Binary options are the latest products to hit financial markets. From 5 minute FTSE100 bets offered by online bookmakers, longer duration FTSE100 bets traded on online betting exchanges plus binary bets offered by spreadbetting companies, all are offering the same instrument as the CBOT's binary option on the Fed Funds rate. Hitherto, the largest single marketplace for binary options has been Lloyd's of London where they are known as insurance contracts, while the sports enthusiast is unwittingly buying a binary option every time he takes a price from a sportsbook or bookmaker on this horse...