CFTC Issues FBOT Advisory to Clarify Access Rules for Non-U.S. Exchanges

The Commodity Futures Trading Commission (CFTC) has issued an advisory clarifying the registration framework for foreign boards of trade (FBOTs), providing non-U.S. exchanges with a clearer path to offer direct market access to U.S. participants.

The guidance, published by the Division of Market Oversight, reaffirms that the FBOT registration framework applies across all asset classes, including both traditional derivatives and digital assets. The move comes amid industry confusion stemming from recent enforcement actions that blurred the lines between designated contract market (DCM) and FBOT registration requirements.

Acting Chairman Caroline D. Pham said the advisory restores clarity and reopens opportunities for American traders to access global markets. She emphasized that the framework will allow U.S. firms—many of which shifted operations abroad during years of regulatory uncertainty—to legally return to U.S. oversight while still benefiting from deep international liquidity pools.

The CFTC sees the updated advisory as part of its broader push to modernize and provide regulatory certainty for emerging markets, particularly digital assets. By reaffirming longstanding rules, the agency aims to strengthen U.S. market competitiveness while ensuring protections under its regulatory umbrella.

Full release: CFTC Press Release 9111-25