In March , an Australian and New Zealand community statement called for an end to legal classification of sex, stating that legal third classifications, like binary classifications, were based on structural violence and failed to respect diversity and a "right to self-determination".

It also called for the criminalization of deferrable intersex medical interventions. In and under then president Cristina Fernández de Kirchner , Argentina passed its Gender Identity Law Spanish : Ley de identidad de género , which allows transgender people to identify with their chosen gender on official documents without first having to receive hormone therapy , gender reassignment surgery or psychiatric counseling.

In November , two non-binary people from Mendoza Province became the first to obtain an ID and birth certificate without indication of sex. Judge Myriam Cataldi ruled that the Gender Identity Law applied to Bertolini's case, citing the law's definition of "gender identity" as: "the internal and individual experience of gender as each person feels it, which may or may not correspond to the sex assigned at birth, including the personal experience of the body.

The measure applies to non-citizen permanent residents who possess Argentine identity cards as well. After the decision of the German Federal Constitutional Court Bundesverfassungsgericht of 9 November , Austrian media report that a similar case is also pending at the Constitutional Court Verfassungsgerichtshof in Austria.

Two lower judicial instances already decided against the possibility of a "third gender". Each year at least 35 children in Austria are reported to be born with ambiguous sex characteristics. Surgical interventions on intersex children, to make them fit one of the binary sex characteristics, are criticized by Verein Intergeschlechtliche Menschen Österreich VIMÖ , an Austrian association fighting for the rights of intersex people.

They demand that children should be free to decide on these matters when they are grown up. Johannes Wahala, president of the Austrian Society For Sexologies and head of Beratungsstelle Courage advice center in Graz condemns these operations and wishes for the introduction of a third gender.

On 15 June , the Austrian Constitutional Court reached a decision, published in a news release on 29 June, that Article 8 of the European Convention on Human Rights guarantees recognition of gender identity beyond the binary male or female, and that people with a variation in gender development other than male or female must be allowed to leave a gender entry empty and must be allowed to have a positive other entry implemented.

They also found that current law is not in contradiction to these requirements, and can be interpreted in a way that is conformant to the constitutional right of recognition of gender identity via Article 8 of the ECHR. The Court ruled that the national interests listed in Article 8. The Court indicate that administrative bodies may require proof of the adequacy of a change to an entry and the relation to a persons actual social life, and that Article 8.

They have not decided on a specific name a third gender option should have, but cite recommendations as "divers", "inter", "offen". Options besides male and female are only available for intersex people, who are required to provide medical records to prove their sex. First reported in January , Australians can choose "X" as their gender or sex.

Alex MacFarlane is believed to be the first person in Australia to obtain a birth certificate recording sex as indeterminate, and the first Australian passport with an 'X' sex marker in Other individuals known to have similar early options include Tony Briffa of Organisation Intersex International Australia and former mayor of City of Hobsons Bay , Victoria , previously acknowledged as the world's first openly intersex public official and mayor. Government policy between and was to issue passports with an 'X' marker to persons who could "present a birth certificate that notes their sex as indeterminate".

Birth or citizenship certificates do not need to be amended. Australian Commonwealth guidelines on the recognition of sex and gender, published in June , extended the use of an 'X' gender marker to any adult who chooses that option, in all dealings with the Commonwealth government and its agencies.

The option is being introduced over a three-year period. The guidelines also clarify that the federal government collects data on gender , rather than sex. Norrie May-Welby is popularly — but erroneously — often regarded as the first person in the world to obtain officially indeterminate, unspecified or "genderless" status.

An alliance of organizations including the National LGBTI Health Alliance , Organisation Intersex International Australia and Transgender Victoria has called for X to be redefined as non-binary.

In April , Tasmania became the first state or territory in Australia to make sex or gender identifiers in birth certificates optional and providing for official definitions for 'sex' and 'gender' only 'sex' was defined before the reforms. Children born with ambiguous genitalia are given an additional 60 days to choose a sex for registration.

The child's sex will be displayed on the birth certificate only if the parents choose to opt-in. The same reforms also allowed persons over the age of 16 to change their gender identity on official documentation — without a sex reassignment surgery or hormone replacement therapy — by providing a gender declaration. In June , the Constitutional Court of Belgium struck down certain parts of the country's transgender law. The proceedings against the law were initiated by LGBT rights organizations , who argued that the law still discriminated against people with a non-binary or genderfluid identity, because it still only allowed people to register as either "male" or "female".

The Constitutional Court agreed with the action brought against the law, and found the contested provisions to be discriminatory and therefore unconstitutional. Though the Court suggested a few ways in which to remedy the unconstitutional aspects, such as "the creation of one or more additional categories" or "the possibility to remove the registration of sex or gender as an element of a person's civil status ", it also stressed that the responsibility to remediate the law's shortcomings remained with the legislature.

The De Croo Government , Belgium's federal government which took office in October , announced plans to introduce the possibility to register under the gender identifier "X", in order to address the judgment of the Constitutional Court. This was expressed by the new minister of Justice in the De Croo Government, Vincent Van Quickenborne , in November The law will be effective in There is no recognition of a third gender option nationwide, but since non-binary people have been getting court authorizations to register their sex as "unspecified", "non-identified" or "non-binary" in the civil registry and since , for purposes of filling out the identity card, the sex field must follow the ICAO standard, with 1 character, M, F or X.

While requesting a new passport , Brazilians are able to select an unspecified sex, however it is not known since when there's this option. Since 12 September , by decision of the National Justice Council , notaries must register intersex children with the sex ignored on birth certificates.

The state of Rio de Janeiro , thanks to the work of the State Public Defender's Office, has been allowing non-binary people to register their birth certificates and identity cards with the "non-binary" gender in gender-neutral language. On April 22, , Rio Grande do Sul Justice assured non-binary people to change their first name and sex in their birth record, according to their self-perceived identity, regardless of judicial authorization, allowing include the expression "non-binary" in the sex field upon a request made by the interested party to a notary's office.

In June , the government of the province of Ontario announced changes to the way gender will be displayed on health cards and driver's licenses. Starting June 13, the Ontario health card no longer displays a sex designation. In early , Ontario drivers will have the option to display "X" as a gender identifier on their driver's licenses. In April , a baby born in British Columbia , Searyl Atli Doty, became the first in the world known to be issued a health card with a gender-neutral "U" sex marker.

The parent, Kori Doty, who is non-binary transgender , wanted to give the child the opportunity to discover their own gender identity. In July , the Northwest Territories began allowing "X" as a non-binary option on birth certificates. On August 31, , the federal government began allowing an observation to be added to passports requesting that the holder's gender should be read as "X", indicating that it is unspecified, though a gender of "M" or "F" had to be added as a gender for an undefined period to comply with legal requirements of other countries.

A ruling of the Third Family Court of Santiago, issued on April 25, , ordered the Civil Registry and Identification Service to register a year-old adolescent with non-binary gender on the birth certificate, being the first judicial resolution of its kind in the country.

In July , the Thirteenth Chamber of the Santiago Court of Appeals had ruled in favor of the request to rectify the birth certificate to recognize non-binary gender identity. In February , the Constitutional Court of Colombia ruled that a non-binary person was entitled to a birth certificate from the Ninth Notary of Medellín and citizen's identity card from the National Civil Registry with the marker "no binario" or "NB" in the sex field on both.

The court also ordered the Colombian government to facilitate the inclusion of such a marker on identity documents and ordered the Congress to amend laws as needed to facilitate legal recognition of non-binary individuals' rights.

According to comment by Transgender Europe, Danish citizens including Greenlandic- and Faroese nationals have been issued passport with option 'X' upon application, without medical requirements. Accordingly, legal gender remains binary in Denmark including Greenland and the Faroe Islands and only transsexual people without a legal gender change can obtain an X marker in their passport. Germany is thought to be the first European country that recognizes "indeterminate" sex on birth certificates, which is materialized by the absence of any gender marker, from November A report by the German Ethics Council stated that the law was passed because "Many people who were subjected to a 'normalizing' operation in their childhood have later felt it to have been a mutilation and would never have agreed to it as adults.

The court held at the same time that even an adult intersex person who was registered with a gender marker at birth can obtain the deletion of that gender marker. This judgment was sent for review by the Federal Court of Justice.

On 8 November , the Federal Constitutional Court released a press statement about its ruling from 10 October , which is in favour of a positive third gender option instead of no entry.

In case of a change later in life, first names can also be changed. In the meantime, an appeals court had held that a nonbinary status must also be open to non-intersex non-binary people; the adopted act does not address this category of people and their situation therefore first remained unclear pending additional case-law. In June , the Icelandic Parliament voted 45—0 on a bill to implement a progressive "self-determination gender change model law", similar to numerous European and South American countries.

The bill includes a third gender option known as "X" on official documents. The Hijra of India are probably the most well known and populous third sex type in the modern world — Mumbai -based community health organization The Humsafar Trust estimates there are between 5 and 6 million hijras in India.

Often somewhat misleadingly called eunuchs in English, they may be born intersex or apparently male , dress in feminine clothes and generally see themselves as neither men nor women. Only eight percent of hijras visiting Humsafar clinics are nirwaan castrated. Indian photographer Dayanita Singh writes about her friendship with a Hijra, Mona Ahmed, and their two different societies' beliefs about gender: "When I once asked her if she would like to go to Singapore for a sex change operation , she told me, 'You really do not understand.

I am the third sex, not a man trying to be a woman. It is your society's problem that you only recognize two sexes. In November , India agreed to list eunuchs and transgender people as "others", distinct from males and females, in voting rolls and voter identity cards. In addition to the feminine role of hijras, which is widespread across the subcontinent, a few occurrences of institutionalized "female masculinity" have been noted in modern India.

Among the Gaddhi in the foothills of the Himalayas, some girls adopt a role as a sadhin , renouncing marriage, and dressing and working as men, but retaining female names and pronouns. In April , Justice KS Radhakrishnan, of Supreme Court of India declared transgender to be the third gender in Indian law, in a case brought by the National Legal Services Authority Nalsa against Union of India and others. Seldom, our society realizes or cares to realize the trauma, agony and pain which the members of Transgender community undergo, nor appreciates the innate feelings of the members of the Transgender community, especially of those whose mind and body disown their biological sex.

Our society often ridicules and abuses the Transgender community and in public places like railway stations, bus stands, schools, workplaces, malls, theatres, hospitals, they are sidelined and treated as untouchables, forgetting the fact that the moral failure lies in the society's unwillingness to contain or embrace different gender identities and expressions, a mindset which we have to change.

Justice Radhakrishnan said that transgender people should be treated consistently with other minorities under the law, enabling them to access jobs, healthcare and education. In May , Leonne Zeegers was the first Dutch citizen to receive the "X" marked gender on the passport instead of "male" or "female" see photo of the person's passport here. Leonne, then 57, was born intersex and raised male, before having gender reassignment surgery and become female, but still identifies as an intersex person.

Leonne won a court case which meant that preventing someone from registering officially as gender neutral is a "violation of private life, self-determination and personal autonomy". It will, however, still be the decision of the court on whether the "X" will be issued on anyone's passport in the future.

The ruling opened doors for Dutch LGBT groups to ask the government for anyone to be able to identify as gender neutral in the future. More recent material indicates that this third option is not available to intersex persons. Birth certificates are available at birth showing "indeterminate" sex if it is not possible to assign a sex. The New Zealand Department of Internal Affairs states, "A person's sex can be recorded as indeterminate at the time of birth if it cannot be ascertained that the person is either male or female, and there are a number of people so recorded.

On 17 July , Statistics New Zealand introduced the first version of a gender identity classification standard for statistical purposes. In Pakistan , the polite term is khwaja sara or "khwaja sira" Urdu : خواجه سرا , as hijra and khusra are considered derogatory by the khawaja sara community and human rights activists in Pakistan. In June , the Supreme Court of Pakistan ordered a census of khawaja sara , who number between 80, [] and , in Pakistan.

We are slowly getting respect in society. Now people recognize that we are also human beings. The current government of Prime Minister Imran Khan has started issuing national identity cards to khawaja Sara trans population in Pakistan. This is the first time in countries history, and a major change. In January , it was announced that plans to introduce a third gender option on identification documents, such as passports and the National Identification cards , would be implemented in the near future.

In November , Chen Mei-ling , the Minister of the National Development Council , announced that these plans come into effect in Also commonly referred to as a third sex are the kathoeys or "ladyboys" of Thailand. A significant number of Thais perceive kathoeys as belonging to a third gender, including many kathoeys themselves; others see them as second category women.

Despite this, Thai society remains one of the world's most tolerant towards kathoeys or the third gender. We asked our [kathoeys] to say whether they thought of themselves as men, women, sao praphet song ["a second kind of woman"] or kathoey.

None thought of themselves as male, and only 11 percent saw themselves as kathoey i. By contrast 45 percent thought of themselves as women, with another 36 percent as sao praphet song In , the Chiang Mai Technology School allocated a separate restroom for kathoeys , with an intertwined male and female symbol on the door.

The 15 kathoey students are required to wear male clothing at school but are allowed to sport feminine hairdos. The restroom features four stalls, but no urinals. Although Kathoeys are still not fully respected, they are gradually gaining acceptance and have made themselves a very distinct part of the Thai society.

This is especially true in the entertainment, business, and fashion industries in Thailand, where the Kathoeys play significant roles in leadership and management positions. In addition, Kathoeys or second-category-women are very sought after when businesses are hiring salespeople.

In many job posts, it is common to see companies state that second-category-women are preferred as their sales force because they are generally seen as more charismatic and expressive individuals. The title " Mx. When the text of EDM came to light in a formal petition was launched through the Parliamentary Petitions Service calling for EDM to be passed into law.

In September the Ministry of Justice responded to a petition calling for self-determination of legal gender, saying that they were not aware of "any specific detriment" experienced by nonbinary people unable to have their genders legally recognised. In June the British High Court ruled against a bid for passports to have an X marker. The Scottish Government undertook a public consultation on Reforms to the Gender Recognition Act GRA from 9 November to 1 March However, in their factsheet, the Scottish Government say they will not be extending legal gender-recognition to non-binary people.

Instead they are intending to set up working group to consider what more could be done to further the inclusion of non-binary people in society. In March , a judge ruled that the lack of nonbinary gender marker on UK-issued passports was lawful "for now", but noted that "if the international trend towards more widespread official recognition of "non-binary" identity continues, then at some future date, denial could constitute a breach of human rights.

On 14 July , International Nonbinary Day, [] MP Christine Jardine brought a private member's bill backed by LGBT charity Stonewall UK to the House of Commons, calling for the option of an X gender marker on UK-issued passports for nonbinary people. On 14 September an employment tribunal ruled that a non-binary employee was protected under the transition characteristic of the Equality Act , the first legal confirmation that non-binary people are protected by the Act. In May , the UK government rejected a petition calling for the legal recognition of non-binary as a gender identity.

A number of U. jurisdictions allow nonbinary gender markers on identification documents. On Intersex Awareness Day , October 26, , LGBT civil rights organization Lambda Legal filed a federal discrimination lawsuit against the United States Department of State for denying navy veteran Dana Zzyym , Associate Director of Intersex Campaign for Equality , a passport because they are, and identify as, neither male nor female, but intersex.

Passport Agency to reconsider its earlier decision. State Department refusal to give a passport exceeded its authority. On February 25, , Rep. Ro Khanna introduced legislation in the United States House of Representatives H. passport applications. passports, and it is expected to be implemented by the end of In June , Washington, D. policy change went into effect on June 27, making the district the first place in the U.

to offer gender-neutral driver's licenses and ID cards. Since at least October , Arkansas has been issuing driver's licenses with an "X" gender marker upon request. Arkansas has historically operated without a clear public policy for changing gender markers on IDs.

However, in December former Assistant Commissioner of Operations and Administration Mike Munns announced that Arkansas's official policy would be to "allow a licensee to change their gender as requested, no questions asked, no documentation required. On September 26, , intersex California resident Sara Kelly Keenan became the second person in the United States to legally change her gender to non-binary. In December , Keenan became the first American recipient of a birth certificate with " intersex " listed under the category of "sex".

In September , California passed legislation implementing a third, non-binary gender marker on California birth certificates, drivers' licenses, and identity cards.

The bill, SB , also removes the requirements for a physician's statement and mandatory court hearing for gender change petitions. On November 30, , Colorado began allowing people who do not identify as male or female to mark X as the gender identifier on their driver's license.

Motor Vehicle Department employees shall not request additional gender-related information beyond that required on the applicable forms or otherwise inquire about the applicant's private medical history or records.

Effective July 1, , X gender markers are available on Hawaiian state issue IDs. In August , Illinois passed legislation to allow gender-neutral markers on all state forms including driver's licenses and ID cards. The changes may take several years to implement, however, due to Illinois' existing six-year contract with IDEMIA to provide ID card services. In March , the Indiana Bureau of Motor Vehicles began allowing gender-neutral markers on driver's licenses and identification cards.

On June 11, , Maine began allowing "X" gender markers on state IDs, using a temporary sticker until a system update. A law offering an "X" gender marker on driver's licenses and state identification cards has also been passed in Maryland effective October 1, Effective November 12, Effective November 10, Minnesota began allowing "X" gender markers on state IDs on October 1, The designation is considered self reported information and does not require documentation. A nonbinary person named MJ Zappa became the first to obtain the marker after a struggle with the state Department of Vehicle Services for over a year.

In July , the New Hampshire legislature passed a bill allowing individuals to indicate their sex on IDs as male, female, or other. In , New Jersey added an 'X' gender identifier option to be displayed on drivers' licenses instead of 'F' or 'M'.

The passage of Senate Bill 20 into law in the session of the New Mexico Legislature amended the Vital Records Act to allow for a third designator on the state's identification documents in both Real ID Act compliant and non-compliant forms , 'X', to be selected instead of 'F' or 'M' and required only a doctor's signature on the designator change request form instead of a court order as prior.

The Motor Vehicle Division of the New Mexico Taxation and Revenue Department began issuing such licenses later that year, although by Q1 the forms for license renewal had not yet been reprinted with the third option shown, instead allowing manual amendment. In June , legislation was introduced in New York City, the NYC municipal ID has a non-binary option New York City and New York State have separate departments handling birth certificates to offer an "X" gender marker for residents' ID cards.

For a short period between the Oklahoma State Department of Health settling Loreleid v. Oklahoma State Department of Health in October and Oklahoma governor Kevin Stitt signing Executive Order on 8 November , birth certificates with a non-binary gender marker could be issued in Oklahoma.

On June 10, , a state judge in a Multnomah County, Oregon circuit court ruled that a resident, Elisa Rae Shupe , could obtain a non-binary gender designation. On June 15, , Oregon became the first state in the U. to announce it will allow a non-binary "X" gender marker on state IDs and driver's licenses, beginning July 1 with no doctor's note required. As of , in the state of Oregon any person may choose a gender marking of their choosing "F", "X", or "M" being the options, the field being listed as "sex" on their driver's license or identification card without any requirements of proof of gender.

Oregon also allows a person to amend their birth certificate to include non-binary "X" gender marker as of January 1, On July 30, , the Pennsylvania Department of Transportation announced that they would introduce an official process to request an X gender designation on state driver's licenses in Virginia has a non-binary option for drivers licenses and state issued ID cards. In December , Washington state filed an adopted rule to allow a third, non-binary "X" gender marker on amended birth certificates, although certificates will still be initially issued with male or female designations; the rule went into effect on January 27, The law also provides a basis for social protection, anti-discrimination efforts, quotas and reparations.

From Wikipedia, the free encyclopedia. Not to be confused with Legal recognition of intersex people. Gender identities.

Outline Timeline United Kingdom United States Compton's Cafeteria riot Stonewall riots Intersex. Health care. Gender clinic Gender dysphoria in children Sex assignment Sex reassignment therapy Hormone therapy feminizing masculinizing Puberty-suppressing hormone therapy Gender-affirming surgery female-to-male male-to-female Facial feminization surgery Facial masculinization surgery Hair removal Pregnancy Reproduction Voice therapy WPATH Standards of Care.

Rights and legal issues. Asylum Discrimination Anti-gender movement Inequality Non-binary Transgender men Transmisogyny Legal status Rights movement Non-binary, third gender Organizations Military service Toilets Bathroom bills Unisex Violence Trans bashing Trans panic Unlawful killings Violence against LGBT people Yogyakarta Principles.

Society and culture. LGBT-related films Events Awareness Week Day of Remembrance Day of Visibility March LGBT Flag History Media portrayals Fictional characters Literature Film Television People Non-binary Publications Religion Sports Gender transitioning Gender detransitioning Transgender youth suicide more. Theory and concepts. By country.

Argentina Australia Rights Re Kevin Brazil Canada Bill C, Rights China Colombia Germany India Rights of Transgender Persons Bill, Tamil Nadu Iran Ireland New Zealand Singapore South Africa Turkey United Kingdom Rights Gender Recognition Act History United States Cafeteria riot Disenfranchisement History Legal history Rights Title IX. See also. Gender Gender studies Intersex Queer heterosexuality LGBT Sex sex assignment Sex and gender distinction Sexual orientation Social construction of gender Takatāpui.

Opt-in for intersex people only. Standard for third gender. Standard for intersex. Further information: Transgender rights , Third gender , and Non-binary gender. Main article: Legal recognition of intersex people. Further information: Intersex human rights. Further information: Transgender rights in Argentina and Travesti gender identity.

Further information: Intersex rights in Australia and Transgender rights in Australia. Further information: LGBT rights in Belgium. See also: Transgender rights in Brazil. See also: Intersex rights in Canada and Transgender rights in Canada. Further information: LGBT rights in Chile § Gender identity and expression. Further information: LGBT rights in Colombia § Gender identity and expression , and Travesti gender identity. Further information: LGBT rights in Denmark.

See also: LGBT rights in Greenland and LGBT rights in the Faroe Islands. Further information: Intersex rights in Germany and LGBT rights in Germany.

Main article: LGBT rights in Iceland. See also: Transgender rights in Tamil Nadu. See also: LGBT rights in Nepal. Further information: Intersex rights in New Zealand and Transgender rights in New Zealand. Main article: Hijra South Asia. Further information: Intersex rights in the United Kingdom and Transgender rights in the United Kingdom.

Further information: Intersex rights in the United States and Transgender rights in the United States. Recognition via statute or policy. Recognition via court order only. No legal recognition.

Main article: Oklahoma Senate Bill Retrieved 27 May BBC News. December 23, Retrieved Ex-transsexual Australian Norrie May-Welby is first legally genderless person" Archived at the Wayback Machine , New York Daily News.

The Daily Dot. Retrieved June 10, License to Be Yourself. New York: Open Society Foundations. ISBN Differentiation and dimorphism of gender identity from conception to maturity.

USA: The Johns Hopkins University Press. Hermaphrodites and the Medical Invention of Sex. USA: Harvard University Press. Los estados intersexuales en la especie humana. Madrid: Morata. doi : PMID S2CID Intersex: Stories and Statistics from Australia PDF.

Cambridge, UK: Open Book Publishers. Archived from the original PDF on Promoting and Protecting Human Rights in relation to Sexual Orientation, Gender Identity and Sex Characteristics. Asia Pacific Forum of National Human Rights Institutions. It's time to listen". Special Broadcasting Service. The Bubble. Archived from the original on May 31, Retrieved April 3, The New York Times.

Retrieved May 8, Clarín in Spanish. Retrieved March 25, Boletín Oficial de la República Argentina in Spanish. Retrieved 21 July Ámbito in Spanish. La Nación in Spanish. The Washington Post. Retrieved 24 July at in German. Retrieved May 16, Verfassungsgerichtshof Österreich in German. Archived from the original PDF on November 10, Exotic options are more complex than options that trade on an exchange , and are generally traded over-the-counter. The term "exotic option" was popularized by Mark Rubinstein 's working paper published , with Eric Reiner "Exotic Options", with the term based either on exotic wagers in horse racing , or due to the use of international terms such as "Asian option", suggesting the "exotic Orient".

Palmer compared these horse racing bets to the controversial emerging exotic financial instruments that concerned then-chairman of the Federal Reserve Paul Volcker in He argued that just as the exotic wagers survived the media controversy so will the exotic options. In , Bankers Trust Mark Standish and David Spaughton, were in Tokyo on business when "they developed the first commercially used pricing formula for options linked to the average price of crude oil. Exotic options are often created by financial engineers and rely on complex models to price them.

A straight call or put option , either American or European, would be considered a non-exotic or vanilla option. There are two general types of exotic options: path-independent and path-dependent. An option is path-independent if its value depends only on the final price of the underlying instrument.

Path-dependent options depend not only on the final price of the underlying instrument, but also on all the prices leading to the final price. An exotic option could have one or more of the following features:. Even products traded actively in the market can have the characteristics of exotic options, such as convertible bonds , whose valuation can depend on the price and volatility of the underlying equity , the credit rating , the level and volatility of interest rates , and the correlations between these factors.

Barriers in exotic option are determined by the underlying price and ability of the stock to be active or inactive during the trade period, for instance up-and-out option has a high chance of being inactive should the underlying price go beyond the marked barrier.

Down-and-in-option is very likely to be active should the underlying prices of the stock go below the marked barrier. Up-and-in option is very likely to be active should the underlying price go beyond the marked barrier. From Wikipedia, the free encyclopedia.

Derivative which has features making it more complex than commonly traded products. Because some of them are from Japan". Retrieved 9 September The article quotes then-chairman of the Federal Reserve Paul Volcker in when he argued, "This is hardly the time to search out for new exotic lending areas or to finance speculative or purely financial activities that have little to do with the performance of the American economy. Exotic Options.

Working Paper, University of California at Berkeley. Managing Energy Price Risk. London: Risk Books. May 18, Retrieved 11 July March 9,

In computer programming , machine code is any low-level programming language , consisting of machine language instructions , which are used to control a computer's central processing unit CPU.

Each instruction causes the CPU to perform a very specific task, such as a load, a store, a jump , or an arithmetic logic unit ALU operation on one or more units of data in the CPU's registers or memory. Early CPUs had specific machine code that might break backwards compatibility with each new CPU released.

The notion of an instruction set architecture ISA defines and specifies the behavior and encoding in memory of the instruction set of the system, without specifying its exact implementation. This acts as an abstraction layer, enabling compatibility within the same family of CPUs, so that machine code written or generated according to the ISA for the family will run on all CPUs in the family, including future CPUs.

In general, each architecture family e. x86 , ARM has its own ISA, and hence its own specific machine code language. There are exceptions, e. the IA can emulate x Machine code is a strictly numerical language, and is the lowest-level interface to the CPU intended for a programmer. There is, on some CPUs, a lower level interface in the form of modifiable microcode that implement the machine code.

However, microcode is not intended to be changed by the end user on normal commercial CPUs. Assembly language provides a direct mapping between the numerical machine code and a human readable version where numerical opcodes and operands are replaced by readable strings e. While it is possible to write programs directly in machine code, managing individual bits and calculating numerical addresses and constants manually is tedious and error-prone. For this reason, programs are very rarely written directly in machine code in modern contexts, but may be done for low level debugging , program patching especially when assembler source is not available and assembly language disassembly.

The majority of practical programs today are written in higher-level languages or assembly language. The source code is then translated to executable machine code by utilities such as compilers , assemblers , and linkers , with the important exception of interpreted programs, [nb 1] which are not translated into machine code.

However, the interpreter itself, which may be seen as an executor or processor performing the instructions of the source code, typically consists of directly executable machine code generated from assembly or high-level language source code. Machine code is by definition the lowest level of programming detail visible to the programmer, but internally many processors use microcode or optimise and transform machine code instructions into sequences of micro-ops.

This is not generally considered to be a machine code. Every processor or processor family has its own instruction set. Instructions are patterns of bits , digits, or characters that correspond to machine commands.

Thus, the instruction set is specific to a class of processors using mostly the same architecture. Successor or derivative processor designs often include instructions of a predecessor and may add new additional instructions. Occasionally, a successor design will discontinue or alter the meaning of some instruction code typically because it is needed for new purposes , affecting code compatibility to some extent; even compatible processors may show slightly different behavior for some instructions, but this is rarely a problem.

Systems may also differ in other details, such as memory arrangement, operating systems, or peripheral devices. Because a program normally relies on such factors, different systems will typically not run the same machine code, even when the same type of processor is used.

A processor's instruction set may have fixed-length or variable-length instructions. How the patterns are organized varies with the particular architecture and type of instruction. Most instructions have one or more opcode fields that specify the basic instruction type such as arithmetic, logical, jump , etc.

Not all machines or individual instructions have explicit operands. On a machine with a single accumulator , the accumulator is implicitly both the left operand and result of most arithmetic instructions. Some other architectures, such as the x86 architecture, have accumulator versions of common instructions, with the accumulator regarded as one of the general registers by longer instructions.

A stack machine has most or all of its operands on an implicit stack. Special purpose instructions also often lack explicit operands; for example, CPUID in the x86 architecture writes values into four implicit destination registers.

This distinction between explicit and implicit operands is important in code generators, especially in the register allocation and live range tracking parts. A good code optimizer can track implicit as well as explicit operands which may allow more frequent constant propagation , constant folding of registers a register assigned the result of a constant expression freed up by replacing it by that constant and other code enhancements. A computer program is a list of instructions that can be executed by a central processing unit CPU.

A program's execution is done in order for the CPU that is executing it to solve a problem and thus accomplish a result. While simple processors are able to execute instructions one after another, superscalar processors are able under certain circumstances when the pipeline is full of executing two or more instructions simultaneously.

As an example, the original Intel Pentium from can execute at most two instructions per clock cycle when its pipeline is full. Program flow may be influenced by special 'jump' instructions that transfer execution to an address and hence instruction other than the next numerically sequential address.

Whether these conditional jumps occur is dependent upon a condition such as a value being greater than, less than, or equal to another value. A much more human friendly rendition of machine language, called assembly language , uses mnemonic codes to refer to machine code instructions, rather than using the instructions' numeric values directly, and uses symbolic names to refer to storage locations and sometimes registers.

For example, on the Zilog Z80 processor, the machine code , which causes the CPU to decrement the B processor register , would be represented in assembly language as DEC B. The MIPS architecture provides a specific example for a machine code whose instructions are always 32 bits long. The general type of instruction is given by the op operation field, the highest 6 bits.

J-type jump and I-type immediate instructions are fully specified by op. R-type register instructions include an additional field funct to determine the exact operation. The fields used in these types are:. rs , rt , and rd indicate register operands; shamt gives a shift amount; and the address or immediate fields contain an operand directly. Load a value into register 8, taken from the memory cell 68 cells after the location listed in register On processor architectures with variable-length instruction sets [2] such as Intel 's x86 processor family it is, within the limits of the control-flow resynchronizing phenomenon known as the Kruskal Count , [3] [2] sometimes possible through opcode-level programming to deliberately arrange the resulting code so that two code paths share a common fragment of opcode sequences.

These are called overlapping instructions , overlapping opcodes , overlapping code , overlapped code , instruction scission , or jump into the middle of an instruction , and represent a form of superposition. In the s and s, overlapping instructions were sometimes used to preserve memory space. One example were in the implementation of error tables in Microsoft 's Altair BASIC , where interleaved instructions mutually shared their instruction bytes.

It is also sometimes used as a code obfuscation technique as a measure against disassembly and tampering. The principle is also utilized in shared code sequences of fat binaries which must run on multiple instruction-set-incompatible processor platforms. This property is also used to find unintended instructions called gadgets in existing code repositories and is utilized in return-oriented programming as alternative to code injection for exploits such as return-to-libc attacks.

In some computers, the machine code of the architecture is implemented by an even more fundamental underlying layer called microcode , providing a common machine language interface across a line or family of different models of computer with widely different underlying dataflows. This is done to facilitate porting of machine language programs between different models. With dataflow path widths of 8 bits to 64 bits and beyond, they nevertheless present a common architecture at the machine language level across the entire line.

Using microcode to implement an emulator enables the computer to present the architecture of an entirely different computer.

Machine code is generally different from bytecode also known as p-code , which is either executed by an interpreter or itself compiled into machine code for faster direct execution. An exception is when a processor is designed to use a particular bytecode directly as its machine code, such as is the case with Java processors. Machine code and assembly code are sometimes called native code when referring to platform-dependent parts of language features or libraries. From the point of view of the CPU, machine code is stored in RAM, but is typically also kept in a set of caches for performance reasons.

There may be different caches for instructions and data, depending on the architecture. The CPU knows what machine code to execute, based on its internal program counter. The program counter points to a memory address and is changed based on special instructions which may cause programmatic branches. The program counter is typically set to a hard coded value when the CPU is first powered on, and will hence execute whatever machine code happens to be at this address.

Similarly, the program counter can be set to execute whatever machine code is at some arbitrary address, even if this isn't valid machine code. This will typically trigger an architecture specific protection fault. The CPU is oftentimes told, by page permissions in a paging based system, if the current page actually holds machine code by an execute bit — pages have multiple such permission bits readable, writable, etc. for various housekeeping functionality. on Unix-like systems memory pages can be toggled to be executable with the mprotect system call, and on Windows, VirtualProtect can be used to achieve a similar result.

If an attempt is made to execute machine code on a non-executable page, an architecture specific fault will typically occur. Treating data as machine code, or finding new ways to use existing machine code, by various techniques, is the basis of some security vulnerabilities. From the point of view of a process , the code space is the part of its address space where the code in execution is stored. In multitasking systems this comprises the program's code segment and usually shared libraries.

In multi-threading environment, different threads of one process share code space along with data space, which reduces the overhead of context switching considerably as compared to process switching. Pamela Samuelson wrote that machine code is so unreadable that the United States Copyright Office cannot identify whether a particular encoded program is an original work of authorship; [10] however, the US Copyright Office does allow for copyright registration of computer programs [11] and a program's machine code can sometimes be decompiled in order to make its functioning more easily understandable to humans.

This problem does not exist for object-code formats like SQUOZE , where the source code is included in the file. Cognitive science professor Douglas Hofstadter has compared machine code to genetic code , saying that "Looking at a program written in machine language is vaguely comparable to looking at a DNA molecule atom by atom.

From Wikipedia, the free encyclopedia. Set of instructions executed directly by a computer's central processing unit CPU. For code that is completely internal to some CPUs and normally inaccessible to programmers, see Microcode.

Main article: Instruction set. Main article: Assembly language. Look up machine code in Wiktionary, the free dictionary. COM to be stored at the start of the data area in contiguous sectors containing a secondary loader to load the remainder of the file into memory requiring SYS to take care of all these conditions. When FAT32 and LBA support was added, Microsoft even switched to require instructions and split the boot code over two sectors for code size reasons, which was no option to follow for DR-DOS as it would have broken backward - and cross-compatibility with other operating systems in multi-boot and chain load scenarios, as well as with older PCs.

Instead, the DR-DOS 7. Towards Integral Binary Execution: Implementing Oblivious Hashing Using Overlapped Instruction Encodings PDF. Dallas, Texas, USA: Association for Computing Machinery. CiteSeerX doi : ISBN S2CID

Main page Contents Current events Random article About Wikipedia Contact us Donate. From Wikipedia, the free encyclopedia. NBC News. Finally, in some cases such as designs with a large number of strata, or those with a specified minimum sample size per group , stratified sampling can potentially require a larger sample than would other methods although in most cases, the required sample size would be no larger than would be required for simple random sampling. June

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