The FICC Markets Standards Board (FMSB) has published a draft binary options standard for the commodities markets. The aim of the standard is to improve conduct in the wholesale fixed income, currency and commodities (FICC) markets. It describes the characteristics of a type of transaction that is used by participants in the commodities markets (i.e. a Commodity Binary Option) and to set out certain expected behaviours of wholesale market participants that enter into them. The standard will apply to FMSB member firms. It is not legally binding, but is designed to supplement applicable law, rules and regulation. Comments are invited by 14 October 2016.