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Memberships

(Update 1 July 2026)

Overview

Demand Derivatives Corp. (“DDC”) offers Memberships in RealFutures™ Exchange and, where applicable, RealSwap™ Execution Facility to qualified Designated Market Makers (“DMMs”), Designated Futures Commission Merchants (“DFCMs”), and Designated Eligible Contract Participants (“DECPs”).
Customers are not offered Membership and do not require Membership to trade. All customer access to RealFutures™ Exchange is provided exclusively through a Designated Futures Commission Merchant. Customers are not eligible to participate in RealSwap™ Execution Facility.

There are three distinct classes of Membership: DMMs, DFCMs, and DECPs. At this time, no other Membership classes are permitted or required. All prospective Members must submit a complete application, satisfy all eligibility and qualification standards applicable to their Membership class, and be formally approved by the relevant Exchange Entity before any Membership privileges may be exercised.

All potential Members must complete a Membership Application Form

The Applicant acknowledges that Membership in the Exchange Entities is a discretionary privilege and not a right. The Applicant agrees that the Exchange Entities may approve, deny, condition, limit, suspend, or terminate Membership at any time and for any reason or no reason, and that such determinations are final and not subject to appeal, judicial review, administrative challenge, arbitration, or any other form of dispute resolution, except to the limited extent that a right of review is expressly mandated by the Commodity Exchange Act or CFTC regulations.

Applicants further acknowledge that Membership in RealFutures™ Exchange automatically confers Membership in RealSwap™ Execution Facility for Designated Market Makers and Designated Eligible Contract Participants. Designated Futures Commission Merchants may be granted Membership solely in RealFutures™ Exchange and shall not be eligible for Membership in RealSwap™ Execution Facility. Any denial of Membership by RealFutures™ Exchange shall apply to all entities for which the applicant would otherwise be eligible.

The Exchange Entities reserve the right to determine whether, and under what conditions, Memberships may be transferred. No representation is made at this time regarding the permissibility, process, or recognition of any transfer. All Members agree to be bound by the rules and regulations of RealFutures™ Exchange and, where applicable, RealSwap™ Execution Facility, together with all amendments, modifications, and interpretive guidance thereto.

Note that names (names only) of approved Members may be published and used by DDC for marketing, public relations, and capital-raising.  All Member contact information shall be shared with regulators if required.

Membership Classes

  1. DMM memberships

  2. DFCM memberships

  3. DECP memberships


Customer are not eligible for membership​.

Benefits of Membership *

Membership Application Form

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

  • DMM Privileges:

    • Direct access available to RealFutures™ and RealSwap™

    • Allowed to make two-sided markets

    • Allowed to hold simultaneous long and short positions 

    • Counterparty to 100% of order flow

    • Net Scenario Margining (NSM) on all open positions

    • No excess reserve required 

    • One tick DMM advantage built into RealRoll™ orders

    • One tick DMM advantage built into RealClose™ orders

    • Priority to the original DMM counterparty on customer closing orders

    • DMM-to-DMM 30-minute, post-close, zero-fee liquidation/transfer window

    • 100% discount on co-location/connection setup fees (prior to launch)

    • 100% discount on Level I and Level II data fees

    • DMM1s have quoting requirement and 50% fee discount plus five minutes of exclusive access to customer’s RealClose™ orders (except in the last 15 minutes prior to the close).

    • DMM2s have no quoting requirement, no fee discount, and no access to customer’s RealClose™ orders during a five-minute delay (except no delay within the last 15 minutes of trading).
       

  • DFCM Privileges:

    • All RealFutures™ Exchange customers must transact via a DFCM.

    • No customer default risk possible

    • No “fellow customer” risk possible

    • No default fund needed

    • No need for clearing members to clear/guarantee transactions

    • Customers may trade only one side of a market.

    • Customers are gross margined.

    • All customers receive Level I data fees for 100% discount.

    • DFCMs (discount brokers) required to offer 100% brokerage fee discount

    • DFCMs (full-service brokers) TBD

    • DFCMs share in RealFutures Exchange revenues attributable to their customer orders​

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  • DECP Privileges:

    • Direct access permitted to RealFutures™ Exchange and RealSwap™ Execution Facility
      (no DFCM access required)

    • 100% discount on Level I and Level II data fees

    • 25% fee discount on RealFutures™ Exchange

    • 50% fee discount on RealSwap™ Execution Facility

    • Only opening orders allowed (must hold position to termination or expiration)

    • May trade both sides of market

    • Eligible for Net Scenario Margin (NSM)

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* All terms subject to change. All discounts are compared against standard customer rates. 

Membership Program Details

​Designated Market Maker (DMM) Membership

• Fee for first DMM applicant: $500
• Fee for each subsequently accepted DMM applicant: increases by $500 from the prior DMM Membership fee

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Designated Futures Commission Merchant (DFCM) Membership

• Fee for first DFCM applicant: $1,000
• Fee for each subsequently accepted DFCM applicant: increases by $1,000 from the prior DFCM Membership fee

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Designated Eligible Contract Participant (DECP) Membership

• Fee for first DECP applicant: $250
• Fee for each subsequently accepted DECP applicant: increases by $250 from the prior DECP Membership fee

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Annual Membership Dues
(pertains to all membership categories, due January 1, begins after Exchange launch)  

  • $1,000​

  • Optional co‑location upcharge (for DMMs only): $4,000

 

Transferability
Potential transferability remains under review and is currently to be decided.

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Membership Volume
There is no limit on the number of Memberships the Exchange may issue.

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Program Start Date
The commencement date for the Membership Program has not yet been determined. Interested parties may request notification of the official start date by emailing memberships@demandderivatives.com. All parties will have an equal opportunity to apply when the Membership Program opens and to secure Memberships at the lowest available fee level.

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