Steve, thank you for posting this — a good summary. Steve and I conducted one of the original Direct Exchanges using points.  Steve owns DVC (at Villa Grand California) and I own Maui Ocean Club and am enrolled in DClub. Steve wanted to visit Marriott Timber Lodge for 5 nights in March 2013 and I wanted to visit Aulani on Oahu in June 2013.  I made the reservation at Timber Lodge for Steve using my Marriott points, booking 5 nights.  Steve is booking my reservation for Aulani with his Disney points.  Because of an imbalance in value (DVC points are worth more than Marriott points) I also transferred him some Worldmark credits to balance the trade as we both own Worldmark. In this transaction, I used my Marriott points to access a system that I did not own (Disney).  Steve used his DVC points to access a system he did not own (Marriott).  Additionally, because I am Premier Plus, Steve was able to get the short stay reservation (5 nights) that may not have been there in other methods.It worked out well for both of us -- and confirmed the potential of Direct Exchanges across other timeshare systems.  Separately, I have booked two different 7 night reservations in the HGVC system (on the Big Island) at the request of other TUGgers (they gave me the dates they wanted) and I received Marriott DC points in exchange -- which I will then use for my own reservations.  I told them the Usage Year of points that I wanted in trade (even splitting them, taking some points in 2013 Usage Year and some points in 2014 Usage Year) based upon my anticipated travel needs.  Thus, I generated DClub points from my companion system. I hope you find a transaction that works for you!Best, Greg