natgillin/translations-raw huggingface dataset:
The combined effect of the pricing structure and the application of transaction fees to each trade is that a large majority of retail client accounts lose money in aggregate (even though they may make short-term profits) and providers, which are typically direct counterparties to the trade, make a profit from clients in the long term through their losses from trading and through transaction fees.
Stranka od ponudnika v zameno prejme določeno plačilo na podlagi stalne cene, ki jo ponudnik ponuja in ki je odvisna od razlike med trenutno tržno ceno in fiksno izvršilno ceno osnovnega instrumenta ob izteku.
Some providers offer continual two-way pricing and the ability for clients to enter and exit the trade over the course of the term of a binary option.
Stalno dvosmerno določanje cen je dodatna lastnost, ki jo lahko ponujajo ponudniki binarnih opcij.
In such a case, a client can exit their position prior to the binary option's expiry by selling it back to the provider or otherwise forfeiting the conditional payment at expiry.
Ta lastnost še poveča kompleksnost, kar malim vlagateljem otežuje natančno določanje cen teh produktov ali doseganje pozitivne donosnosti naložb.
In return, the client receives some payment from the provider, as per the continual price offered by the provider depending on the difference between the current market price and the fixed strike price of the underlying and the time to expiry.
Zato bi morali mali vlagatelji stalno spremljati določanje cen in ocenjevati pričakovani izid.
Continual two-way pricing is an additional feature that may be offered by binary option providers.
Poleg tega povzroča izstopanje iz trgovanja in vstopanje v novo trgovanje strankam dodatne stroške zaradi uporabe razlik med cenami ponudbe ali zaračunavanja pristojbin za transakcije.
This feature adds a further layer of complexity, which makes it difficult for retail clients to value these products accurately or make a positive return on investment.
Poleg tega mali vlagatelji v EU običajno vlagajo v binarne opcije na zunajborznih trgih (OTC).
This is because retail clients would need to continuously monitor the pricing and estimate the expected outcome.
V tem primeru določanje cene, izvedba in poravnava binarnih opcij niso standardizirani.
Furthermore, exiting a trade and entering a new one comes at an additional cost to the client due to the application of a spread to the offer price or through transaction fees.
To od malih vlagateljev zahteva, da razumejo pogoje produkta.
Furthermore, EU retail clients typically invest in binary options OTC.
To, poleg razlik v vrstah „predlogov da/ne“, ki predstavljajo podlago za binarne opcije, kompleksne strukture določanja cen (ki včasih vključuje dvosmerno določanje cen) in obstoj še kompleksnejših ponudb (kot so opcije, ki združujejo sklop binarnih opcij), še povečuje kompleksnost teh produktov in nadalje zmanjšuje zmožnost razumevanja malih vlagateljev, da ni nujno, da se določene lastnosti ene vrste binarnih opcij pojavljajo v drugi vrsti binarnih opcij.
As such the pricing, performance and settlement of binary options is not standardised.
Poleg tega so ponudniki binarnih opcij običajno nasprotne stranke v poslih svojih malih vlagateljev, pri čemer ponudniki določajo ceno ob izvedbi in plačilo ob izteku.
This impairs retail clients' ability to understand the terms of the product.
Poleg tega ponudniki od strank pogosto zahtevajo, da priznavajo, da se lahko cene, ki se uporabljajo za določanje vrednosti binarne opcije, razlikujejo od cen, ki so na voljo na ustreznem trgu.
This, in addition to the differences in the type of ‘yes/no propositions’ that form the basis of a binary option, the complex pricing structure (sometimes including two-way pricing) and the existence of even more complex offerings (such as options that package together a set of binary options), add to the complexity of these products and further undermine retail clients' ability to understand that the specific features of one type of binary option do not necessarily feature in another.
To pomeni, da mali vlagatelji morda ne morejo vedno preveriti točnosti cen, ki jih prejmejo od ponudnika.
In addition, binary option providers are typically the counterparty to their retail clients' trades, with the provider determining the price at execution and the payment at expiry.
Vsi ti dejavniki malim vlagateljem močno otežujejo objektivno vrednotenje binarnih opcij.
In addition, providers often require clients to acknowledge that the prices used to determine the value of the binary option may differ from the price available in the respective underlying market.
Visoka raven kompleksnosti in slaba preglednost v povezavi z binarnimi opcijami zato potrjujeta, da obstaja resen zadržek glede zaščite vlagateljev.
This means that it may not always be possible for retail clients to check the accuracy of the prices received from the provider.
V odziv na poziv k predložitvi dokazov so številna podjetja in trgovinske organizacije spraševale, ali bi moral organ ESMA razlikovati med binarnimi opcijami, s katerimi se trguje zunaj organiziranega trga, in tistimi, s katerimi se trguje na mestu trgovanja.
These factors make it extremely complex for retail clients to value binary options objectively.
Nekatere trgovinske organizacije so zahtevale izrecno izključitev listinjenih izvedenih finančnih instrumentov, dotičnih opcij in digitalnih opcij, in sicer z utemeljitvijo, da so se ti produkti uporabljali kot alternativa za naročilo za omejitev izgub ali da lahko služijo kot varovanje pred tveganjem.
The high level of complexity and poor degree of transparency associated with binary options therefore confirms that a significant investor protection concern exists.
Organ ESMA je takšne odzive v celoti upošteval.
In response to the call for evidence, a number of firms and trade organisations questioned whether ESMA should distinguish between binary options traded OTC and the ones that are traded on a trading venue.
Vendar pa ostajajo lastnosti in značilnosti binarnih opcij, ki so osnovni vir ugotovljene škode za male vlagatelje, enake, ne glede na to, ali se s temi produkti trguje na mestu trgovanja ali listinsko.
Some trade organisations asked for an explicit exclusion for securitised derivatives, touch-options and digital options, on the grounds that these products were used as an alternative for a stop-loss order or could serve as a hedge.
Povedano drugače, binarne opcije na mestu trgovanja bi za vlagatelje še vedno predstavljale negativno pričakovano donosnost, medtem ko bi ponujale strukturo izplačevanja, ki ni primerna za varovanje pred tveganjem ali izvajanje drugih gospodarskih funkcij, ki bi lahko predstavljale pridobljeno korist.
ESMA has duly considered these responses.
Navedene lastnosti veljajo kadar koli pred iztekom opcije.
However, the features and characteristics of binary options, which are the fundamental source of the identified detriment to retail clients, remain the same whether or not these products are traded on a trading venue or securitised.
Zato zlasti obstoj sekundarnega trga ne spremeni osnovnih lastnosti, ki malim vlagateljem povzročajo škodo.
In other words, binary options on a trading venue would still present a negative expected return to investors, while offering a payoff structure which is not well-suited to hedging or to performing other economic functions that could form a compensating benefit.
Posebne lastnosti ali sestavni deli binarnih opcij
Notably, these properties hold true at any time prior to the expiry of the option.
Binarne opcije so običajno zelo kratkoročne naložbe, saj se v nekaterih primerih iztečejo že po nekaj minutah po vstopu, zaradi česar so po naravi izjemno špekulativne.
The existence of a secondary market in particular, therefore, does not change the fundamental characteristics that cause detriment to retail clients.
Binarnost izida binarnih opcij pomeni, da se uporabljajo predvsem v špekulativne namene.
The particular features or components of binary options
Plačilo fiksnega denarnega zneska ali ničelno plačilo omeji vrednost binarnih opcij kot orodja za varovanje pred tveganjem v nasprotju s tradicionalnimi oblikami, ki stranki omogočajo, da upravlja s svojim tveganjem tako, da določi „zgornjo mejo“ ali „spodnjo mejo“ za določeno sredstvo, kateremu bi lahko bila stranka neposredno izpostavljena.
Binary options are typically very short-term investments, in some cases expiring minutes after being entered into, which makes them extremely speculative in nature.
K nadaljnjemu poslabšanju pripomore tudi značilna kratkoročnost binarnih opcij.
The binary outcome nature of binary options mean that they are primarily used for speculative purposes.
Poleg tega se vrednost binarnih opcij določa na podlagi verjetnosti, da se bo določeni dogodek zgodil, izplačila pa se določajo podobno kot pri običajnih stavah z določenimi dobitki (na primer na športnih prireditvah ali pri rezultatih volitev).
The payment of a fixed monetary amount or zero limits the value of binary options as a hedging tool in contrast to traditional options, which allow the client to manage their risk by setting a ‘ceiling’ or ‘floor’ for a specific asset that they may have direct exposure to.
Trgovanje je večinoma zelo kratkotrajno, vlagatelji pa dosežejo zelo veliko donosnost ali pa izgubijo celoten vložek.
This is exacerbated by the typical short term of binary options.
Te osnovne lastnosti so enake kot pri produktih za igre na srečo, ki so povezane z odvisniškim obnašanjem in slabimi izidi za stranke.
Furthermore, binary options are priced according to the probability of an event occurring, quoting payoffs in a similar manner as traditional fixed-odds bets (for example bets on sporting events or election outcomes).
Kot je omenjeno zgoraj, ponudniki binarnih opcij običajno delujejo kot neposredne nasprotne stranke v trgovanju s stranko, zato vodijo trgovanje stranke v svoji knjigi.
Trades are mostly of very short terms and investors stand either to make a very large return or to lose their entire investment.
Ta poslovni model postavlja interese ponudnika v neposredno nasprotje z interesi njegovih strank, kar poveča tveganje, da bi lahko ponudnik ob izteku binarne opcije priredil ceno osnovnega instrumenta ali rok binarne opcije podaljšal za nekaj sekund ali milisekund, tako da mu ne bi bilo treba izplačati zneska na podlagi opcijske pogodbe.
These fundamental features are also found in gambling products, which are linked with addictive behaviour and poor outcomes for consumers.
Tveganje za nasprotje interesov je še posebej veliko v primeru binarnih opcij, ker je struktura plačila teh produktov določena na podlagi tega, ali je osnovni instrument ob izteku dosegel določeno izvršilno ceno.
As mentioned above, binary option providers usually act as direct counterparty to the client's trade, hence taking the client's trade onto their own book.
Pristojni nacionalni organi so odkrili tudi prakse, pri katerih ponudniki binarnih opcij uporabljajo nesimetričen ali neskladen pribitek na glavne razlike v cenah osnovnih instrumentov, zaradi česar ostane opcija „brez denarja“, čeprav bi bila sicer ob izteku „v denarju“.
This business model places the provider's interests in direct conflict with those of its clients, which increases the risk that the provider may manipulate the price of the underlying at expiry of the binary option or extend the term of the binary option by seconds or milliseconds so as to avoid having to pay out on the option contract.
Poleg tega so modeli porazdelitve, ki jih je organ ESMA opazil v tem tržnem sektorju, predmet določenih in včasih vgrajenih nasprotij interesov, pritisk zaradi vzdrževanja pritoka novih strank pa še povečuje možnosti za pojav nasprotij interesov.
The risk of conflict of interest is particularly acute for binary options, as the payment structure of these products is determined by whether the underlying has reached the specified strike price at expiry.
Glede na to, da je pričakovana donosnost binarnih opcij strukturno negativna, je z več pozicijami, ki jih vlagatelj zavzame, večja verjetnost, da na kumulativni podlagi izgubi denar.
NCAs have also identified practices whereby binary options providers apply an asymmetrical or inconsistent mark up to core spreads on the underlying, which results in the option being ‘out of the money’ where it otherwise would be ‘in the money’ at expiry.
Visoko tveganje, povezano z možnostjo špekulativnega trgovanja z binarnimi opcijami ter z nasprotji interesov med ponudniki binarnih opcij in njihovimi strankami, potrjuje obstoj resnega zadržka glede zaščite vlagateljev.
In addition, the distribution models observed by ESMA in this sector of the market bear certain and sometimes inherent conflicts of interest and the pressure to maintain a pipeline of new clients increase the potential for conflicts of interest to occur.
Obseg morebitnih škodljivih posledic in stopnja neskladnosti med donosnostjo za vlagatelje in tveganjem izgube
Given that binary options structurally have negative expected returns, the more positions an investor takes, the more likely they are to lose money on a cumulative basis.
Številke za stranke v zvezi s temi produkti so tekoče zaradi razmeroma kratke življenjske dobe binarnih opcij, računov stranke in čezmejne narave dejavnosti.
The high risk of binary options being traded speculatively as well as of conflict of interests between binary option providers and their clients confirm the existence of a significant investor protection concern.
Na podlagi podatkov, ki jih je organ ESMA zbral od številnih pristojnih nacionalnih organov, organ ESMA ocenjuje, da je število trgovalnih računov malih vlagateljev od ponudnikov CFD-jev in binarnih opcij s sedežem v EGP, naraslo z 1,5 milijona leta 2015 na približno 2,2 milijona leta 2017.
The size of potential detrimental consequences and the degree of disparity between returns for investors and the risk of loss
Zlasti naslednje informacije, ki so jih organu ESMA posredovali pristojni nacionalni organ, potrjujejo, da se je tržni sektor binarnih opcij povečal v celotni Uniji:
Client numbers in relation to these products are fluid due to the relatively short life span of binary options client accounts and the cross-border nature of activities.
ciprska Komisija za vrednostne papirje in borzo (CY-CySEC), pristojni nacionalni organ na Cipru, je ocenil, da je bilo na Cipru skupno število aktivnih strank v binarnih opcijah konec druge četrtine leta 2017 401378 v primerjavi s 140205 leta 2015;
Based on data gathered by ESMA from a number of NCAs, ESMA estimates that the number of retail clients' trading accounts from EEA-based CFD and binary option providers increased from 1,5 million in 2015 to approximately 2,2 million in 2017.
Bundesanstalt für Finanzdienstleistungsaufsicht (DE-BaFin), pristojni nacionalni organ v Nemčiji, ocenjuje, da je v Nemčiji do 30000 strank binarnih opcij, celotni trg v Nemčiji pa se povečuje z letno stopnjo 4–5 %;
In particular, the following information provided by NCAs to ESMA confirms that the market sector of binary options has grown across the Union:
iz vzorčnih podatkov strank iz podjetij, posredovanih Financial Conduct Authority (UK-FCA), pristojnemu nacionalnemu organu v Združenem kraljestvu, se ocenjuje, da znaša število strank, ki trgujejo s ponudniki binarnih opcij v Združenem kraljestvu, okrog 40000;
the Cyprus Securities and Exchange Commission (CY-CySEC), the NCA in Cyprus, estimated the total number of active clients in Cyprus in binary options at the end of the second quarter 2017 to be 401378 compared to 140205 in 2015;
Commissione Nazionale per le Società e la Borsa (IT-CONSOB), pristojni nacionalni organ v Italiji, je na podlagi raziskave, opravljene marca 2017 v petih podružnicah ponudnikov binarnih opcij s sedežem v EU, ugotovil, da se je leta 2016 število italijanskih malih vlagateljev, ki trgujejo z binarnimi opcijami, povečalo za 2,4 %;
the Bundesanstalt für Finanzdienstleistungsaufsicht (DE-BaFin), the NCA in Germany, estimates that there are up to 30000 binary options clients in Germany, with the overall market in Germany growing at an annual rate of 4-5 %;
številni pristojni nacionalni organi so poročali, da je trgovanje z binarnimi opcijami široko razširjeno in da se binarne opcije prodajajo v njihovih jurisdikcijah;
From sample client data from firms provided to the Financial Conduct Authority (UK-FCA), the NCA in the UK, it is estimated that the number of clients trading with UK binary option providers is around 40000;
skoraj vsi pristojni nacionalni organi so poročali, da ponudniki binarnih storitev, ki delujejo iz drugih držav članic, zagotavljajo storitve trgovanja z binarnimi opcijami v svojih jurisdikcijah.
the Commissione Nazionale per le Società e la Borsa (IT-CONSOB), the NCA in Italy, found on the basis of a survey carried out in March 2017 at five branches of EU-based binary option providers that in 2016 there was a 2,4 % increase in the number of Italian retail clients trading in binary options;
Nekateri pristojni nacionalni organi so tudi omenili, da ponudniki binarnih opcij za delovanje v gostiteljskih jurisdikcijah uporabljajo podružnice ali vezane zastopnike, in
a number of NCAs reported that binary options are widely marketed and sold in their jurisdictions;
pristojni nacionalni organi so opozorili na povečano število zahtev za pooblastilo za investicijska podjetja, ki ponujajo zadevne produkte.
nearly all NCAs reported that binary option providers passporting from other Member States are providing services in binary options in their jurisdictions.
V skladu s poročilom IOSCO se v različnih jurisdikcijah najbolj pogoste pritožbe v zvezi s pooblaščenimi ponudniki nanašajo na donosnost produktov (skupaj z izgubami vlagateljev), stranke, ki niso razumele ponujenega produkta ali storitve (in z njimi povezanih tveganj), težave pri dvigovanju sredstev, agresivno/zavajajoče oglaševanje in na manipulacijo v zvezi s ceno ali trgovanjem.
Some NCAs also mentioned binary option providers using branches or tied agents to passport to host jurisdictions; and
Zgoraj omenjena analiza organa ESMA o pričakovanih negativnih donosnostih malih vlagateljev podpirajo tudi podatki o izgubah, ki so jih utrpeli mali vlagatelji in o katerih so določeni pristojni nacionalni organi poročali organu ESMA:
NCAs have noted an increase in the number of requests for authorisation for investment firms offering the products in question.
V povprečju je izguba na račun znašala okrog 480 EUR;
The aforementioned ESMA analysis on retail clients' expected negative returns is also corroborated by data on losses suffered by retail clients reported to ESMA by certain NCAs:
organ IT-CONSOB je na podlagi raziskave, ki jo je opravil marca 2017 v petih podružnicah investicijskih podjetij s sedežem v EU, ki se ukvarjajo z binarnimi opcijami, ugotovil, da so italijanski mali vlagatelji, ki so denar vložili v binarne opcije, realizirali večje izgube v letu 2016, in sicer do 74 % s povprečno izgubo okrog 590 EUR, in
CY-CySEC conducted analysis of a sample of binary option client accounts of 10 binary options providers for the period from 1 January 2017 to 31 August 2017.
organ UK-FCA je na podlagi pregleda podatkov o donosnosti računov strank, ki so jih podjetja posredovala v letu 2016, ugotovil, da je med 81 in 85 % računov strank izgubilo denar in da je izguba strank v povprečju znašala med 400 in 1200 GBP.
It found that on average, 87 % of client accounts made a loss over that period.
Navedene vrednosti kažejo, da so imele stranke pri trgovanju dobiček, vendar pa so potem, ko so upoštevale vpliv pristojbin za transakcijo, imele izgubo.
On average, the loss per account was around EUR 480;
To pomeni, da stranke morda ne razumejo vpliva pristojbin za transakcijo na dobičkonosnost svojih računov.
the Komisja Nadzoru Finansowego (PL-KNF), the NCA in Poland, based on data from a Polish investment firm, found that 86,3 % of the clients lost money in 2016 and 86,4 % lost money in 2017;
Vrsta udeleženih strank
IT-CONSOB found on the basis of a survey carried out in March 2017 at five branches of EU-based investment firms active in binary options that Italian retail clients investing in binary options realised relevant losses in 2016 up to 74 % with an average loss of approximately EUR 590; and
Trgovanje, distribucija ali prodaja binarnih opcij na maloprodajnem masovnem trgu je zelo razširjena.
UK-FCA found from a review of firm data reporting client account performance in 2016 that between 81 % and 85 % of client accounts lost money and that, on average, clients made a loss between GBP 400 and GBP 1200.
Vendar pa zaradi kompleksnosti binarnih opcij, kot je opisano v tem sklepu, večina malih vlagateljev (za razliko od profesionalnih) težje pravilno razume in oceni dejansko tveganje, ki ga povzroča trgovanje s temi produkti.
Reported figures indicate that clients made a profit from trading but made a loss when taking into account the impact of transaction fees.
Dokaz o izgubah, ki jih je organ ESMA opazil na računih malih vlagateljev, opisanih v tem sklepu, prikazuje, da binarne opcije niso primerne za male vlagatelje.
This indicates that clients may not understand the impact of transaction fees on the performance of their account.
Dejavnosti trženja in distribucije v zvezi z binarnimi opcijami
The type of clients involved
Čeprav so binarne opcije kompleksni produkti, se malim vlagateljem najpogosteje ponujajo prek elektronskih platform za trgovanje, kjer ni na voljo nasvetov glede vlaganja ali upravljanja portfelja.
Binary options are widely marketed, distributed or sold to the retail mass market.
V takšnih primerih se v skladu s členom 25(3) Direktive 2014/65/EU zahteva ocena primernosti.
However, the complexity of binary options, as described in this Decision, makes it difficult for the majority of retail (unlike professional) clients to properly understand and assess the actual risk they incur when dealing with these products.
Vendar pa ta ocena ponudnikom binarnih opcij ali njihovim strankam ali morebitnim strankam ne preprečuje, da bi nadaljevali s transakcijo, stranka pa prejme le preprosto opozorilo.
The evidence of losses observed by ESMA in retail client accounts described in this Decision demonstrates that binary options are unsuited to retail clients.
Do tega lahko pride v primeru, kadar stranka ponudniku binarnih opcij ni posredovala ali mu je posredovala nezadostne informacije o svojem znanju in izkušnjah na investicijskem področju v zvezi z določeno vrsto produkta in kadar ponudnik ugotovi, da produkt ni primeren za stranko.
Marketing and distribution activities in relation to binary options
To malim vlagateljem omogoča dostop do produktov, kot so binarne opcije, ki jih zaradi njihovih lastnosti ne bi smeli kupiti.
Although binary options are complex products, they are offered to retail clients most commonly via electronic trading platforms, without the provision of investment advice or portfolio management.
Tudi v skladu z vprašanji in odgovori organa ESMA so pristojni nacionalni organi opazili agresivne tržne prakse in zavajajoče tržne komunikacije v tem sektorju trga.
An assessment of appropriateness is required in such cases pursuant to Article 25(3) of Directive 2014/65/EU.
Te na primer vključujejo uporabo dogovorov o sponzorstvu ali povezave z glavnimi športnimi skupinami, kar daje zavajajoč vtis, da so kompleksni in špekulativni produkti, kot so binarne opcije, primerni za množični maloprodajni trg s spodbujanjem ozaveščenosti o splošni blagovni znamki.
However, this assessment does not prevent binary options providers or their clients or potential clients proceeding with a transaction, subject to a simple warning to the client.
Poleg tega so nekateri pristojni nacionalni organi poleg redne uporabe zavajajočega tržnega gradiva opozorili tudi na prekomerno in intenzivno naravo opravljenih tržnih dejavnosti: