Formula One (F1) is the highest class of open-wheeled auto racing series administered by the Fédération Internationale de l'Automobile (FIA), motorsport's world governing body. The "formula" in the name alludes to a series of rules set by the FIA to which all participants and vehicles are required to conform. The F1 World Championship season consists of a series of races, known as Grands Prix, usually held on purpose-built circuits, and in a few cases on closed city streets. A points scoring system is used for each Grand Prix held over the course of the F1 season to determine the outcome of two annual championships, one for drivers since 1950, and one for constructors since 1958. Each driver accumulates championship points individually in the World Drivers' Championship and collectively for the team they compete for in the World Constructors' Championship. Both championships are formally awarded at the end-of-season FIA Prize Giving Ceremony to the driver and team with the most points.