TomorrowThe American Risk Exchange
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Instruments

One instrument first.Then the class.

Tomorrow builds perpetual risk-transfer instruments on exposures that can be determined precisely enough to price. The first is written on regulatory, compliance and legal obligations, because that is the exposure we can originate most precisely today.

Live focus

Regulatory, compliance & legal perpetual swap

A bilateral, continuously funded contract between eligible counterparties, referencing a defined and continuously observed measure of an entity’s obligation stream. No maturity, no roll, continuously marked. The underlying is originated by Apparently.

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Origination

Where the underlying comes from

Apparently determines and maintains an entity’s regulatory, compliance and legal obligations. That maintained obligation set is what gets quantified into a reference and written into transferable terms.

The origination pipeline

Participants

Who takes each side

Mandate fit, eligibility, diligence and onboarding for allocators and portfolio managers considering either leg. Access is by application and limited to eligible contract participants.

For hedge funds

— Standing and disclosure

What Tomorrow is,and what it is not.

  • Tomorrow operates private, bilateral risk-transfer infrastructure between named counterparties under negotiated documentation.
  • Tomorrow is not a registered national securities exchange, a designated contract market, a swap execution facility, a broker-dealer, a futures commission merchant, an investment adviser, a bank, or an insurance company, and does not hold itself out as any of them. “Exchange” describes the market structure we build, not a regulatory registration.
  • Nothing on this site is investment, legal, tax, or accounting advice, nor an offer or solicitation to buy or sell any instrument. No description here is a term sheet, a confirmation, or a commitment to quote.
  • Access is limited and by application. Certain instruments are available only to persons who qualify as eligible contract participants under the Commodity Exchange Act, and eligibility is assessed before any pricing conversation.
  • Risk transfer involves the risk of loss. No protection level, economic result, return, yield, or outcome is promised, projected, or guaranteed, and nothing here should be read as a forecast of any of them.
  • An instrument described on this site as a perpetual swap is a bilateral, privately negotiated contract. Depending on its final terms, the parties, and the jurisdictions involved, such a contract may be a swap subject to the Commodity Exchange Act and CFTC rules, may implicate US securities laws, or may be characterised differently again. We do not assert a single regulatory characterisation for every trade, and neither should you. Each counterparty is responsible for its own classification, reporting, recordkeeping, margin, and tax analysis, and should take its own advice before trading.
  • Reference levels derived from obligation data are measurements of a defined, disclosed set of obligations under a stated methodology. They are not credit ratings, not compliance certifications, not legal opinions, and not a determination that any entity is or is not compliant with any law.
  • Apparently determines and maintains obligation data used to construct the underlying. Apparently is a data and determination service. It is not a law firm, does not practise law, and does not provide legal advice.

Access is by application.

Eligibility, including eligible contract participant status, is assessed first.

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Tomorrow

The American Risk Exchange. Private, bilateral risk-transfer infrastructure. Underlying obligation data originated by Apparently.

© 2026 Tomorrow. Tomorrow is not a registered national securities exchange, designated contract market, swap execution facility, broker-dealer, futures commission merchant, investment adviser, bank, or insurance company, and does not hold itself out as any of them. “Exchange” describes the market structure we build, not a regulatory registration. Nothing here is investment, legal, tax, or accounting advice, or an offer or solicitation to buy or sell any instrument. Access is by application. Certain instruments are available only to persons who qualify as eligible contract participants under the Commodity Exchange Act. Risk transfer involves the risk of loss.