Does a financial claim arise, or only an information signal?
PRODUCT & REGULATORY COMPARISON LAYER
Similar interface.
Different product.
A binary event outcome does not by itself make a product a binary option, a wager or a financial instrument. The specific economic and legal structure is decisive.
Product familyZweckAuszahlungPrice formationMarket / counterpartyExit / Tradability
DerivatExchange-traded option
Risk transfer, hedging, speculation
Variable above/below the strike
Market price; model and volatility dependent
Regulated market / MTF or OTC
Generally tradable before expiry
BinaryRetail binary option
Kurzfristige Richtungsspekulation
Fixed amount or zero
Often a proprietary OTC payout
Provider frequently acts as direct counterparty
Typically no genuine secondary market
EventRegulierter Event Contract
Erwartung zu objektivem Event handeln
Event-dependent, often fixed or zero
Two-sided price formation or provider quote
Exchange, MTF or another operator, depending on the model
Product-dependent; secondary trading may be possible
MarketPrediction Market
Aggregate information and expectations
Virtual or linked to monetary value
Crowd-basierte Market pricebildung
Exchange, AMM or research platform
Depends on market design
BetSport-/Gesellschaftswette
Wager on an uncertain outcome
Quote × Einsatz
Bookmaker odds or betting exchange
Bookmaker / betting exchange
Cash-out only when offered
SignalVirtueller Opinion Market
Aggregate and explain opinions
No payout of monetary value
Score / virtuelle Probability
Information or simulation platform
Virtual position can be adjusted
ResearchUmfrage / Forecast-Model
Measure attitudes or forecasts
Keiner
No tradable price
Forschung / Medien / Analyse
Not applicable
On smaller screens, scroll horizontally to compare all characteristics.
02 / SIX-FACTOR TEST
A robust assessment begins beneath the label.
What does the product refer to in legal and economic terms?
Variable, quoted, fixed amount or no payout at all?
Matching between participants or a provider as counterparty?
Is there a transparent secondary market before expiry?
Retail, professional users, research or purely virtual?
SUBSTANCE OVER LABEL
‘YES / NO’ describes the outcome—not automatically the product.
Financial and gambling authorities assess different legal elements. Both assessments may be relevant in parallel; neither replaces the other.
Document the specific event question, payment claim, cash flow, counterparty, target market and settlement separately.
Do not infer legal status directly from terms such as ‘market’, ‘event’, ‘opinion’ or ‘wager’.
Editorial standard: The matrix is a systematic guide, not product clearance or legal advice. The assessment depends on the specific contractual and distribution model and the jurisdiction concerned.
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