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二元期权前景深度解读

 

近日来,有关美国证券交易委员会SEC警告投资者注意二元期权投资的风险的消息被广泛热议,有趣的是由此出现了多个不同版本的内容和评论。

笔者从SEC获得了这份报告的原文(附文1),将在不涉及任何二元期权交易平台的情况下,以关注的视角,对二元期权和报告进行还原和深度的解读。

在报告的开始部分,有这样一段话“The Securities and Exchange Commission today warned investors about the potential risks of investing in binary options and has charged a Cyprus-based company with selling them illegally to U.S. investors.”,这里用到了“潜在投资风险”的字样,是的,非常严谨的措词。众所周知,在金融市场以及其他领域的投资活动中,风险都是不可避免存在的,理论上是不存在所谓稳赢的投资的,我们回到金融市场中来看,在任何投资品种中收益与风险总是如兄弟一般同时存在,通常在每一份投资报告和金融报道中,你总是会见到这种善意并且措词严谨的提醒,非常感谢。在这段文字的后半部分,提出了对一家注册于塞浦路斯的二元期权公司的指控,问题在于它非法向美国投资者提供期权产品,对于这样的控告,我们一定要重视和关注。在报告的其他部分,很幸运的我找到了更多详细的东西。根据美国证券法的要求,未在SEC注册的公司是不可以直接向美国投资者提供和出售证券的,二元期权在2008年已经被美国证券交易所和芝加哥期权交易所作为金融交易品种,很显然依据法律,这家公司应当首先获得美国证券交易委员会的注册批准才可以在美国开展它的业务。

通常,风险和非法是我们避而远之的东西,这是非常正确的。或许正因为这样的字眼,让很多对这份报告的评论疯狂起来,而忽略了下面更多的内容。

首先,对二元期权作一个简单的介绍,二元期权最早是在期货交易所内交易,用于风险对冲,它的原理和特点也决定了二元期权具有很好的风险对冲作用,适合在对股票、外汇、期货等投资时,购买相应的二元期权,利用期权补充我们的投资组合,降低总体风险并增加盈利机会。最初,普通投资者无法直接购买二元期权,只能通过雇佣经纪商来实现,并且需要支付一定的前端交易费用,繁琐和缓慢的操作流程远远无法满足投资者们对其投资产品实现风险对冲的需求。直到2008年Options Clearing Corporation(OCC)才开始通过OTC市场向普通投资者提供二元期权,随后American Stock Exchange(AMEX)和Chicago Board Options Exchange(CBOE)也将二元期权作为了交易品种,很快二元期权发展至在线交易方式,迅速和高效的交易模式给普通投资者提供了更多的选择和很好的投资补充,由此在全球金融市场中开始了飞速的发展。

当金融的巨大吸引力与网络的便捷结合到一起,那也许意味着个人投资进入了新的纪元。二元期权在线交易方式,在提供了极大便捷的同时,也在挑战着投资者固有的思维。现在大多数二元期权经纪商提供的交易方式是,交易无需任何手续费,投资的盈利与亏损只决定于投资者对所选期权标的资产的预期价格判断是否为价内期权,如果预判正确,是价内期权就意味着投资者可以获得投资额70%左右的利润,如果是价外期权则意味着投资者损失单笔投资的85%。这种交易方式极大的颠覆了很多普通投资者对金融投资交易的传统思维,在股票、外汇、期货交易中,单向或双向的手续费收取已经是非常寻常的模式,交易者不会认为不断缴纳交易手续费(甚至是高昂的)有什么问题,因为它就是这样一直存在的。而二元期权交易的交易模式,却往往会让新的投资者感到不快,因为他们没有意识到这是用固有思维来面对新的事物。

二元期权市场的发展,让我想到了若干年前的外汇交易市场,它们有很多共同的现象。投资者有时是谨慎的,对新的金融品种充满好奇但又保持警惕。在外汇交易市场出现的初期,曾经有过很多的指责,让我们感觉仿佛完全是生活在骗子遍布的世界中,但经过几年的发展,一些大型的外汇经纪商完全让那些反对者失望了,它们不仅在全球金融市场中快速拓展着自己的业务,还有很多佼佼者在各大证券市场成为受到严格法规监管的上市金融机构,现在当我们采访一位外汇交易投资者时,他可以很坚定的告诉我们:“是的,外汇交易是一个独特的投资领域,我可以在美元对欧元的波动中发现机会并获得盈利,当然你知道的,我不总是做得很好,但是我在不断提高并获得更多。”好吧,从一个普通投资者的角度来讲,我认为对待新的事物,我们应该有更多的理智和发现的态度,有的时候看待新事物也许只是我们的认识还很少。

另外,我还看到一些这样的评论,将二元期权简单理解为一种对赌的交易模式,经过对交易规则的研究,这里我们将二元期权与股票简单做一个对比的分析。在股票交易中,证券经纪商将投资者的买卖委托,按时间先后顺序传送到交易所主机,公开申报竞价,而交易所采取“时间优先,价格优先”的机制自动撮合成交。我们可以知道,各种投资者的买卖委托最终是经过撮合得到配对成交,每一股股票的成交都是有买方也有卖方的,双方的价格达成一致才能实现最终的成交。而在二元期权交易中,同样存在买方与卖方的角色,只是机制更为复杂,投资者选择购买一个期权,这时就成为一个买方,而卖方则是二元期权提供商,因此我们才总会在二元期权交易平台上看到这样一段话:“二元期权的价格并不总是与期权标的资产当前的市场价格完全一致,而是此刻二元期权交易平台愿意出售期权的价格”,包括笔者本人在内,在刚看到二元期权时,也对这个问题是疑惑和不理解的,当然经过深入的了解,这个问题已经得到了解决。而当我们买到一份期权后,二元期权交易平台的角色会发生变化,它的运行机制,会撮合配对与我们的期权相反的期权合约,你知道的通常投资者对同一个行情的判断总是各不相同。这样我们又有了一个新的问题,那就是同一个资产标的的期权合约经过撮合后,总会有某种合约(看跌或看涨期权合约)是没有能全部撮合配对的,这时运作机制会启动某些风险对冲机制,例如DELTA风险对冲等,将针对该标的资产的未撮合期权合约作为预期风险进行对冲处理,以保证交易平台上的期权合约在到期时得到准确和完全的交割结算。实际上,我相信二元期权的交易机制远比我们了解到的要更为复杂,二元期权本身是以一种风险对冲工具出现,因此它的机制应当是更为准确和庞大的。

让我们回到SEC的这份报告中,SEC和CFTC联合发出了投资警报,原文是这样的“The SEC and the Commodity Futures Trading Commission (CFTC)today issued a joint Investor Alertto warn investors about fraudulent promotional schemes involving binary options and binary options trading platforms. Much of the binary options market operates through Internet-based trading platforms that are not necessarily complying with applicable U.S. regulatory requirements and may be engaging in illegal activity.”从这里,作为普通投资者,我们应当谨记这样的提醒,二元期权作为一个金融交易工具,本身并不具有误导性,而我们应该警惕的是那些使用带有欺诈性宣传的交易平台或经纪商,这种情况在其他所有金融交易品种市场上同样存在。对此,监管部门不断完善和严格监管,而普通投资者则需要时刻提醒自己:任何投资都是有风险的,并且最终的投资决定是由自己做出的。

通过对SEC的这份报告的阅读,我们得到了很多的信息,可以看到,SEC和CFTC对某家二元期权运营商提出了指控,一方面是由于作为一家非本土的公司它并未在美国金融监管部门注册,因此它在金融领域的经营是不合法的;另一个原因在于它可能采取了具有误导性或不完全的宣传方式,因此有可能使投资者的投资产生潜在性的风险。同时也提到了,普通投资者在进行二元期权投资时应当先了解所选择的经纪商是否是受到联邦证券和大宗商品法律的保障,是否未经注册或者未受到监管机构的监督,而不能是只通过宣传盲目的进行投资。

目前,已经有多个国家开始陆续将二元期权列入金融投资工具的范畴。在美国,也有多个金融机构和交易所推出了经过监管机构许可的二元期权交易。我们可以相信,通过越来越多地区的金融监管机构的协同和加强监管,二元期权交易将逐步趋于规范化,作为金融市场新兴起的交易品种,二元期权的发展还有很长的路要走,作为普通投资者,我们也应当加强自身的投资判断能力和对投资风险的理性认识。

 

对于二元期权的新手开户可以看看期权通推出的:二元期权开户指南 以及 二元期权平台排名

附文1:FOR IMMEDIATE RELEASE

2013-103 Washington, D.C., June 6, 2013— The Securities and Exchange Commission today warned investors about the potential risks of investing in binary options and has charged a Cyprus-based company with selling them illegally to U.S. investors.

Binary options are securities in the form of options contracts whose payout depends on whether the underlying asset – for instance a company’s stock – increases or decreases in value. In such an all-or nothing payout structure, investors betting on a stock price increase face two possible outcomes when the contract expires: they either receive a pre-determined amount of money if the value of the asset increased over the fixed period, or no money at all if it decreased.

The SEC alleges that Banc de Binary Ltd. has been offering and selling binary options to investors across the U.S. without first registering the securities as required under the federal securities laws. The company has broadly solicited U.S customers by advertising through YouTube videos, spam e-mails, and other Internet-based advertising. Banc de Binary representatives have communicated with investors directly by phone, e-mail, and instant messenger chats. Banc de Binary also has been acting as a broker when offering and selling these securities, but failed to register with the SEC as a broker as required under U.S. law.

The SEC and the Commodity Futures Trading Commission (CFTC)today issued a joint Investor Alertto warn investors about fraudulent promotional schemes involving binary options and binary options trading platforms. Much of the binary options market operates through Internet-based trading platforms that are not necessarily complying with applicable U.S. regulatory requirements and may be engaging in illegal activity.

“Just because foreign companies can more easily communicate with American investors doesn’t mean they should skirt our longstanding laws that protect investors by requiring registration of securities,” said Andrew J. Ceresney, Co-Director of the SEC’s Division of Enforcement. “Banc de Binary contacted U.S. investors through the Internet and YouTube but completely disregarded the U.S. securities laws’ registration requirements. We will aggressively combat such conduct no matter where it originates.”

According to the SEC’s complaint against Banc de Binary filed in federal court in Nevada, the company began offering and selling binary options to U.S. investors in 2010. Banc de Binary induced investors to create accounts with the company, deposit money into those accounts, and then purchase binary options whose underlying assets include stock and stock indices. Banc de Binary’s solicitation of U.S. investors has been quite successful and attracted some customers with very modest means. For example, one investor had a monthly income of $300 and a net worth of less than $25,000, and another customer was encouraged to deposit additional funds into his Banc de Binary trading account even after he informed the Banc de Binary representative that he was unemployed with less than $1,000 in his checking account.

The SEC’s complaint seeks disgorgement plus prejudgment interest, financial penalties, and preliminary and permanent injunctions against Banc de Binary among other relief. The CFTC today announced a parallel action against Banc de Binary. The SEC’s investigation was conducted by Leslie A. Hakala and C. Dabney O’Riordan of the Los Angeles Regional Office. The SEC’s litigation will be led by John W. Berry and Ms. Hakala. The SEC appreciates the assistance of the CFTC in this matter.

The Investor Alert on binary options was jointly issued by the SEC’s Office of Investor Education and Advocacy and the CFTC’s Office of Consumer Outreach. The bulletin discusses in detail the potential risks of investing in binary options, and warns investors that they may not have the full safeguards of the federal securities and commodities laws if they purchase unregistered binary options that are not subject to the oversight of U.S. regulators.

“Investors should be aware of the potential for fraud in this area as well as of the reality that they can lose their entire investment,” said Lori Schock, Director of the SEC’s Office of Investor Education and Advocacy. “We strongly encourage investors to check the background of brokers and advisers and trading platforms before making a decision to invest. If investors can’t obtain simple background information such as whether the financial professional is registered with the SEC or FINRA, then they should be extremely wary.”

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