Although previously available on over-the-counter (OTC) markets, fixed-return options (FROs), also known as "all-or-nothing" options or "binary" options, were only recently approved for trading on U.S.-regulated exchanges.

In 2008, both the American Stock Exchange (AMEX, now part of NYSE Euronext) and the Chicago Board Options Exchange (CBOE) launched equity-based binary options. Before then, the only binary option offered on a regulated exchange was the Chicago Board of Trade’s Fed Funds binary, an all-or-nothing event-based contract.