This page provides material on the regulation of Foreign Boards of Trade ("FBOTs"). The term "FBOT" refers to any "board of trade, exchange, or market located outside the United States, its territories or possessions." See NFA Compliance Rule 1-1 (definitions). Pursuant to CFTC Rules Part 48, any FBOT that wishes to grant a U.S. person direct access to its electronic trading and order-matching system, whether for the trading of futures or of swaps, must apply for and receive an Order of Registration pursuant to the procedures contained in Part 48. See also the separate topic pages on Designated Contract Markets and on Swap Execution Facilities.