AdCapital at risk. With Plus you can Invest Anytime & Anywhere. Try our Demo Account. Start Investing CFDs on Stocks, Forex, Commodities and much more with PlusTight Spreads · Free Demo Account · CFD Service · WhatsApp Support Web14/05/ · Digital Option: A digital option is an option whose payout is fixed after the underlying stock exceeds the predetermined threshold or strike price. It is also referred to as a "binary" or "all-or WebA binary option is a financial exotic option in which the payoff is either some fixed monetary amount or nothing at all. The two main types of binary options are the cash-or-nothing binary option and the asset-or-nothing binary option. The former pays some fixed amount of cash if the option expires in-the-money while the latter pays the value of the WebPresidential politics and political news from blogger.com News about political parties, political campaigns, world and international politics, politics news headlines plus in-depth features and WebEquality Act is up to date with all changes known to be in force on or before 11 December There are changes that may be brought into force at a future date. Changes to Legislation. Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found ... read more
A binary call option is, at long expirations, similar to a tight call spread using two vanilla options. Thus, the value of a binary call is the negative of the derivative of the price of a vanilla call with respect to strike price:. Skew is typically negative, so the value of a binary call is higher when taking skew into account. Since a binary call is a mathematical derivative of a vanilla call with respect to strike, the price of a binary call has the same shape as the delta of a vanilla call, and the delta of a binary call has the same shape as the gamma of a vanilla call.
Many binary option "brokers" have been exposed as fraudulent operations. Manipulation of price data to cause customers to lose is common.
Withdrawals are regularly stalled or refused by such operations; if a client has good reason to expect a payment, the operator will simply stop taking their phone calls. On 23 March , The European Securities and Markets Authority , a European Union financial regulatory institution and European Supervisory Authority located in Paris, agreed to new temporary rules prohibiting the marketing, distribution or sale of binary options to retail clients.
The Australian Securities and Investments Commission ASIC warned Australian investors on 13 February against Opteck, an unlicensed binary option provider. In August , Belgium's Financial Services and Markets Authority banned binary options schemes, based on concerns about widespread fraud. No firms are registered in Canada to offer or sell binary options, so no binary options trading is currently allowed.
Provincial regulators have proposed a complete ban on all binary options trading include a ban on online advertising for binary options trading sites. On May 3, , 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 now based, would 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 , 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, , CySEC sent out a press release warning investors against binary options broker TraderXP, who was not and had never been licensed by CySEC. CySEC also temporarily suspended the license of the Cedar Finance on December 19, , because the potential violations referenced appeared 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, , pointing out that it was not regulated by the Commission and the Commission had not received any notification by any of its counterparts in other European countries to the effect of this firm being a regulated provider.
OptionBravo and ChargeXP were also financially penalized. CySEC also indicated that it had voted to reject the ShortOption license application. In , CySEC repeatedly fined Banc De Binary for several violations including the solicitation of U.
In August , France's Sapin II bill on transparency was announced by the Autorité des Marchés Financiers AMF , seeking to outlaw all financial derivatives advertising. The AMF stated that it would ban the advertising of certain highly speculative and risky financial contracts to private individuals by electronic means. The French regulator is determined to cooperate with the legal authorities to have illegal websites blocked.
This ban was seen by industry watchers as having an impact on sponsored sports such as European football clubs. The Cyprus-based company 24Option  was banned from trading in France by AMF earlier in German Federal Financial Supervisory Authority BaFin has been regularly publishing investor warnings.
On November 29, , BaFin announced that it is planning to "prohibit the marketing, distribution and sale of binary options to retail clients at a national level". According to the Commodity Futures Trading Regulatory Agency CoFTRA in Indonesia, also known as BAPPEBTI, binary options are considered a form of online gambling and is illegal in the country.
The move to delegalize binary options stems from concerns that the public may be swayed by misleading advertisements, promotions, and offers to participate in fraudulent practices that operate under the guise of binary options trading.
In March binary options trading within Israel was banned by the Israel Securities Authority , on the grounds that such trading is essentially gambling and not a form of investment management. The ban was extended to overseas clients as well in October In The Times of Israel ran several articles on binary options fraud.
In July the Israeli binary option firms Vault Options and Global Trader were ordered by the U. The companies were also banned permanently from operating in the United States or selling to U. In November the Israel Securities Authority carried out a raid on the Ramat Gan offices of binary option broker iTrader. The CEO and six other employees were charged with fraud, providing unlicensed investment advice, and obstruction of justice.
On May 15, , Eliran Saada, the owner of Express Target Marketing , which has operated the binary options companies InsideOption and SecuredOptions, was arrested on suspicion of fraud, false accounting, forgery, extortion , and blackmail. In August Israeli police superintendent Rafi Biton said that the binary trading industry had "turned into a monster".
He told the Israeli Knesset that criminal investigations had begun. In September , the FBI arrested Lee Elbaz, CEO of binary options trading company Yukom Communications, upon her arrival in the United States. They arrested her for wire fraud and conspiracy to commit wire fraud.
In February , the FBI arrested Austin Smith, Founder of Wealth Recovery International, after his arrival in the United States. Smith was arrested for wire fraud due to his involvement as an employee of Binarybook. In March the Malta Financial Services Authority MFSA announced that binary options regulation would be transferred away from Malta's Lottery and Gaming Authority.
This required providers to obtain a category 3 Investment Services license and conform to MiFID's minimum capital requirements ; firms could previously operate from the jurisdiction with a valid Lottery and Gaming Authority license.
In April , New Zealand 's Financial Markets Authority FMA announced that all brokers that offer short-term investment instruments that settle within three days are required to obtain a license from the agency. In the UK, binary options were regulated by the Gambling Commission rather than the Financial Conduct Authority FCA.
They stated that binary options "did not appear to meet a genuine investment need". The Isle of Man , a self-governing Crown dependency for which the UK is responsible, has issued licenses to companies offering binary options as "games of skill" licensed and regulated under fixed odds betting by the Isle of Man Gambling Supervision Commission GSC.
On October 19, , London police raided 20 binary options firms in London. Fraud within the market is rife, with many binary options providers using the names of famous and respectable people without their knowledge. The City of London police in May said that reported losses for the previous financial year were £13 million, increased from £2 million the year before. In the United States, the Securities and Exchange Commission SEC approved exchange-traded binary options in AMEX now NYSE American offers binary options on some exchange-traded funds and a few highly liquid equities such as Citigroup and Google.
On the exchange binary options were called "fixed return options" FROs. To reduce the threat of market manipulation of single stocks, FROs use a "settlement index" defined as a volume-weighted average of trades on the expiration day.
AMEX and Donato A. Montanaro submitted a patent application for exchange-listed binary options using a volume-weighted settlement index in NADEX , a U. They do not participate in the trades. On June 6, , the U. CFTC and the SEC jointly issued an Investor Alert to warn about fraudulent promotional schemes involving binary options and binary options trading platforms. The two agencies said that they had received numerous complaints of fraud about binary options trading sites, "including refusal to credit customer accounts or reimburse funds to customers; identity theft ; and manipulation of software to generate losing trades".
Other binary options operations were violating requirements to register with regulators. In June , U. regulators charged Israeli-Cypriot company Banc De Binary with illegally selling binary options to U.
Regulators found the company used a "virtual office" in New York's Trump Tower in pursuit of its scheme, evading a ban on off-exchange binary option contracts.
The company neither admitted nor denied the allegations. In February The Times of Israel reported that the FBI was conducting an active international investigation of binary option fraud, emphasizing its international nature, saying that the agency was "not limited to the USA".
Victims from around the world were asked to contact an FBI field office or the FBI's Internet Crime Complaint Center. Retrieved July 6, CBC News. Retrieved July 20, August 24, Retrieved August 24, Retrieved August 31, CTV News Toronto.
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Retrieved 5 March Transgender topics. Androgyne Gender bender Non-binary or genderqueer Third gender Akava'ine Bakla Bissu Calabai Fa'afafine Fakaleitī Femminiello Hijra Kathoey Khanith Koekchuch Māhū Maknyah Mukhannathun Muxe Sworn virgin Takatāpui Travesti Two-spirit Winkte Trans man Trans woman Transsexual.
Gender dysphoria In children Health care Pregnancy Gender affirmation therapy surgery to female to male. Asylum Discrimination Anti-gender movement Cissexism Inequality Discrimination against non-binary gender people Transphobia Transmisogyny Genocide Rights Legal recognition of non-binary gender movement marriage organizations Toilets Bathroom bills Unisex Violence Trans bashing Unlawful killings Trans panic Yogyakarta Principles.
Christianity LGBT-related films Events Awareness Week Day of Remembrance Day of Visibility March Non-binary People's Day LGBT Flags History Media portrayals Fictional characters Film and television People Pornography Publications Sexuality Sports Youth more.
Argentina Australia Rights Re Kevin Brazil Canada Bill C, Rights China Germany India Rights of Transgender Persons Bill, Transgender Persons Protection of Rights Act, Kerala Tamil Nadu Iran Ireland New Zealand Singapore South Africa South Korea Turkey Pakistan Transgender Persons Bill, United Kingdom Rights Gender Recognition Act United States Cafeteria riot Disenfranchisement History Legal history Rights Title IX Transphobia in the United States.
Detransition Gender Intersex LGBT Sex Sex assignment Sex and gender distinction Sexual orientation. Outline Timeline Transgender portal. Compulsory sterilization Discrimination Human rights reports Legal recognition Malta declaration Medical interventions Sex assignment Sex characteristics legal term Yogyakarta Principles. Disorders of sex development Genetic diagnosis Hermaphrodite Medical interventions history Orchidometer Phall-O-Meter Prader scale Quigley scale Sexual differentiation.
History of surgery timeline Intersex Awareness Day Intersex Day of Remembrance International Intersex Forum. Popular Courses. Trading Skills Trading Instruments. What Is a Binary Option? Key Takeaways Binary options depend on the outcome of a "yes or no" proposition. Traders receive a payout if the binary option expires in the money and incur a loss if it expires out of the money. Binary options set a fixed payout and loss amount. Binary options don't allow traders to take a position in the underlying security.
Most binary options trading occurs outside the United States. Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
Compare Accounts. Advertiser Disclosure ×. The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace. Related Terms. Zero Days to Expiration 0DTE Options and How They Work Zero days to expiration options, or 0DTE options for short, are option contracts that expire and become void within a day. Put to Seller Put to seller is when a put option is exercised, and the put writer becomes responsible for receiving the underlying shares at the strike price to the long.
Quadruple Quad Witching: Definition and How It Impacts Stocks Quadruple witching refers to a date on which stock index futures, stock index options, stock options, and single stock futures expire simultaneously.
Currency Option: Definition, Types, Features and When to Exercise A contract that grants the holder the right, but not the obligation, to buy or sell currency at a specified exchange rate during a particular period of time.
Multiple countries legally recognize non-binary or third gender classifications. These classifications are typically based on a person's gender identity.
In some countries, such classifications may only be available to intersex people, born with sex characteristics that "do not fit the typical definitions for male or female bodies. In recent years, some societies have begun to legally recognize non-binary , genderqueer , or third gender identities.
Among western nations, Australia may have been the first to recognize a third classification, with Alex MacFarlane , who is intersex, receiving a passport with sex marked as indeterminate in Transgender advocate Norrie May-Welby was recognized as having unspecified status in The Open Society Foundations published a report, License to Be Yourself , in May , documenting "some of the world's most progressive and rights-based laws and policies that enable trans people to change their gender identity on official documents.
The document also quotes Mauro Cabral of Global Action for Trans Equality :. People tend to identify a third sex with freedom from the gender binary, but that is not necessarily the case. The report concludes that two or three options are insufficient: "A more inclusive approach would be to increase options for people to self-define their sex and gender identity.
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 and under then president Cristina Fernández de Kirchner , Argentina passed its Gender Identity Law Spanish : Ley de identidad de género , which allows transgender people to identify with their chosen gender on official documents without first having to receive hormone therapy , gender reassignment surgery or psychiatric counseling. 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 ruled 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.
The measure applies to non-citizen permanent residents who possess Argentine identity cards as well. 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. Surgical interventions on intersex children, to make them fit one of the binary sex characteristics, are criticized by Verein Intergeschlechtliche Menschen Österreich VIMÖ , an Austrian association fighting for the rights of intersex people.
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". Options besides male and female are only available for intersex people, who are required to provide medical records to prove their sex.
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.
An alliance of organizations including the National LGBTI Health Alliance , Organisation Intersex International Australia and Transgender Victoria has called for X to be redefined as non-binary. 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.
Though the Court suggested a few ways in which to remedy the unconstitutional aspects, such as "the creation of one or more additional categories" or "the possibility to remove the registration of sex or gender as an element of a person's civil status ", it also stressed that the responsibility to remediate the law's shortcomings remained with the legislature. 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.
This was expressed by the new minister of Justice in the De Croo Government, Vincent Van Quickenborne , in November The law will be effective in There is no recognition of a third gender option nationwide, but since non-binary people have been getting court authorizations to register their sex as "unspecified", "non-identified" or "non-binary" in the civil registry and since , for purposes of filling out the identity card, the sex field must follow the ICAO standard, with 1 character, M, F or X.
While requesting a new passport , Brazilians are able to select an unspecified sex, however it is not known since when there's this option. Since 12 September , by decision of the National Justice Council , notaries must register intersex children with the sex ignored on birth certificates.
The state of Rio de Janeiro , thanks to the work of the State Public Defender's Office, has been allowing non-binary people to register their birth certificates and identity cards with the "non-binary" gender in gender-neutral language. On April 22, , Rio Grande do Sul Justice assured non-binary people to change their first name and sex in their birth record, according to their self-perceived identity, regardless of judicial authorization, allowing include the expression "non-binary" in the sex field upon a request made by the interested party to a notary's office.
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.
A ruling of the Third Family Court of Santiago, issued on April 25, , ordered the Civil Registry and Identification Service to register a year-old adolescent with non-binary gender on the birth certificate, being the first judicial resolution of its kind in the country.
In July , the Thirteenth Chamber of the Santiago Court of Appeals had ruled in favor of the request to rectify the birth certificate to recognize non-binary gender identity. In February , the Constitutional Court of Colombia ruled that a non-binary person was entitled to a birth certificate from the Ninth Notary of Medellín and citizen's identity card from the National Civil Registry with the marker "no binario" or "NB" in the sex field on both.
The court also ordered the Colombian government to facilitate the inclusion of such a marker on identity documents and ordered the Congress to amend laws as needed to facilitate legal recognition of non-binary individuals' rights.
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. In April , Justice KS Radhakrishnan, of Supreme Court of India declared transgender to be the third gender in Indian law, in a case brought by the National Legal Services Authority Nalsa against Union of India and others. 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.
In May , Leonne Zeegers was the first Dutch citizen to receive the "X" marked gender on the passport instead of "male" or "female" see photo of the person's passport here. 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". It will, however, still be the decision of the court on whether the "X" will be issued on anyone's passport in the future. 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.
Conversely, vanilla options trade on regulated U. Defensoria Pública do Estado do Rio Grande do Sul in Brazilian Portuguese. USA: Harvard University Press. On June 6, , the U. 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".Support for individuals. Opt-in for intersex people only. This pays out one unit of asset if the spot is above the strike at maturity. California Department of Motor Vehicles. No legal recognition.