Memberships

(Update 1 August 2025)

Overview

RealFutures LLC, a wholly owned subsidiary of Demand Derivatives Corp. (“DDC”), is offering memberships on the Exchange ("Memberships").

There are two distinct classes of Membership: Designated Market Makers (“DMMs”) and Designated Futures Commission Merchants (“DFCMs”). At this time, no other memberships are allowed or needed. Regardless of which Membership class is selected, participants desiring privileges of Membership must complete an application, be accepted by the Exchange, and meet all requirements of the particular Membership class.

All potential Members must complete a Membership Application Form

Note that names (names only) of approved Members may be published and used by DDC for marketing, public relations, and capital-raising purposes. All Member contact information shall be shared with regulators if required. All Membership details are subject to CFTC approval. Applicants shall agree to take no recourse against the Exchange in the event the application is rejected (except as provided in Section 8c of the Commodity Exchange Act), set forth all financial arrangements made in connection with the proposed purchase or transfer of the membership, and agree to abide by the applicable rules and regulations of the Exchange and all amendments thereto.

Membership Classes

DMM memberships
DFCM memberships

Anticipated Benefits of Membership *

Membership Application Form

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Note: form must be physically printed, signed, and notarized. Electronic signatures not accepted.

Memberships may be leased at any time (after launch)
Memberships may be sold at any time (after launch)
For DMMs Only:
- Direct Exchange access available
- Allowed to make two-sided markets
- Allowed to hold simultaneous long and short positions in the same RealStop™ futures contract
- Counterparty to nearly 100% of order flow
- Net Scenario Margining (NSM) on all open positions
- No excess reserve required (subject to CFTC authorization)
- Maximum loss absolutely defined and known in advance for every position (no unlimited risks)
- Guaranteed payments on winning positions (current exchanges cannot make this claim)
- One tick DMM advantage built into RealRoll™ orders
- One tick DMM advantage built into RealClose™ orders
- RealVol™ futures, RealVol™ options, and RealDay™ options focus their value, calculations, and exposure on the settlement price — making the RealClose™ process especially valuable
- Priority to the original DMM counterparty on customer closing orders
- DMM-to-DMM 30-minute, post-close, zero-fee liquidation window
- 100% discount on co-location/connection setup fees (prior to launch)
- 100% discount on Level I and Level II data fees (for a limited time)
- DMM1s have quoting requirement and 50% fee discount plus five minutes of exclusive access to customer’s RealClose™ orders (except in the last ten minutes prior to the close)
- DMM2s have no quoting requirement and no fee discount but access to customer’s RealClose™ orders after five minute delay (except with no delay within the last ten minutes)
For DFCMs Only:
- All customers (except DMMs) must transact on the Exchange via a DFCM
- No customer default risk possible
- No clearing house requirement to invest in a Default Fund
- No need for clearing members to clear/guarantee transactions
- No fellow customer risk
- All customers are gross margined
- All customers receive 100% discount on Level I data fees
- Customers executing through discount DFCMs agree to waive customers' per-contract FCM fees (Exchange Fees still apply), in exchange DFCMs eligible to receive revenue-sharing of Exchange Fees (upon CFTC approval)
- Customers executing through full-service DFCMs will receive a special year-end benefit yet to be determined