Characteristics and risks of standardized options
Regulated by the Securities and Exchange Commission, the U.S. securities options business presents risk disclosures, making available materials that explain the "Characteristics and Risks of Standardized Options." This 129-page publication  is applicable to options markets cleared by the OCC only, not globally. Before buying or selling an option, U.S. investors must read a copy of this disclosure document. 
"Options involve risk and are not suitable for all investors. Prior to buying or selling an option, a person must receive a copy of Characteristics and Risks of Standardized Options (ODD). Copies of the ODD are available from your broker, by calling 1-888-OPTIONS, or from The Options Clearing Corporation, One North Wacker Drive, Suite 500, Chicago, Illinois 60606." 
On Apr. 30, 2008, the SEC approved a supplement to the Options Disclosure Document (ODD) http://www.optionsclearing.com/publications/risks/riskstoc_apr08_sup.pdf. The ODD contains general disclosures on the characteristics and risks of trading standardized options. The recently approved supplement provides additional disclosures regarding certain binary options, also known as fixed-return options, and delayed start options. The supplement also amends the front cover page of the ODD to update the list of U.S. exchanges that trade options issued by The Options Clearing Corp.