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Memberships*

(Update 1 October 2026)

Overview

Demand Derivatives Corp. (“DDX”) is the holding company for The Demand Derivatives Exchange U.S. (DDX-US™), Demand Derivatives Swap Execution Facility (DDX-SEF™), and Demand Derivatives Clearing House (DDX-Clear™), together known as "Exchange Entities."   Memberships are held at the DDX level with Participation Rights for one or more Exchange Entities as determined by the member's desire, regulatory status, and business activities.

Customers do not need a Membership and are not eligible to obtain a Membership.Memberships are reserved for market makers, futures commission merchants, and eligible contract participants only.

Three Membership Categories:

  • Designated Market Makers (“DMMs”)

  • Designated Futures Commission Merchants (“DFCMs”)

  • Designated Eligible Contract Participants (“DECPs”)

​No other Membership classes are permitted. 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 Membership Committee before any Membership privileges may be exercised.


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, 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.

The appropriate 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 the appropriate Exchange Entity together with all amendments, modifications, and interpretive guidance thereto.

Note that names (names only) of approved Members may be published and used by Exchange Entities for marketing, public relations, and capital-raising.  All Member information shall be provided to regulators as required.

Membership Classes

  1. DMM memberships

  2. DFCM memberships

  3. DECP memberships


Customer are not eligible for membership​.

Benefits of Membership *

  • DMM Privileges:

    • Direct Exchange access available

    • Allowed to make two-sided markets

    • Counterparty to 100% of order flow

    • Allowed to hold simultaneous long and short positions 

    • Net Scenario Margining (NSM) on all open positions

    • No excess reserve required 

    • One- or two-tick advantage built into RealBoost orders

    • One-tick advantage built into RealClose orders

    • One-tick advantage built into RealLate orders

    • Ability to adjust RealStop boundaries to reduce NSM

    • Access to DDX‑SEF (if ECP‑qualified)

    • Priority to the original DMM counterparty on customer closing orders

    • 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, 75% fee discount plus five minutes of exclusive access to customer’s RealClose orders (except in the last 15 minutes prior to the close), and full access to RealLate orders.

    • DMM2s have no quoting requirement, 50% fee discount, no access to customer’s RealClose orders during a five-minute delay (except no delay within the last 15 minutes of trading), and no access to RealLate orders.
       

  • DFCM Privileges:

    • All DDX-US 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 at a time.

    • 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 will share in DDX-US revenues attributable to their share of customer orders​​​​
       

  • DECP Privileges:

    • Direct access permitted to DDX-US and DDX-SEF

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

    • 25% fee discount on DDX-US

    • 0% to 75% fee discount on DDX-SEF (based on transaction size)

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

    • May trade both sides of market

    • Eligible for Net Scenario Margin (NSM)

​​

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

Membership Program Details

​Pricing  (changes for each subsequent application)
DMM — starts at $500 and increments by $500
DFCM — starts at $1,000 and increments by $1,000
DECP — starts at $250 and increments by $250

Dues
Annual membership dues $1,000 payable every January 1 (beginning after launch) There is an annual $4,000 upcharge for DMMs if co-location desired

Terms

  • Membership applies to wholly owned subsidiaries

  • Transferability only in very limited circumstances

  • No limit on number of memberships issued by the exchange

  • Program start date TBD

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