The Volatility Exchange (VolX) has developed RealVol Instruments and RealVol Indices based on realized volatility as defined by the RealVol Formulas. RealVol Instruments can be listed on any asset and are designed for every major marketplace: futures, options, securities, and over-the-counter. RealVol Indices are available in one real-time version and nine daily versions used for contract settlement of RealVol Instruments and to guide investment decisions. The RealVol Daily Formula measures daily (close-to-close) realized volatility of an underlying over a predetermined time frame. Realized volatility measures movement of an underlying regardless of direction. Never before have market participants been able to speculate on or hedge against actual price risk directly in a listed, centrally cleared, transparent environment.