, they usually contain the following specifications: [8].

Exchange-traded options also called "listed options" are a class of exchange-traded derivatives. Exchange-traded options have standardized contracts, and are settled through a clearing house with fulfillment guaranteed by the Options Clearing Corporation OCC. Since the contracts are standardized, accurate pricing models are often available. Exchange-traded options include: [9] [10]. Over-the-counter options OTC options, also called "dealer options" are traded between two private parties, and are not listed on an exchange.

The terms of an OTC option are unrestricted and may be individually tailored to meet any business need. In general, the option writer is a well-capitalized institution in order to prevent the credit risk. Option types commonly traded over the counter include:.

By avoiding an exchange, users of OTC options can narrowly tailor the terms of the option contract to suit individual business requirements. In addition, OTC option transactions generally do not need to be advertised to the market and face little or no regulatory requirements.

However, OTC counterparties must establish credit lines with each other, and conform to each other's clearing and settlement procedures. With few exceptions, [11] there are no secondary markets for employee stock options. These must either be exercised by the original grantee or allowed to expire. The most common way to trade options is via standardized options contracts that are listed by various futures and options exchanges.

By publishing continuous, live markets for option prices, an exchange enables independent parties to engage in price discovery and execute transactions. As an intermediary to both sides of the transaction, the benefits the exchange provides to the transaction include:. These trades are described from the point of view of a speculator.

If they are combined with other positions, they can also be used in hedging. An option contract in US markets usually represents shares of the underlying security. A trader who expects a stock's price to increase can buy a call option to purchase the stock at a fixed price " strike price " at a later date, rather than purchase the stock outright.

The cash outlay on the option is the premium. The trader would have no obligation to buy the stock, but only has the right to do so at or before the expiration date. The risk of loss would be limited to the premium paid, unlike the possible loss had the stock been bought outright. The holder of an American-style call option can sell the option holding at any time until the expiration date, and would consider doing so when the stock's spot price is above the exercise price, especially if the holder expects the price of the option to drop.

By selling the option early in that situation, the trader can realise an immediate profit. Alternatively, the trader can exercise the option — for example, if there is no secondary market for the options — and then sell the stock, realising a profit. A trader would make a profit if the spot price of the shares rises by more than the premium.

For example, if the exercise price is and premium paid is 10, then if the spot price of rises to only the transaction is break-even; an increase in stock price above produces a profit. If the stock price at expiration is lower than the exercise price, the holder of the options at that time will let the call contract expire and only lose the premium or the price paid on transfer.

A trader who expects a stock's price to decrease can buy a put option to sell the stock at a fixed price "strike price" at a later date. The trader is under no obligation to sell the stock, but has the right to do so at or before the expiration date.

If the stock price at expiration is below the exercise price by more than the premium paid, the trader makes a profit. If the stock price at expiration is above the exercise price, the trader lets the put contract expire, and only loses the premium paid.

In the transaction, the premium also plays a role as it enhances the break-even point. For example, if the exercise price is , the premium paid is 10, then a spot price of to 90 is not profitable. The trader makes a profit only if the spot price is below The trader exercising a put option on a stock, does not need to own the underlying asset, because most stocks can be shorted. A trader who expects a stock's price to decrease can sell the stock short or instead sell, or "write", a call.

The trader selling a call has an obligation to sell the stock to the call buyer at a fixed price "strike price". If the seller does not own the stock when the option is exercised, they are obligated to purchase the stock in the market at the prevailing market price. If the stock price decreases, the seller of the call call writer makes a profit in the amount of the premium. If the stock price increases over the strike price by more than the amount of the premium, the seller loses money, with the potential loss being unlimited.

A trader who expects a stock's price to increase can buy the stock or instead sell, or "write", a put. The trader selling a put has an obligation to buy the stock from the put buyer at a fixed price "strike price". If the stock price at expiration is above the strike price, the seller of the put put writer makes a profit in the amount of the premium. If the stock price at expiration is below the strike price by more than the amount of the premium, the trader loses money, with the potential loss being up to the strike price minus the premium.

Combining any of the four basic kinds of option trades possibly with different exercise prices and maturities and the two basic kinds of stock trades long and short allows a variety of options strategies. Simple strategies usually combine only a few trades, while more complicated strategies can combine several. Strategies are often used to engineer a particular risk profile to movements in the underlying security. For example, buying a butterfly spread long one X1 call, short two X2 calls, and long one X3 call allows a trader to profit if the stock price on the expiration date is near the middle exercise price, X2, and does not expose the trader to a large loss.

Selling a straddle selling both a put and a call at the same exercise price would give a trader a greater profit than a butterfly if the final stock price is near the exercise price, but might result in a large loss. Similar to the straddle is the strangle which is also constructed by a call and a put, but whose strikes are different, reducing the net debit of the trade, but also reducing the risk of loss in the trade.

One well-known strategy is the covered call , in which a trader buys a stock or holds a previously-purchased long stock position , and sells a call. If the stock price rises above the exercise price, the call will be exercised and the trader will get a fixed profit. If the stock price falls, the call will not be exercised, and any loss incurred to the trader will be partially offset by the premium received from selling the call.

Overall, the payoffs match the payoffs from selling a put. This relationship is known as put—call parity and offers insights for financial theory. Another very common strategy is the protective put , in which a trader buys a stock or holds a previously-purchased long stock position , and buys a put. This strategy acts as an insurance when investing on the underlying stock, hedging the investor's potential losses, but also shrinking an otherwise larger profit, if just purchasing the stock without the put.

The maximum profit of a protective put is theoretically unlimited as the strategy involves being long on the underlying stock. The maximum loss is limited to the purchase price of the underlying stock less the strike price of the put option and the premium paid. A protective put is also known as a married put. Another important class of options, particularly in the U.

Other types of options exist in many financial contracts, for example real estate options are often used to assemble large parcels of land, and prepayment options are usually included in mortgage loans. However, many of the valuation and risk management principles apply across all financial options.

There are two more types of options; covered and naked. Because the values of option contracts depend on a number of different variables in addition to the value of the underlying asset, they are complex to value. There are many pricing models in use, although all essentially incorporate the concepts of rational pricing i. The valuation itself combines a model of the behavior "process" of the underlying price with a mathematical method which returns the premium as a function of the assumed behavior.

The models range from the prototypical Black—Scholes model for equities, [17] [18] to the Heath—Jarrow—Morton framework for interest rates, to the Heston model where volatility itself is considered stochastic. See Asset pricing for a listing of the various models here. As above, the value of the option is estimated using a variety of quantitative techniques, all based on the principle of risk-neutral pricing, and using stochastic calculus in their solution.

The most basic model is the Black—Scholes model. More sophisticated models are used to model the volatility smile. These models are implemented using a variety of numerical techniques. More advanced models can require additional factors, such as an estimate of how volatility changes over time and for various underlying price levels, or the dynamics of stochastic interest rates.

The following are some of the principal valuation techniques used in practice to evaluate option contracts. Following early work by Louis Bachelier and later work by Robert C. Merton , Fischer Black and Myron Scholes made a major breakthrough by deriving a differential equation that must be satisfied by the price of any derivative dependent on a non-dividend-paying stock.

By employing the technique of constructing a risk neutral portfolio that replicates the returns of holding an option, Black and Scholes produced a closed-form solution for a European option's theoretical price. While the ideas behind the Black—Scholes model were ground-breaking and eventually led to Scholes and Merton receiving the Swedish Central Bank 's associated Prize for Achievement in Economics a.

Nevertheless, the Black—Scholes model is still one of the most important methods and foundations for the existing financial market in which the result is within the reasonable range. Since the market crash of , it has been observed that market implied volatility for options of lower strike prices are typically higher than for higher strike prices, suggesting that volatility varies both for time and for the price level of the underlying security - a so-called volatility smile ; and with a time dimension, a volatility surface.

One principal advantage of the Heston model, however, is that it can be solved in closed-form, while other stochastic volatility models require complex numerical methods. As such, a local volatility model is a generalisation of the Black—Scholes model , where the volatility is a constant. The concept was developed when Bruno Dupire [24] and Emanuel Derman and Iraj Kani [25] noted that there is a unique diffusion process consistent with the risk neutral densities derived from the market prices of European options.

In , the Chiang Mai Technology School allocated a separate restroom for kathoeys , with an intertwined male and female symbol on the door. The 15 kathoey students are required to wear male clothing at school but are allowed to sport feminine hairdos. The restroom features four stalls, but no urinals.

Although Kathoeys are still not fully respected, they are gradually gaining acceptance and have made themselves a very distinct part of the Thai society. This is especially true in the entertainment, business, and fashion industries in Thailand, where the Kathoeys play significant roles in leadership and management positions. In addition, Kathoeys or second-category-women are very sought after when businesses are hiring salespeople. In many job posts, it is common to see companies state that second-category-women are preferred as their sales force because they are generally seen as more charismatic and expressive individuals.

The title " Mx. In September the Ministry of Justice responded to a petition calling for self-determination of legal gender, saying that they were not aware of "any specific detriment" experienced by nonbinary people unable to have their genders legally recognised. However, in their factsheet, the Scottish Government say they will not be extending legal gender-recognition to non-binary people.

Instead they are intending to set up working group to consider what more could be done to further the inclusion of non-binary people in society. On 14 September an employment tribunal ruled that a non-binary employee was protected under the transition characteristic of the Equality Act , the first legal confirmation that non-binary people are protected by the Act.

A number of U. Passport Agency to reconsider its earlier decision. State Department refusal to give a passport exceed its authority. On February 25, , Rep. In June , Washington, D. Since at least October , Arkansas has been issuing driver's licenses with an "X" gender marker upon request. Arkansas has historically operated without a clear public policy for changing gender markers on IDs.

However, in December former Assistant Commissioner of Operations and Administration Mike Munns announced that Arkansas's official policy would be to "allow a licensee to change their gender as requested, no questions asked, no documentation required. On September 26, , intersex California resident Sara Kelly Keenan became the second person in the United States to legally change her gender to non-binary.

In December , Keenan became the first American recipient of a birth certificate with " intersex " listed under the category of "sex. In September , California passed legislation implementing a third, non-binary gender marker on California birth certificates, drivers' licenses, and identity cards.

The bill, SB , also removes the requirements for a physician's statement and mandatory court hearing for gender change petitions. On November 30, , Colorado began allowing people who do not identify as male or female to mark X as the gender identifier on their driver's license. Effective July 1, In December , Illinois passed legislation to allow gender-neutral markers on driver's licenses and ID cards.

On June 11, , Maine began allowing "X" gender markers on state IDs, using a temporary sticker until a system update. A law offering an "X" gender marker on driver's licenses and state identification cards has also been passed in Maryland effective October 1, Effective November 12, Minnesota began allowing "X" gender markers on state IDs on October 1, The designation is considered self reported information and does not require documentation.

A nonbinary person named Minnesota J. Zappa became the first person to obtain the marker after a struggle with the state Department of Vehicle Services for over a year. Effective now. The passage of Senate Bill 20 into law in the session of the New Mexico Legislature amended the Vital Records Act to allow for a third designator on the state's identification documents in both Real ID Act compliant and non-compliant forms , 'X', to be selected instead of 'F' or 'M' and required only a doctor's signature on the designator change request form instead of a court order as prior.

The Motor Vehicle Division of the New Mexico Taxation and Revenue Department began issuing such licenses later that year, although by Q1 the forms for license renewal had not yet been reprinted with the third option shown, instead allowing manual amendment. On June 10, , a state judge in a Multnomah County, Oregon circuit court ruled that a resident, James Shupe , could obtain a non-binary gender designation.

On June 15, , Oregon became the first state in the U. As of , in the state of Oregon any person may choose a gender marking of their choosing "F", "X," or "M" being the options, the field being listed as "sex" on their driver's license or identification card without any requirements of proof of gender. Oregon also allows a person to amend their birth certificate to include non-binary "X" gender marker as of January 1, However, in December of , Shupe successfully petitioned the court which granted the "non-binary" gender designation to revert the sex listed on his birth certificate to "male.

On July 30, , the Pennsylvania Department of Transportation announced that they would introduce an official process to request an X gender designation on state driver's licenses in In December , Washington state filed an adopted rule to allow a third, non-binary "X" gender marker on amended birth certificates, although certificates will still be initially issued with male or female designations; the rule went into effect on January 27, The law also provides a basis for social protection, anti-discrimination efforts, quotas and reparations.

From Wikipedia, the free encyclopedia. Not to be confused with Legal recognition of intersex people. Gender identities. Health care and medicine. Rights issues. Society and culture. Theory and concepts. By country. See also. Opt-in for intersex people only. Standard for third gender. Standard for intersex. Further information: Transgender rights , Third gender , and Non-binary gender.

Main article: Legal recognition of intersex people. Further information: Intersex human rights. Further information: Transgender rights in Argentina and Travesti gender identity. Further information: Intersex rights in Australia and Transgender rights in Australia. See also: Intersex rights in Canada and Transgender rights in Canada.

See also: Transgender rights in Tamil Nadu. Main article: Hijra South Asia. Recognition via statute or policy. Recognition via court order only. No legal recognition. Retrieved 27 May Stories of Intersex People from Nepal. BBC News. December 23, Retrieved The Daily Dot.

Retrieved June 10, License to Be Yourself. New York: Open Society Foundations. Differentiation and dimorphism of gender identity from conception to maturity. Hermaphrodites and the Medical Invention of Sex. Los estados intersexuales en la especie humana. Madrid: Morata. Archived from the original PDF on It's time to listen". Special Broadcasting Service. The Bubble. Retrieved April 3, The New York Times.

Retrieved May 8, Retrieved March 25, Science as Culture. Tony Briffa JP". Archived from the original on Concluding paper of the sex and gender diversity project , Australian Human Rights Commission, March Archived from the original on 19 November Retrieved 23 December Department of Foreign Affairs and Trade. Australian Government. Archived from the original on 19 October Retrieved 27 December Retrieved 2 April Retrieved 29 April ABC News.

Constitutional Court of Belgium. Retrieved 19 December Leuven Blog for Public Law. Politics and Governance. The Telegraph. The Brussels Times. Government of Ontario. June 29, Retrieved November 7, Global News. Retrieved July 1, Retrieved July 5, The Guardian.

Retrieved July 6, CBC News. Retrieved July 20, August 24, Retrieved August 24, Retrieved August 31, CTV News Toronto. Transgender Europe. Danish ". Retrieved 8 November SBS News. Gay Star News. Iceland Monitor. Scalo Publishers September 15, April 15, Retrieved April 15, Retrieved 15 April Journal of Anthropological. Journal of the Anthropological Society of Bombay July. Journal of the History of Sexuality. Washington Post.

Times of India. Petitioner Versus Union of India and others Respondents Supreme Court of India 15 April BN De Stem in Dutch. Huffington Post. Retrieved 25 April The New Republic. National Judicial Academy Law Journal. April Retrieved 4 May Retrieved 10 December Australian and New Zealand Journal of Psychiatry. Fairfax New Zealand. Retrieved 18 July Statistics New Zealand. Khan in TSQ 3 1—2 : — Pakistan Journal of Public Health.

Use eunuchs to recover: Pak SC". The Economic Times. Bennett Coleman. December 24, Research and discussion paper: Language and identity in transgender: gender wars and the case of the Thai kathoey. Article online Archived at the Wayback Machine. Time World. Retrieved 10 April Asian Studies Review.

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An option that conveys to the owner the right to buy at a specific price is referred to as a call ; an option that conveys the right of the owner to sell at a specific price is referred to as a put. The seller may grant an option to a buyer as part of another transaction, such as a share issue or as part of an employee incentive scheme, otherwise, a buyer would pay a premium to the seller for the option.

A call option would normally be exercised only when the strike price is below the market value of the underlying asset, while a put option would normally be exercised only when the strike price is above the market value. When an option is exercised, the cost to the buyer of the asset acquired is the strike price plus the premium, if any. When the option expiration date passes without the option being exercised, the option expires, and the buyer would forfeit the premium to the seller.

In any case, the premium is income to the seller, and normally a capital loss to the buyer. The owner of an option may on-sell the option to a third party in a secondary market , in either an over-the-counter transaction or on an options exchange , depending on the option. The market price of an American-style option normally closely follows that of the underlying stock being the difference between the market price of the stock and the strike price of the option.

The actual market price of the option may vary depending on a number of factors, such as a significant option holder may need to sell the option as the expiry date is approaching and does not have the financial resources to exercise the option, or a buyer in the market is trying to amass a large option holding. The ownership of an option does not generally entitle the holder to any rights associated with the underlying asset, such as voting rights or any income from the underlying asset, such as a dividend.

Contracts similar to options have been used since ancient times. On a certain occasion, it was predicted that the season's olive harvest would be larger than usual, and during the off-season, he acquired the right to use a number of olive presses the following spring. When spring came and the olive harvest was larger than expected, he exercised his options and then rented the presses out at a much higher price than he paid for his 'option'.

The book Confusion of Confusions describes the trading of "opsies" on the Amsterdam stock exchange, explaining that "there will be only limited risks to you, while the gain may surpass all your imaginings and hopes. In London, puts and "refusals" calls first became well-known trading instruments in the s during the reign of William and Mary. Their exercise price was fixed at a rounded-off market price on the day or week that the option was bought, and the expiry date was generally three months after purchase.

They were not traded in secondary markets. In the real estate market, call options have long been used to assemble large parcels of land from separate owners; e. Many choices, or embedded options, have traditionally been included in bond contracts. For example, many bonds are convertible into common stock at the buyer's option, or may be called bought back at specified prices at the issuer's option.

Mortgage borrowers have long had the option to repay the loan early, which corresponds to a callable bond option. Options contracts have been known for decades. The Chicago Board Options Exchange was established in , which set up a regime using standardized forms and terms and trade through a guaranteed clearing house. Trading activity and academic interest has increased since then. Today, many options are created in a standardized form and traded through clearing houses on regulated options exchanges , while other over-the-counter options are written as bilateral, customized contracts between a single buyer and seller, one or both of which may be a dealer or market-maker.

Options are part of a larger class of financial instruments known as derivative products , or simply, derivatives. A financial option is a contract between two counterparties with the terms of the option specified in a term sheet. Option contracts may be quite complicated; however, at minimum, they usually contain the following specifications: [8]. Exchange-traded options also called "listed options" are a class of exchange-traded derivatives.

Exchange-traded options have standardized contracts, and are settled through a clearing house with fulfillment guaranteed by the Options Clearing Corporation OCC. Since the contracts are standardized, accurate pricing models are often available. Exchange-traded options include: [9] [10]. Over-the-counter options OTC options, also called "dealer options" are traded between two private parties, and are not listed on an exchange.

The terms of an OTC option are unrestricted and may be individually tailored to meet any business need. In general, the option writer is a well-capitalized institution in order to prevent the credit risk. Option types commonly traded over the counter include:. By avoiding an exchange, users of OTC options can narrowly tailor the terms of the option contract to suit individual business requirements.

In addition, OTC option transactions generally do not need to be advertised to the market and face little or no regulatory requirements. However, OTC counterparties must establish credit lines with each other, and conform to each other's clearing and settlement procedures. With few exceptions, [11] there are no secondary markets for employee stock options.

These must either be exercised by the original grantee or allowed to expire. The most common way to trade options is via standardized options contracts that are listed by various futures and options exchanges. By publishing continuous, live markets for option prices, an exchange enables independent parties to engage in price discovery and execute transactions. As an intermediary to both sides of the transaction, the benefits the exchange provides to the transaction include:.

These trades are described from the point of view of a speculator. If they are combined with other positions, they can also be used in hedging. An option contract in US markets usually represents shares of the underlying security. A trader who expects a stock's price to increase can buy a call option to purchase the stock at a fixed price " strike price " at a later date, rather than purchase the stock outright.

The cash outlay on the option is the premium. The trader would have no obligation to buy the stock, but only has the right to do so at or before the expiration date. The risk of loss would be limited to the premium paid, unlike the possible loss had the stock been bought outright. The holder of an American-style call option can sell the option holding at any time until the expiration date, and would consider doing so when the stock's spot price is above the exercise price, especially if the holder expects the price of the option to drop.

By selling the option early in that situation, the trader can realise an immediate profit. Alternatively, the trader can exercise the option — for example, if there is no secondary market for the options — and then sell the stock, realising a profit. A trader would make a profit if the spot price of the shares rises by more than the premium. For example, if the exercise price is and premium paid is 10, then if the spot price of rises to only the transaction is break-even; an increase in stock price above produces a profit.

If the stock price at expiration is lower than the exercise price, the holder of the options at that time will let the call contract expire and only lose the premium or the price paid on transfer. A trader who expects a stock's price to decrease can buy a put option to sell the stock at a fixed price "strike price" at a later date. The trader is under no obligation to sell the stock, but has the right to do so at or before the expiration date.

If the stock price at expiration is below the exercise price by more than the premium paid, the trader makes a profit. If the stock price at expiration is above the exercise price, the trader lets the put contract expire, and only loses the premium paid. In the transaction, the premium also plays a role as it enhances the break-even point. For example, if the exercise price is , the premium paid is 10, then a spot price of to 90 is not profitable.

The trader makes a profit only if the spot price is below The trader exercising a put option on a stock, does not need to own the underlying asset, because most stocks can be shorted. A trader who expects a stock's price to decrease can sell the stock short or instead sell, or "write", a call. The trader selling a call has an obligation to sell the stock to the call buyer at a fixed price "strike price".

If the seller does not own the stock when the option is exercised, they are obligated to purchase the stock in the market at the prevailing market price. If the stock price decreases, the seller of the call call writer makes a profit in the amount of the premium. If the stock price increases over the strike price by more than the amount of the premium, the seller loses money, with the potential loss being unlimited.

A trader who expects a stock's price to increase can buy the stock or instead sell, or "write", a put. The trader selling a put has an obligation to buy the stock from the put buyer at a fixed price "strike price". If the stock price at expiration is above the strike price, the seller of the put put writer makes a profit in the amount of the premium.

If the stock price at expiration is below the strike price by more than the amount of the premium, the trader loses money, with the potential loss being up to the strike price minus the premium. Combining any of the four basic kinds of option trades possibly with different exercise prices and maturities and the two basic kinds of stock trades long and short allows a variety of options strategies.

Simple strategies usually combine only a few trades, while more complicated strategies can combine several. Strategies are often used to engineer a particular risk profile to movements in the underlying security. For example, buying a butterfly spread long one X1 call, short two X2 calls, and long one X3 call allows a trader to profit if the stock price on the expiration date is near the middle exercise price, X2, and does not expose the trader to a large loss.

Selling a straddle selling both a put and a call at the same exercise price would give a trader a greater profit than a butterfly if the final stock price is near the exercise price, but might result in a large loss. Similar to the straddle is the strangle which is also constructed by a call and a put, but whose strikes are different, reducing the net debit of the trade, but also reducing the risk of loss in the trade.

One well-known strategy is the covered call , in which a trader buys a stock or holds a previously-purchased long stock position , and sells a call. If the stock price rises above the exercise price, the call will be exercised and the trader will get a fixed profit. If the stock price falls, the call will not be exercised, and any loss incurred to the trader will be partially offset by the premium received from selling the call. Overall, the payoffs match the payoffs from selling a put.

This relationship is known as put—call parity and offers insights for financial theory. Another very common strategy is the protective put , in which a trader buys a stock or holds a previously-purchased long stock position , and buys a put. This strategy acts as an insurance when investing on the underlying stock, hedging the investor's potential losses, but also shrinking an otherwise larger profit, if just purchasing the stock without the put.

The maximum profit of a protective put is theoretically unlimited as the strategy involves being long on the underlying stock. The maximum loss is limited to the purchase price of the underlying stock less the strike price of the put option and the premium paid.

A protective put is also known as a married put. Another important class of options, particularly in the U. Other types of options exist in many financial contracts, for example real estate options are often used to assemble large parcels of land, and prepayment options are usually included in mortgage loans.

However, many of the valuation and risk management principles apply across all financial options. There are two more types of options; covered and naked. Because the values of option contracts depend on a number of different variables in addition to the value of the underlying asset, they are complex to value. There are many pricing models in use, although all essentially incorporate the concepts of rational pricing i.

The valuation itself combines a model of the behavior "process" of the underlying price with a mathematical method which returns the premium as a function of the assumed behavior. The models range from the prototypical Black—Scholes model for equities, [17] [18] to the Heath—Jarrow—Morton framework for interest rates, to the Heston model where volatility itself is considered stochastic.

See Asset pricing for a listing of the various models here. As above, the value of the option is estimated using a variety of quantitative techniques, all based on the principle of risk-neutral pricing, and using stochastic calculus in their solution.

The most basic model is the Black—Scholes model. More sophisticated models are used to model the volatility smile. These models are implemented using a variety of numerical techniques. Like all individuals, some intersex individuals may be raised as a particular sex male or female but then identify with another later in life, while most do not. According to the Asia Pacific Forum of National Human Rights Institutions, few countries have provided for the legal recognition of intersex people.

The Asia Pacific Forum states that the legal recognition of intersex people is firstly about access to the same rights as other men and women, when assigned male or female; secondly it is about access to administrative corrections to legal documents when an original sex assignment is not appropriate; and thirdly, while opt in schemes may help some individuals, legal recognition is not about the creation of a third sex or gender classification for intersex people as a population. In March , an Australian and New Zealand community statement called for an end to legal classification of sex, stating that legal third classifications, like binary classifications, were based on structural violence and failed to respect diversity and a "right to self-determination".

It also called for the criminalization of deferrable intersex medical interventions. In November , two non-binary people from Mendoza Province became the first to obtain an ID and birth certificate without indication of sex. Judge Myriam Cataldi felt that the Gender Identity Law applied to Bertolini's case, citing the law's definition of "gender identity" as: "the internal and individual experience of gender as each person feels it, which may or may not correspond to the sex assigned at birth, including the personal experience of the body.

After the decision of the German Federal Constitutional Court Bundesverfassungsgericht of 9 November , Austrian media report that a similar case is also pending at the Constitutional Court Verfassungsgerichtshof in Austria. Two lower judicial instances already decided against the possibility of a "third gender". Each year at least 35 children in Austria are reported to be born with ambiguous sex characteristics.

They demand that children should be free to decide on these matters when they are grown up. Johannes Wahala, president of the Austrian Society For Sexologies and head of Beratungsstelle Courage advice center in Graz condemns these operations and wishes for the introduction of a third gender. On 15 June , the Austrian Constitutional Court reached a decision, published in a news release on 29 June, that Article 8 of the European Convention on Human Rights guarantees recognition of gender identity beyond the binary male or female, and that people with a variation in gender development other than male or female must be allowed to leave a gender entry empty and must be allowed to have a positive other entry implemented.

They also found that current law is not in contradiction to these requirements, and can be interpreted in a way that is conformant to the constitutional right of recognition of gender identity via Article 8 of the ECHR. The Court ruled that the national interests listed in Article 8. The Court indicate that administrative bodies may require proof of the adequacy of a change to an entry and the relation to a persons actual social life, and that Article 8.

They have not decided on a specific name a third gender option should have, but cite recommendations as "divers", "inter", "offen". First reported in January , Australians can choose "X" as their gender or sex. Alex MacFarlane is believed to be the first person in Australia to obtain a birth certificate recording sex as indeterminate, and the first Australian passport with an 'X' sex marker in Other individuals known to have similar early options include Tony Briffa of Organisation Intersex International Australia and former mayor of City of Hobsons Bay , Victoria , previously acknowledged as the world's first openly intersex public official and mayor.

Government policy between and was to issue passports with an 'X' marker to persons who could "present a birth certificate that notes their sex as indeterminate". Birth or citizenship certificates do not need to be amended.

Australian Commonwealth guidelines on the recognition of sex and gender, published in June , extended the use of an 'X' gender marker to any adult who chooses that option, in all dealings with the Commonwealth government and its agencies. The option is being introduced over a three-year period. The guidelines also clarify that the federal government collects data on gender , rather than sex.

Norrie May-Welby is popularly — but erroneously — often regarded as the first person in the world to obtain officially indeterminate, unspecified or "genderless" status. In April , Tasmania became the first state or territory in Australia to make sex or gender identifiers in birth certificates optional and providing for official definitions for 'sex' and 'gender' only 'sex' was defined before the reforms.

Children born with ambiguous genitalia are given an additional 60 days to choose a sex for registration. The child's sex will be displayed on the birth certificate only if the parents choose to opt-in. The same reforms also allowed persons over the age of 16 to change their gender identity on official documentation — without a sex reassignment surgery or hormone replacement therapy — by providing a gender declaration.

In June , the Constitutional Court of Belgium struck down certain parts of the country's transgender law. The proceedings against the law were initiated by LGBT rights organizations , who argued that the law still discriminated against people with a non-binary or genderfluid identity, because it still only allowed people to register as either "male" or "female".

The Constitutional Court agreed with the action brought against the law, and found the contested provisions to be discriminatory and therefore unconstitutional. The De Croo Government , Belgium's federal government which took office in October , announced plans to introduce the possibility to register under the gender identifier "X", in order to address the judgment of the Constitutional Court. In June , the government of the province of Ontario announced changes to the way gender will be displayed on health cards and driver's licenses.

Starting June 13, the Ontario health card no longer displays a sex designation. In early , Ontario drivers will have the option to display "X" as a gender identifier on their driver's licenses. In April , a baby born in British Columbia , Searyl Atli Doty, became the first in the world known to be issued a health card with a gender-neutral "U" sex marker. The parent, Kori Doty, who is non-binary transgender , wanted to give the child the opportunity to discover their own gender identity.

In July , the Northwest Territories began allowing "X" as a non-binary option on birth certificates. On August 31, , the federal government began allowing an observation to be added to passports requesting that the holder's gender should be read as "X", indicating that it is unspecified, though a gender of "M" or "F" had to be added as a gender for an undefined period to comply with legal requirements of other countries.

According to comment by Transgender Europe, Danish citizens including Greenlandic- and Faroese nationals have been issued passport with option 'X' upon application, without medical requirements. Accordingly, legal gender remains binary in Denmark including Greenland and the Faroe Islands and only transsexual people without a legal gender change can obtain an X marker in their passport. Germany is thought to be the first European country that recognizes "indeterminate" sex on birth certificates, which is materialized by the absence of any gender marker, from November A report by the German Ethics Council stated that the law was passed because "Many people who were subjected to a 'normalizing' operation in their childhood have later felt it to have been a mutilation and would never have agreed to it as adults.

The court held at the same time that even an adult intersex person who was registered with a gender marker at birth can obtain the deletion of that gender marker. This judgment was sent for review by the Federal Court of Justice.

On 8 November , the Federal Constitutional Court released a press statement about its ruling from 10 October , which is in favour of a positive third gender option instead of no entry. In case of a change later in life, first names can also be changed. In the meantime, an appeals court had held that a nonbinary status must also be open to non-intersex non-binary people; the adopted act does not address this category of people and their situation therefore first remained unclear pending additional case-law.

In June , the Icelandic Parliament voted 45—0 on a bill to implement a progressive "self-determination gender change model law", similar to numerous European and South American countries. The bill includes a third gender option known as "X" on official documents. The Hijra of India are probably the most well known and populous third sex type in the modern world — Mumbai -based community health organization The Humsafar Trust estimates there are between 5 and 6 million hijras in India.

Often somewhat misleadingly called eunuchs in English, they may be born intersex or apparently male , dress in feminine clothes and generally see themselves as neither men nor women. Only eight percent of hijras visiting Humsafar clinics are nirwaan castrated.

Indian photographer Dayanita Singh writes about her friendship with a Hijra, Mona Ahmed, and their two different societies' beliefs about gender: "When I once asked her if she would like to go to Singapore for a sex change operation , she told me, 'You really do not understand. I am the third sex, not a man trying to be a woman. It is your society's problem that you only recognize two sexes.

In November , India agreed to list eunuchs and transgender people as "others", distinct from males and females, in voting rolls and voter identity cards. In addition to the feminine role of hijras, which is widespread across the subcontinent, a few occurrences of institutionalized "female masculinity" have been noted in modern India.

Among the Gaddhi in the foothills of the Himalayas, some girls adopt a role as a sadhin , renouncing marriage, and dressing and working as men, but retaining female names and pronouns. Seldom, our society realizes or cares to realize the trauma, agony and pain which the members of Transgender community undergo, nor appreciates the innate feelings of the members of the Transgender community, especially of those whose mind and body disown their biological sex.

Our society often ridicules and abuses the Transgender community and in public places like railway stations, bus stands, schools, workplaces, malls, theatres, hospitals, they are sidelined and treated as untouchables, forgetting the fact that the moral failure lies in the society's unwillingness to contain or embrace different gender identities and expressions, a mindset which we have to change.

Justice Radhakrishnan said that transgender people should be treated consistently with other minorities under the law, enabling them to access jobs, healthcare and education. Leonne, then 57, was born intersex and raised male, before having gender reassignment surgery and become female, but still identifies as an intersex person. Leonne won a court case which meant that preventing someone from registering officially as gender neutral is a "violation of private life, self-determination and personal autonomy".

The ruling opened doors for Dutch LGBT groups to ask the government for anyone to be able to identify as gender neutral in the future. More recent material indicates that this third option is not available to intersex persons. Birth certificates are available at birth showing "indeterminate" sex if it is not possible to assign a sex. On 17 July , Statistics New Zealand introduced a new gender identity classification standard for statistical purposes.

The classification has three categories: male, female, and gender diverse. Gender diverse can be further divided into four subcategories: gender diverse not further defined, transgender male to female, transgender female to male, and gender diverse not elsewhere classified. In June , the Supreme Court of Pakistan ordered a census of khawaja sara , who number between 80, [] and , in Pakistan.

We are slowly getting respect in society. Now people recognize that we are also human beings. In January , it was announced that plans to introduce a third gender option on identification documents, such as passports and the National Identification cards , would be implemented in the near future. In November , Chen Mei-ling , the Minister of the National Development Council , announced that these plans come into effect in Also commonly referred to as a third sex are the kathoeys or "ladyboys" of Thailand.

A significant number of Thais perceive kathoeys as belonging to a third gender, including many kathoeys themselves; others see them as second category women. Despite this, Thai society remains one of the world's most tolerant towards kathoeys or the third gender. We asked our [kathoeys] to say whether they thought of themselves as men, women, sao praphet song ["a second kind of woman"] or kathoey.

None thought of themselves as male, and only 11 percent saw themselves as kathoey i. By contrast 45 percent thought of themselves as women, with another 36 percent as sao praphet song In , the Chiang Mai Technology School allocated a separate restroom for kathoeys , with an intertwined male and female symbol on the door. The 15 kathoey students are required to wear male clothing at school but are allowed to sport feminine hairdos.

The restroom features four stalls, but no urinals. Although Kathoeys are still not fully respected, they are gradually gaining acceptance and have made themselves a very distinct part of the Thai society. This is especially true in the entertainment, business, and fashion industries in Thailand, where the Kathoeys play significant roles in leadership and management positions.

In addition, Kathoeys or second-category-women are very sought after when businesses are hiring salespeople. In many job posts, it is common to see companies state that second-category-women are preferred as their sales force because they are generally seen as more charismatic and expressive individuals.

The title " Mx. In September the Ministry of Justice responded to a petition calling for self-determination of legal gender, saying that they were not aware of "any specific detriment" experienced by nonbinary people unable to have their genders legally recognised.

However, in their factsheet, the Scottish Government say they will not be extending legal gender-recognition to non-binary people. Instead they are intending to set up working group to consider what more could be done to further the inclusion of non-binary people in society. On 14 September an employment tribunal ruled that a non-binary employee was protected under the transition characteristic of the Equality Act , the first legal confirmation that non-binary people are protected by the Act.

A number of U. Passport Agency to reconsider its earlier decision. State Department refusal to give a passport exceed its authority. On February 25, , Rep. In June , Washington, D. Since at least October , Arkansas has been issuing driver's licenses with an "X" gender marker upon request. Arkansas has historically operated without a clear public policy for changing gender markers on IDs.

However, in December former Assistant Commissioner of Operations and Administration Mike Munns announced that Arkansas's official policy would be to "allow a licensee to change their gender as requested, no questions asked, no documentation required. On September 26, , intersex California resident Sara Kelly Keenan became the second person in the United States to legally change her gender to non-binary.

In December , Keenan became the first American recipient of a birth certificate with " intersex " listed under the category of "sex. In September , California passed legislation implementing a third, non-binary gender marker on California birth certificates, drivers' licenses, and identity cards.

The bill, SB , also removes the requirements for a physician's statement and mandatory court hearing for gender change petitions. On November 30, , Colorado began allowing people who do not identify as male or female to mark X as the gender identifier on their driver's license. Effective July 1, In December , Illinois passed legislation to allow gender-neutral markers on driver's licenses and ID cards.

On June 11, , Maine began allowing "X" gender markers on state IDs, using a temporary sticker until a system update. A law offering an "X" gender marker on driver's licenses and state identification cards has also been passed in Maryland effective October 1, Effective November 12, Minnesota began allowing "X" gender markers on state IDs on October 1, The designation is considered self reported information and does not require documentation.

A nonbinary person named Minnesota J. Zappa became the first person to obtain the marker after a struggle with the state Department of Vehicle Services for over a year. Effective now. The passage of Senate Bill 20 into law in the session of the New Mexico Legislature amended the Vital Records Act to allow for a third designator on the state's identification documents in both Real ID Act compliant and non-compliant forms , 'X', to be selected instead of 'F' or 'M' and required only a doctor's signature on the designator change request form instead of a court order as prior.

The Motor Vehicle Division of the New Mexico Taxation and Revenue Department began issuing such licenses later that year, although by Q1 the forms for license renewal had not yet been reprinted with the third option shown, instead allowing manual amendment. On June 10, , a state judge in a Multnomah County, Oregon circuit court ruled that a resident, James Shupe , could obtain a non-binary gender designation. On June 15, , Oregon became the first state in the U.

As of , in the state of Oregon any person may choose a gender marking of their choosing "F", "X," or "M" being the options, the field being listed as "sex" on their driver's license or identification card without any requirements of proof of gender. Oregon also allows a person to amend their birth certificate to include non-binary "X" gender marker as of January 1, However, in December of , Shupe successfully petitioned the court which granted the "non-binary" gender designation to revert the sex listed on his birth certificate to "male.

On July 30, , the Pennsylvania Department of Transportation announced that they would introduce an official process to request an X gender designation on state driver's licenses in In December , Washington state filed an adopted rule to allow a third, non-binary "X" gender marker on amended birth certificates, although certificates will still be initially issued with male or female designations; the rule went into effect on January 27, The law also provides a basis for social protection, anti-discrimination efforts, quotas and reparations.

From Wikipedia, the free encyclopedia. Not to be confused with Legal recognition of intersex people. Gender identities. Health care and medicine. Rights issues. Society and culture. Theory and concepts. By country. See also. Opt-in for intersex people only. Standard for third gender. Standard for intersex.

Further information: Transgender rights , Third gender , and Non-binary gender. Main article: Legal recognition of intersex people. Further information: Intersex human rights. Further information: Transgender rights in Argentina and Travesti gender identity. Further information: Intersex rights in Australia and Transgender rights in Australia. See also: Intersex rights in Canada and Transgender rights in Canada. See also: Transgender rights in Tamil Nadu. Main article: Hijra South Asia. Recognition via statute or policy.

Recognition via court order only. No legal recognition. Retrieved 27 May Stories of Intersex People from Nepal. BBC News. December 23, Retrieved The Daily Dot. Retrieved June 10, License to Be Yourself. New York: Open Society Foundations. Differentiation and dimorphism of gender identity from conception to maturity. Hermaphrodites and the Medical Invention of Sex.

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