VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14 VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14

AETH

Screened

SCREENEDClearing

Aether Clearing

a short list already asked. The window is 22 days. After that, archive.

Heat 31. Window 22d. If you are going to read one Clearing company, this is the one.

Aether Clearing — A permissioned netting engine for trading venues and brokers that are already licensed. It reduces what has to settle. It is not a new CCP, and it is not a collateral token.

Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.

Most Clearing applications this quarter were declined. You are looking at one that was not.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Stage

upcoming

Window

0days

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Still a question

Live nodes

Permissioned netting

Counsel hours

CH / EEA — counsel to confirm

Sentences killed

Before listing

Claims live

0/7

Sprint

Our cut

Of any proceeds

Plate Lattice · 1112

AETH

The plate

Lattice. Edition 1112.

A unique plate for Aether Clearing. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.

AETH · Zurich · Clearing

Score

Desk diligence

Pilots

None on file

Stage

upcoming

Zurich

Licensed venues

Sells

Per-netted

Per-netted notional

Markets

Switzerland

Years

Founded 2022

Surfaces

Permissioned netting

Complete

File readiness

The wedge

Per-netted notional

Aether Clearing is selling a 10% cut in fails, not a new licence.

Why the desk took it

Early — still a question.

A broker named a fail-cost number. That is a budget.

Traction

No paying pilot on the public file.

Founded 2022, headquartered in Zurich. No named paying pilot on the file yet — that is the first question. Desk diligence score 82/100. Two licensed PSPs on a paid pilot — identities off the public file. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

A default drill with a number, not a narrative.

LCH is the CCP. This is netting in front of the CCP. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

Before the waitlist, before the window, there was a refusal. Aether Clearing would not let a public sale sit on this page. That is why a company in Clearing is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.

Read this as an operating company, not a round. Counsel has a posture: CH / EEA — counsel to confirm. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.

The auditor of a redacted pilot has seen a dual-record. Switching away now means a new auditor conversation. That is the switching cost — not the logo.

From the founder

This communication is not an offer. Participation mechanics do not exist on this pad. If a later reader treats the public stack as the offer, the stack was already wrong.

From the pilot

Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.

From counsel

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

The window

Miss this and you read the archive.

A later reader gets the same PDF. They do not get the same access.

A supervisor is already forcing a perimeter. Houses that pick software over a coin will buy this now.

The scarce thing is not the company. It is the next 22 days of a live conversation.

Window remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 4
Counsel hours on file: 14
Asks / week: 4
Our cut: 0% of proceeds

We would rather be archive-clean than live-loud. The waitlist showed up anyway.
Anja Vogel, Chief executive

This company

Aether Clearing

Twelve Clearing decks look the same. One of them has a Zurich customer on the record.

In the same conversation

LCH / Eurex (incumbent CCPs)
Caldastone-style utilities
Not a DeFi clearinghouse

The bet

Why this company exists.

Aether Clearing is selling a 10% cut in fails, not a new licence.

T+1 and capital rules make gross settlement expensive. Venues will buy netting as a service before they will buy a new licence.

Post-trade cost is a line on every broker P&L. A 10% cut in settlement fails is a CFO conversation.

Versus the field

A generalist vendor can copy the slide in a quarter. They cannot copy the named record, the scheme map, or the auditor conversation. That is the year they would have to buy.

Named: Switzerland, EEA professional. Off-limits: US. A US person hearing an offering communication is a US problem even if the company sits in Zurich. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01Members post positions they already hold
02The engine nets what the rulebook allows
03Only the residual hits the existing settlement rail
04Collateral as a token is an exclusion on this file
05Only the residual hits the existing settlement rail — gross never leaves the venue
06Retail and unnamed geographies are structurally off the form, not only in the footer.

In the same conversation as

LCH / Eurex (incumbent CCPs)
Caldastone-style utilities
Not a DeFi clearinghouse

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Control environment
28%
The remaining certifications and the second named market.
Certifications & adapters
22%
Dual-control drills, key ceremonies, and the person who owns them.
Claims & campaign ops
21%
Hiring the operator who already does this job at a licensed firm.
Counsel & perimeter
29%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

SatDarkNo creators. No threads. Restricted geos stay dark.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.

The wedge

Why this one, not the other one.

They sell: Per-netted notional
Who pays: Two licensed PSPs on a paid pilot — identities off the public file.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: Members already post positions to the incumbent CCP; this sits beside it.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: LCH is the CCP. This is netting in front of the CCP.
Why we listed it: A broker named a fail-cost number. That is a budget.

Next twelve months

What has to be true.

A default drill with a number, not a narrative.

A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

They have not asked us to run a sale. That ask would close the file.

Traction

What you can verify today.

Licensed venue LOIs (redacted)
No public token

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

Product25
Customers18
Legal path24
Tech maturity28
Demand10
Market access68

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. CH / EEA — counsel to confirm has to be a memo you can file, not a slogan on the hero.

CCP perimeter

If a regulator reads this as clearing, the licence problem is existential.

Collateral token

That ask has been refused on files like this. It should stay refused.

Member default

Who eats the loss? If the answer is ‘the protocol’, there is no protocol that can.

Incumbent freeze-out

CCPs can copy the netting logic faster than a startup can collect members.

CCP copy

The incumbent can ship the same netting as a feature. Aether Clearing has to be cheaper or faster before that happens.

Path silence

If counsel will not name a path and not-offering is not locked, heated waitlist copy is an accidental offering.

Ask these next

01Who can unpublish a public sentence in 24 hours, by name?
02What does renewal look like if no round ever happens?
03Where do keys, title, or NAV liability sit — and is that person licensed?
04Has counsel written the perimeter in a memo you can file?
05What happens if a founder later wants a public token?
06If RCA Pad disappeared tomorrow, could the customer still run the job?

Structure

How money would actually move.

Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire.

Entity: Aether Clearing AG
Path on file: CH / EEA — counsel to confirm
Posture: No public sale
Pack: Sprint

Where they can operate

Named vs off-limits.

Named markets are where a sentence is allowed. Restricted is where it is not. This is not a worldwide offering.

Switzerlandnamed
EEA professionalnamed
USrestricted

Team

Who runs it.

Anja VogelChief executive

Stack

Netting engine
Margin accounts
Venue adapters

Who can decide

Anja Vogel came in named. The team is not a handle. Aether Clearing AG exists, founded 2022, headquartered in Zurich. Anonymity would have been an automatic decline.

Year two is a second named market and the remaining certifications — still permissioned. It is not a public book. A public book would be a different company.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Venues already licensed	LOIs redacted	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Switzerland, EEA professional	Named markets on the file	draft
Permissioned netting is infrastructure — not a listed asset	Architecture paper	draft
RCA Pad does not take a cut of any raise	Fixed-fee engagement	live

On the record

Application APP-4388Screen28 Aug
Proposal r1Proposal04 Sep

Operating log

04 Sep 17:00
Proposal issued. £7,500 Sprint. Exclusions: collateral token.
28 Aug 11:22
Qualified. Score 82.

Path to now

Aug
Screen
Qualified. Collateral-token ask refused in notes.
Sep
Proposal
Expires 6 October.
Oct
Sprint or close-lost
Two follow-ups, then the file dies.

Not a subscription

This is not a sale page.

Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire. Founders who want a pack like this one apply. Readers who want the company talk to the company — not to this pad.

Launch your own How an RCAICO works

Other companies

VELMVellum ProtocolSettlement rails for private credit funds. Campaign live. No public token sale.KITEKite LedgerTrade-finance records on a permissioned L2. Live waitlist. Allocation is not on this pad.PLSDPalisade IDPermissioned identity for funds. Live in the EEA professional lane. No token, no sale.NRTLNorthlineOn-chain fund admin. Day 8 of 14. The pack is the product. Pathway locked: not offering.