Protection Swaps
Hedging instruments for commercial entities, written as bilateral swaps between named Eligible Contract Participants and confirmed on ISDA terms.
A Bilateral Market for Eligible Institutions
Tomorrow gives eligible institutions two paths: confirm OTC contracts on standard terms, or open the AI-powered negotiation war room for bespoke ISDA documentation when the trade demands it — built exclusively for Eligible Contract Participants. Every contract is a bilateral obligation between the two named parties, settled by payment instruction between them. Tomorrow is never the counterparty and holds no member funds.
- CTA
- CFTC Registered
- ECP
- Eligible Contract Participants Only
- Bilateral
- Named Counterparties
- Direct
- Settlement by Payment Instruction
NFA Member
CEA section 1a(18)
Tomorrow is never the counterparty
No member funds held
Why Tomorrow
What the platform does, and how it settles.
OTC Perpetual Event Contracts
Event contracts with no scheduled expiry. Each is re-struck weekly to an external index named in its confirmation, so protection can be held as long as the risk lasts without rolling into a new contract.
AI-Assisted Portfolio Analysis
AI tooling monitors your book, identifies correlated risks and suggests hedging adjustments. It recommends; you decide, and nothing trades without your consent.
Settlement by Payment Instruction
Every trade is an unsecured bilateral obligation between the named parties. At settlement Tomorrow, as calculation agent, issues a payment instruction from the party that owes to the party that is owed. Tomorrow holds no member funds and is never the counterparty.
Our Mission
To strengthen American economic resilience by giving businesses the tools to hedge event-driven risks with precision and confidence. We believe every business — and the workforce that depends on it — deserves access to institutional-grade protection against the unpredictable forces that shape our economy.
Our Journey
2025 Q12026 Q1
- Done2025 Q1
Founded
Tomorrow established to build bilateral hedging for American businesses.
- Done2025 Q2
CFTC Registration
Registered with the Commodity Futures Trading Commission as a Commodity Trading Advisor. NFA membership secured.
- Done2025 Q3
Private Beta
Protection swaps and the ISDA negotiation war room built and tested in private beta.
- Now2026 Q1
Invitation-Only Access
A bilateral market for Eligible Contract Participants: protection swaps, perpetual event contracts and the negotiation war room, open by invitation.
Leadership Team
Our founders bring deep expertise in finance, law, technology, and design to build the hedging infrastructure American businesses deserve.
Kale Pasch, JD, CFA
Co-Founder & CEO
Financial technology attorney at Lowenstein Sandler, Chartered Financial Analyst, and software developer. Previously founded VC-backed Froogal Inc.
Mandalika Pasch
Co-Founder & CCO
Award-winning designer, architect, and CEO of ArchEngine (a New York-based architectural design firm). Master's degree in architecture from Cambridge.
Regulatory Compliance
Tomorrow operates as a CFTC-registered Commodity Trading Advisor (CTA) and member of the National Futures Association (NFA). Contracts are privately negotiated bilateral swaps between Eligible Contract Participants; they are not listed on or routed to a Designated Contract Market. Tomorrow is not a counterparty, clearing house or custodian, holds no member funds and does not guarantee settlement.
- CFTC Registered CTA
- NFA Member
- Eligible Contract Participants Only
- Bilateral, Non-Custodial
Ready to Protect Your Business?
Tomorrow serves Eligible Contract Participants with bilateral protection instruments and AI-assisted analysis, confirmed between named parties and settled by payment instruction between them.