Binary options are derivative financial instruments that allow traders to speculate on the outcome of a yes-or-no proposition related to the price of an underlying asset. The payout is predetermined and does not depend on the magnitude of the asset’s movement, only on whether it satisfies the stated condition within the specified time.

This fixed structure simplifies the trade:
– If the condition is true at expiry, you get paid the fixed amount.

• If the condition is not true at expiry, you lose the entire stake.

The trader knows both the potential profit and potential loss before entering the trade. This has made binary options attractive to inexperienced retail traders who prefer short-term, defined-risk trades.

Regrettably, the binary options industry has become riddled with shady brokers, and there are also many general fraudsters who use binary options (or binary option-related schemes) to lure in victims, since they know that binary options are so popular among inexperienced traders who might not pick up on the warning signals of scam before it is too late.

Around the world, many of the stricter financial authorities – the ones known for enforcing strong trader protection rules – have banned brokers from marketing, offering and selling binary options to retail traders (non-professional traders).

If you are interested in binary options, it is important that you learn beforehand how they work, see their their pros and cons clearly, and also understand why it is now difficult to find reputable brokers that still offer binary options to retail clients. If you are looking for derivatives, there are other products available for which it is much easier to find strictly regulated brokers. You can find information about other derivatives and how to use them on DayTrading.com.

Structure and Mechanics

Each binary option is based on a specific condition related to the price of an asset. Common examples include whether a currency exchange rate will be above a certain level at expiry, whether an index will be above a certain point at expiry, or whether a stock will be above a certain price point at expiry.

The trader chooses the direction, selects the amount to risk (the stake), and sets or accepts the expiry time. Since you pick the direction, binary options are easy to use both in rising and falling markets.

The payout you get if your prediction comes true is predetermined, and usually in the range of 70 to 90 percent of the amount risked. If the condition is not met, the entire stake is lost.

Binary options platforms typically offer a simplified interface: the user selects the asset, the strike condition, direction (up or down), amount to risk, and expiry time. The result is binary and requires no additional trade management. While this simplicity reduces the operational burden, it also reduces flexibility in adjusting trades once placed. The binary format of a classic binary option does not allow for scaling in or out of trades, partial profits, or dynamic risk control during the life of the position. This all-or-nothing structure is fundamental to how binary options differ from traditional trading products like spot positions and normal options.

Binary Outcome – Or Not?

With a classic binary option, the outcome is binary: you either get the full payout or you lose your entire stake. Hence the name “binary option”.

Nowadays, however, some binary options platforms are offering binary options where the outcome is actually not binary. Some platforms does for instance offer early exit features that allow the trader to close a trade before expiry, often at a reduced payout or loss, depending on real-time pricing and broker terms. There are also platforms where you may be able to get part of your stake back under certain conditions, or where you will make a profit but not the full profit if the underlying price moves in a certain way. Binary options with staggered payout structures do exist, and are marketed as binary options despite being far from binary in their outcome.

Before you buy anything marketed as a binary option, it is important that you fully understand exactly how it works. In this article, we most talk about classic binary options with the truly binary outcome, and some of the info here will not be true for binary options that are not truly binary.

Expiry and Time Sensitivity

Binary options are time-bound instruments. Their outcome is determined solely at expiry, which can range from a few seconds to several days, depending on the product and platform. Some platforms even offer long-term binary options, but a majority of the retail binary options traders are interested in super short term and short term binary options where you get to know the result very soon after purchase.

A binary option can be in-the-money for most of its life and still close out-of-the-money if the condition is not met at the exact expiry moment. This makes timing critical. A trader may be correct in market direction but lose the trade if the price fails to reach the level or reverts before expiry. The option’s value during its life is not always relevant unless the platform allows for early closure. This time-dependent nature also means that market events or volatility spikes near expiry can push a binary option into the money or out of it.

Pricing and Market Behavior

Binary options are usually priced based on the perceived probability that the condition will be met at expiry. Ultimately, the broker is in control of what is offered on their trading platform. A contract trading at 60 suggests that the market/broker believes there is a 60% chance of the outcome becoming true. This pricing reflects volatility, time to expiry, and proximity of the current price to the strike condition. Traders can choose to either buy the outcome (if they believe it will happen) or sell it (if they believe it will not).

The simplicity of the structure does not imply simplicity of pricing. Professional binary pricing, which the brokers rely on when they set the terms, uses concepts from options theory and probability, and most retail platforms will then abstract this into a number. If you are already familiar with probability and price movement under time constraints, you will probably see the patterns quickly, as the binary option price reflects changing expectations rather than just asset direction.

Platforms / Brokers

Binary options for retail traders are usually offered through proprietary platforms that do not route trades to external markets. The broker is in charge of the platform, and will also be your counterparty in each trade. This structure, where your broker is also your counterpart, introduces an inherent conflict of interest.

When it comes to binary options brokers/platforms, factors such as pricing logic, execution rules, and settlement transparency vary widely, and traders must assess the reliability of the platform in addition to the product itself. You can find and compare binary options brokers by visiting BinaryOptions.net.

When a built-in conflict of interest is combined with poor regulatory oversight, opaque pricing, and limited transparency on how prices are determined, it is easy to see why binary options can by utilized by fraudulent brokers in a sneaky manner where the trader will first find it difficult to even notice the con, and then find it even more complicated to actually prove that something is going on. Many traders that are being conned simply believe they are bad at predicting the market, are suffering from a stretch of bad luck right now, or need to buckle down and push through to become better at binary options trading.

Risk and Trader Behavior

The all-or-nothing nature of classic binary options creates a high-risk environment. While the loss is capped at the amount risked, the psychological effect of quick all-or-nothing outcomes can encourage overtrading, revenge trading, or doubling strategies that escalate losses quickly. Consistency and discipline can be more difficult to maintain with binary-outcome ultra short term trading due to the fast feedback loop and the all-or-nothing nature of each deal.

If we put emotions aside and look at binary options in pure mathematical and statistical terms, you will also see that the odds are not in your favor. Traders often underestimate the edge required to be consistently profitable in binary options trading. Given a fixed payout below 100%, and a fixed loss that is always 100% for each losing trade, the break-even win rate will be very high.

In other words: When you lose, you always lose 100% of your stake. When you win, your broker never pays you 100% of your stake in profits.

A classic binary option does not allow for position management techniques that are common in other forms of trading, such as stop loss adjustment and trailing stop loss orders. The trader must accept the full outcome of the trade based on a single decision at entry.

Regulatory Environment

Binary options have attracted significant scrutiny from financial regulators around the world due to a combination of factors. In several major markets—including the UK, Australia, and many European countries, — brokers are not longer permitted to sell binary options to retail traders (non-professional traders). These decisions by law makers and financial authorities were driven by concerns about issues such as unfair pricing, aggressive marketing targeting inexperienced traders, and structural conflicts of interest where brokers profited directly from client losses.

There are also jurisdictions where binary options are banned outright, or where they are classified as gambling products and fall under the applicable gambling laws.

In jurisdictions where binary options remain legal, they are often tightly regulated and must meet strict criteria related to pricing transparency, client disclosures, and trade integrity. As seen above, several financial authorities have elected to keep binary options legal while simultaneously banning brokers from selling binary options to traders that have not gone through the formal process required to be classified as professional traders.

Some brokers have shifted towards offering similar products under different branding—such as Digital 100s or fixed-odds derivatives—designed to meet regulatory requirements while maintaining their appeal to traders who like the simplicity of the binary option.

If you are interested in binary options, it is important that you understand the regulatory status of the product in your own jurisdiction and properly assess which type of legal protection you would have. Trading with an unregulated or poorly regulated broker/platform will expose you to higher counterparty risk, limited dispute resolution, and a higher risk of being scammed.

Why are binary options banned or heavily restricted in many countries?

Each country has its own motivation or set of motivations, so if you want to find out the reasoning behind how binary options are regulated in your neck of the woods, you need to check with the applicable financial authority or law makers. With that said, there are some recurring themes that keep popping up as we look through the motivations posted by financial authorities that have elected to ban or heavily restrict binary options. Below, we will take a look at some examples.

The Impossibility of Proper Risk-Management

With a classic binary option, there are no stop-loss orders. If you don´t profit, you lose everything your risked. This inherently makes binary options very high-risk, and many traders end up burning through their bankroll in no time. Because of this, many law makers wish to steer hobby traders away from binary options and into types of trading and investing where risk management tools – such as stop-loss orders – can be used to limit exposure to risk.

Binary Options are Gambling Products or Too Similar to Gambling

It is absolutely possible to create long-term binary options, and some brokers do, but the binary option trading that become popular among retail traders in the 2010s was heavily dominated by short-term and ultra short-term lifespans. Accurately predicting market movements over the next 30 seconds or 1 minute is notoriously difficult, and it becomes more akin to gambling than actually trading. Combine this with the all-or-nothing outcome, and the lack of risk-management once the stake has been placed, and buying an ultra short-term binary option becomes very similar to putting your money on black at the roulette table and hope for the best. In most cases, a short term binary options trader is not using technical analysis or fundamental analysis to predict the market; he or she is placing their money in the hands of Lady Luck.

For the human mind, it can be difficult to distinguish between the quick and frequent dopamine hits of the roulette table and the quick and frequent dopamine hits provided by the binary options platform. This increases the risk of ending up with a gambling addiction or similar. Telling yourself you are trading – not gambling – can even increase this risk, since you would probably be more aware of the risk if you spent your nights in an actual casino.

In some jurisdictions, binary options are classified as gambling products and fall under the gambling legislation. They are for instance outlawed in Indonesia as a part of the general gambling ban.

Binary Options Might Not Be Inherently Bad, But the Market is Now So Infested With Scammers That We are Shutting it Down

Regrettably, the binary options market became rife with scammers, and distinguishing the reputable brokers from the shady ones became difficult for the average hobby trader. At a certain point, many financial authorities decided that it was better to shut down the retail binary options industry completely, and encourage hobby traders to find better financial instruments.

Of course, some scammers have actually benefited from this. Before the bans, a hobby trader could pick a large broker that was well-known and regulated by a reputable financial authority. Now, the reputable financial authorities are no longer licensing brokers that offer binary options to hobby traders, and the large and trustworthy brokers have largely stepped away from the binary options sector. A hobby trader that still wishes to use binary options is required to go fishing in some pretty murky waters, and be okay with a broker that is unregulated or regulated by a very lax financial authority.

The Benefits Do Not Outweigh the Damage

It is absolutely possible to rapidly lose all your money by investing in the stock market or by putting your life savings into a crappy mutual fund. Still, law makers are not likely to suddenly ban the stock market or try to prevent ordinary consumers from buying fund shares. The stock market, well-regulated funds, and many other types of investing or speculating are considered by most governments to be something that brings a lot of benefits to society. Companies can become exchange-traded in bring in investment capital for growth, which in turn can result in economic growth, job opportunities, tax revenue, better products, etcetera. Workers can save in mutual funds to provide a nest egg for retirement.

Having small-scale hobby traders lose their money on binary options is not really seen as benefiting society, and law makers are therefore more okay with simply banning binary options or trying to keep them out of reach for non-professional traders.

In countries where binary options are still legal and not heavily restricted, the choice is generally argued in terms of freedom – consenting adults should be allowed to risk their own money as they see fit, and the government should not rush in and try to protect us from everything that they arbitrarily deem as too high-risk or reckless investing. If a consumer has been scammed, a report can be filed with the police just as for any other type of fraudulent crime, and investigated as such.

Examples of places where binary options trading is banned or restricted

Israel

Israel was the first country in the world to impose a complete ban on binary options trading, including both domestic and international activity. The ban, which came into effect in 2017, was largely a response to how companies based in Israel had been revealed to be scamming traders worldwide, using Israel as their base and safe haven. The 2017 Israel ban not only prohibits the sale of binary options to traders in Israel, but also bans companies in Israel from offering binary options to clients in any country.

United States

In the United States, binary options are legal, but only when traded on regulated exchanges in the United States that are permitted to offer binary options trading. The binary options are regulated by the Commodity Futures Trading Commission (CFTC) and any binary options trading that does not adhere to the CFTC requirements is prohibited. The exchanges that are permitted to offer binary options trading are Designated Contract Markets (DCMs), and at the time of writing, there are only three DCMs in the United States that are actually offering binary options: the Cantor Exchange, LP; the Chicago Mercantile Exchange, Inc. (CME); and the North American Derivatives Exchange, Inc. (NADEX).

Canada

The Canadian Securities Administrators (CSA) have rules in place to keep short-term binary options away from retail traders. Since 2017, brokers are not permitted to offer binary options with terms of less than 30 days to retail traders. Since the retail market was heavily dominated by traders seeking out short term and ultra short term binary options, the 30-day rule pretty much closed down the retail binary options industry in Canada when it came into effect.

At the time of writing, it is not possible to find any legal long-term (30 day or more) retail binary options for sale on the Canadian market either, because none of the registered retail brokerage companies hold the required permit for binary options trading.

The CSA restriction of 2017 includes binary option-like products even if they are marketed under some other name, e.g. cash-or-nothing options, digital options, and fixed-return options.

In Canada, each province has the power to put in further or stricter limitations when it comes to binary options trading, and some already have provincial restrictions in place.

Many of the European Union Membership Countries

Binary options brokers targeting inexperienced traders suffered from a wave of bad media publicity and increased financial authority scrutiny in Europe in 2017, and the following year the European Securities and Markets Authority (ESMA) announced a temporary ban on the marketing, distribution, and sale of binary options to retail investors (non-professional investors/traders). The goal was to protect consumers through a temporary ban while the EU membership countries got some time to put together and enact their own binary option regulations.

In 2019, ESMA announced that they would not renew the temporary ban, and it expired on July 1, 2019. Since then, binary options are regulated on the national level.

Many of the EU membership countries today have binary option restrictions in place to protect consumers, and the restrictions are usually modeled on the temporary ESMA ban, i.e. they target the brokers with prohibitions but not the traders.

United Kingdom (UK)

The United Kingdom was still a part of the EU when ESMA enacted the temporary ban in 2018, and the UK was also one of the first membership countries to get their own national-level restrictions in place. After Brexit, the UK Financial Conduct Authority (FCA) kept the rules that prohibits brokers from marketing, offering, and selling binary options to non-professional traders.

Australia

The Australian Securities and Investments Commission (ASIC) has prohibited brokers from marketing, offering and selling binary options to retail investors (non-professional investors) since May 2021.

Japan

Binary options are not illegal in Japan, but they are heavily regulated by the Financial Services Agency (FSA) and the Financial Futures Association of Japan (FFAJ). Binary options where the lifespan is shorter than two hours are prohibited, and there are many other rules that must be adhered to as well, including rules about broker registration, general transparency, pricing transparency, and the marketing of binary options. Giving traders bonuses and cashbacks is not permitted. The FFAJ maintains a list of brokers that are approved by the FFAJ.

Types of Binary Options

A classic binary option is a fixed binary outcome contract, where the trader speculates on whether a specific condition will be met by a fixed expiry time. The outcome is binary: a full payout if the condition comes true, and a full loss of the premium (stake) if it is not.

While the basic format is simple, there are multiple variations of binary options available, each designed for different market conditions, trader needs, and trading styles. These variations can impact the structure of risk and timing. Understanding the different types of binary options are essential for aligning strategy with the product. Some are suited for high-frequency intraday speculation, while others are based on less volatile, longer-term views. The type of option also determines how price, time, and volatility influence the final outcome.

Some binary options platforms are even offering binary options where the outcome is not binary. They are still marketed as binary option, but they can for instance have a staggered payout structure, or you can be given the choice to accept a smaller profit or partial loss right now, before the time of expiry.

The various types of binary options offer different structures for managing risk, expressing directional views, or taking advantage of volatility. Each type changes how time, price movement, and probability interact with the trader’s decisions. Even when simplicity of a fixed payout remain, how that payout is achieved can differ significantly across contract types.

Traders should understand not only how each type works but also when and why it may offer an advantage and fit into your trading plan. Binary options may appear straightforward, but the nuances of contract structure, pricing logic, and expiry conditions require thoughtful selection. Matching the contract type to your goals and strategy is essential for improving consistency and outcome quality.

Below, we will take a look at few different types of binary options. We will provide you with general information, but you should always check the exact terms and conditions with your broker before you buy a binary option, because they may be different on that particular trading platform. Companies that are still offering binary options to retail clients are typically unregulated or regulated by lax jurisdictions, and they are also normally using their own proprietary trading platform software. This gives them an elevated ability to set their own terms and conditions for the binary options offered on their platform, and they can use any names they see fit to label their options.

Up/Down (High/Low) Binary Options

This is the most common and widely recognized binary option type. The trader speculates on whether the price of an asset will finish above or below the strike price at expiry. The direction is defined at entry, and the payout is fixed. The asset could be almost anything with a public and variable price, e.g. an exchange-traded stock, a currency exchange rate, an index, or a commodity. The potential loss and the potential profit are both defined before the trade is placed. If the trader predicts correctly, the money is paid out. If not, the trader loses the premium (stake). These contracts are straightforward but heavily influenced by timing, particularly as expiry approaches and price action becomes more volatile.

One Touch and No Touch Binary Options

With a One Touch options, you get paid if the underlying asset touches a certain predetermined price level at least once during the lifetime of the option. If that level is reached—even momentarily—the option settles in the trader’s favor.

With a No Touch option, you get paid if the underlying asset never touches a certain predetermined price level during the lifetime of the option. If that level is reached—even momentarily— you will immediately lose your stake.

These options are commonly used in trending or breakout markets.

One Touch and No Touch options carry a different risk profile because the trader does not need to hold the position until expiry. Timing becomes less relevant than whether a short-term spike or drop occurs.

Boundary (In/Out) Binary Options

Boundary options, also known as range or tunnel options, involve two strike prices—an upper and lower level. The trader speculates on whether the price will stay within this range (In) or break out of it (Out) before expiry.

If you buy and In option and the price moves outside the range, you instantly lose your stake.

If you buy and Out option, and the price moves outside the range, you will instantly get paid.

These options are often used in low-volatility conditions, where price is expected to consolidate, or in high-volatility environments where range breaks are anticipated.

The trader chooses whether they believe price will remain stable or move beyond set levels. Boundary options are sensitive to both volatility and time decay. If price remains between the boundaries and the trader predicted an “In” scenario, the trade is profitable. If the price breaches either boundary and the trade was “Out,” the position settles in-the-money.

Ladder Binary Options

Ladder options introduce multiple price levels, or “rungs,” which offer tiered payouts depending on how far the asset moves in the expected direction. Unlike traditional binary options, ladder contracts offer partial payouts even if only some price levels are reached. The further the price moves toward the more distant rungs, the higher the return. Therefore, they are not truly binary options, since there are more than two possible outcomes. Still, they are marketed as binary options.

Ladder options are useful for traders who have a strong directional view and expect sustained momentum. They allow for more nuanced exposure, as the risk is divided across levels rather than concentrated in a single strike. However, they are also more complex, and you should develop a trading strategy that takes their staggered payout structure into account before you start, instead of treating them like any other binary option.

Pairs Binary Options

In a Pairs option, the trader speculates on the relative performance of two assets. Instead of predicting whether an asset will rise or fall in isolation, the trader decides which asset will outperform the other during the trade’s lifespan. For example, a contract might involve betting that the S&P 500 will outperform the DAX by the end of the session.

This format is less sensitive to market-wide sentiment and more focused on relative strength. It tends to appeal to traders who specialize in intermarket relationships or sector rotation. The structure removes some of the binary option’s sensitivity to direction alone, replacing it with comparative momentum.

Turbo Binary Options

Most types of binary options can be offered in this format, since a turbo binary option is any binary option with a very short lifespan. Common examples are the 30-second options and the 60-second options.

On the average platform, a vast majority of the turbo binary options will be classic Up/Down binary options.

There are no rules about the maximum lifespan for a turbo option, but most platforms will not call their options “turbo” when the lifespan is more than 5 minutes.

Turbo options are designed for speed and are often used for high trade frequency strategies. While the basic mechanics are the same as for longer-term binaries, the short duration significantly increases the influence of noise, execution delays, and platform responsiveness.

Turbo options appeal to traders looking for quick outcomes and those using high-frequency strategies. However, ultra short lifespans amplify the behavioral risks associated with instant dopamine kicks, and you will be at an elevated risk for overtrading, revenge trading, poor discipline, and similar issues.

Choosing a Binary Options Broker

Choosing a binary options broker is one of the most consequential decisions a binary options trader can make. While the structure of binary options is simple—speculate on a yes-or-no outcome with a fixed payout—the way those trades are handled behind the scenes depends entirely on the broker’s pricing engine, order handling, and overall integrity.

Unlike traditional financial markets where trades are executed through exchanges or third-party clearing, most binary options brokers operate as direct counterparties to their clients. This structure creates an inherent conflict of interest, which makes the choice of broker critical. The broker determines not only the pricing and payout ratios, but also the terms of expiry, platform functionality, and whether early exit is permitted. In practice, two traders using identical strategies may see very different results depending on the reliability and transparency of their broker.

Binary Options Brokers

Regulatory Status and Jurisdiction

The first consideration when evaluating any binary options broker is finding out which jurisdiction they fall under and how they are regulated. This will have a major impact on how the broker is supervised and which types of recourse you will have access to if something goes wrong.

Nowadays, many of the stricter financial authorities known for the powerful trader protection have banned brokers from selling binary options to retail traders (non-professional traders). This is for instance the case with CySEC (Cyprus), ASIC (Australia), and the FCA (UK). This means that it has become difficult to find a binary options broker that still offers binary options to retail clients while also being regulated by a reputable financial authority that obligates the broker to comply with strict standards of conduct, including client fund segregation, fair pricing, and complaint resolution processes.

The brokers that still sell binary options to retail traders tend to be unlicensed (and sometimes intentionally create a complex and multinational web of ownership) or licensed by one of the more laissez-faire financial authorities. Picking one of these brokers will expose you to more counterparty risk.

Platform Functionality and Trade Execution

The trading platform is your direct interface with the broker, and its reliability is essential. A strong platform allows for clear contract selection, visible pricing, fast execution, and stable performance during high-traffic periods. The broker should offer real-time price feeds, transparent strike conditions, and responsive support for managing positions.

Some binary options platforms support early exit, allowing the trader to close a position before expiry at a quoted rate. Others require trades to run to expiry without adjustment. The ability to exit early provides a measure of risk control, especially in volatile or uncertain conditions. However, the terms of early closure—such as available pricing or minimum holding periods—can vary by broker.

Execution speed and pricing accuracy matter most in short-term binary trades, such as 60-second options. A platform that lags, freezes, or delays confirmation introduces risk that is entirely separate from the market. It is advisable to test platform stability – first in a free demo account, and then with a very small deposit – before committing more significant capital.

Payout Structure and Contract Variety

Payout terms determine the profitability threshold of a strategy. A broker offering a fixed payout of 80 percent requires the trader to win at least 56 percent of trades to break even. You lose 100% each time the option expires out-of-the-money, but you only get paid 80% each time it expires in-the-money, so the odds are not in your favor.

Small differences in payout percentages compound quickly over large trade counts. Brokers may advertise high potential returns, but actual payouts often vary by asset, expiry time, and market conditions.

The range of available contracts also matters. Brokers that offer multiple expiry times, strike levels, and asset classes allow for more flexible trade structuring. Some brokers limit traders to simple high/low binaries with limited duration options, while others include one-touch, boundary, or ladder formats. A narrower offering restricts strategy development, especially for traders who want to vary position size, volatility exposure, or market selection.

Traders should consider how often the broker refreshes contract offerings during the trading day. Limited sessions, sparse strike intervals, or irregular pricing updates can hinder consistency.

Deposits and Withdrawals

The broker’s handling of deposits and withdrawals is a major operational consideration. Traders should examine the funding options available—such as cards, bank transfers, or e-wallets—and understand how withdrawals are processed, including any fees and documentation requirements.

Some brokers enforce withdrawal minimums or require extensive identity verification (beyond what is required by law and license regulations) that may delay access to funds. Make sure you know about the brokers reputation within the trading community before you sign up. A history of delayed or denied withdrawals is often a warning sign.

Bonuses

Traders should be cautious of brokers that aggressively promote bonuses or other deposit incentives. While these may seem attractive, they often come with restrictive conditions, such as minimum trade volume requirements that must be met before any withdrawal is allowed. These terms can trap traders and freeze access to funds indefinitely.

Transparency and Reputation

It is a good idea to research a brokers history and reputation before you sign up. Look for issues such as public warnings issued by regulators, unresolved complaints on industry forums, and abrupt changes to account terms. A broker with a history of freezing accounts, refusing withdrawals, or altering contract terms retroactively is unlikely to be a good partner.

A good reputation alone is not a guarantee of integrity, but it can offer useful context. Traders should prefer brokers that clearly disclose how prices are sourced, how contracts are settled, and what internal procedures exist for dispute resolution. It is a warning signal when a broker cannot explain its pricing model or offers only vague references to “market data”.