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Foreign Boards of Trade (FBOTs) are non-U.S. trading platforms that provide access to their markets for U.S. participants. These entities operate under regulatory frameworks of their respective countries but must also comply with the Commodity Futures Trading Commission (CFTC) requirements to offer their services in the U.S. The CFTC grants FBOTs permission if they meet criteria ensuring the foreign market’s rules and oversight are comparable to those in the U.S., thereby safeguarding U.S. traders. This regulatory oversight helps maintain market integrity, prevents fraud, and ensures transparency, allowing for a secure trading environment for U.S. investors engaging in international markets.