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

CLOM

In market

HOT WINDOWHealth-claims tape

Clove Pike

A named Montreal buyer is on the record. You are still reading the public page.

Closed files are history. Live files have a clock. Clove Pike has a few days.

Clove Pike — 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.

Live campaign. 7,893 on the product waitlist — that is demand, not an allocation.

The named customer already picked. The waitlist is everyone who was late to that fact.

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

Waitlist

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Claims book

Counsel hours

Montreal · counsel-named

Sentences killed

Before listing

Claims live

8/13

Growth

Our cut

Of any proceeds

Plate Signal · 5365

CLOM

The plate

Signal. Edition 5365.

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

CLOM · Montreal · Health-claims tape

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Montreal

Licensed venues

Sells

Venue

Venue licence add-on

Markets

Montreal

Years

Founded 2025

Surfaces

Claims book

Complete

File readiness

The wedge

Venue licence add-on

Clove Pike is selling a 10% cut in fails, not a new licence.

Why the desk took it

A real job, not a ticker.

They did not claim to be a CCP. Counsel will still ask.

Traction

5 named pilots (redacted).

Founded 2025, headquartered in Montreal. 5 named pilots on file (identities redacted in public). 7,893 on the waitlist, gated — product demand, not a book built. 6 nodes or connected surfaces reported. Desk diligence score 85/100. Four origination desks posting into a closed tape. No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

Legal memo: are we a CCP? One page, named firm.

LCH is the CCP. This is netting in front of the CCP. They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.

The brief

How a serious reader should hold this.

The first sentence Oskar Shah would not let us publish was the exciting one. What remains is slower — and scarcer: Clove Pike Ltd selling Health-claims tape as software, from Montreal, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.

If you leave this page without opening the claims table, you have read marketing. The scarce version of Clove Pike is the version that survives counsel. It is on a clock.

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 ops

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

From counsel

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 screen

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

The window

Miss this and you read the archive.

You can read twelve thinner companies. Or this one, once, while the window is open.

7,893 people did not join a waitlist for a ticker. They joined for a job.

We do not allocate. We do not take a cut. We will not hold the window open for you.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 3
Counsel hours on file: 27
Asks / week: 987
Our cut: 0% of proceeds

The decline pile is a compliment. It means the screen still means something.
Oskar Shah, Chief executive

This company

Clove Pike

The copycats will arrive after certification. That is why the window is now.

In the same conversation

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

The bet

Why this company exists.

Clove Pike 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.

Montreal being the city does not make local retail a default audience. Communications capable of inducing investment activity still have a promotions problem.

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
06Exceptions post back into the customer’s existing case system — no side spreadsheet.

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.

Second market
29%
Hiring the operator who already does this job at a licensed firm.
Certifications & adapters
28%
A counsel memo that can survive a later reader.
Counsel & perimeter
17%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
26%
Adapter work against the incumbent register, admin, or custodian.

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.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.

The wedge

Why this one, not the other one.

They sell: Venue licence add-on
Who pays: Four origination desks posting into a closed tape.
Unit economics: They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
Moat on file: Named venue LOIs — redacted, but they exist.
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: They did not claim to be a CCP. Counsel will still ask.

Next twelve months

What has to be true.

Legal memo: are we a CCP? One page, named firm.

No public APY, no public book, no ‘how to buy’ on any surface we could find.

A round, if any, sits with their providers. This pad does not take the order.

Traction

What you can verify today.

Operating notes for Claims book
No token contract listed as a public sale
Named founder; customer still a conversation
Montreal is the operating centre
The waitlist, if any, is a product list — not a book
RCA Pad does not take a cut of proceeds

Readiness

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

Product59
Customers96
Legal path84
Tech maturity64
Demand79
Market access44

Risks

What can kill it.

The one that actually kills it

A second geography without a lock

Extending the record into a market that is still restricted is how a clean Montreal story becomes a fact pattern. The restricted list exists for a reason: EU retail, United States.

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. Clove Pike has to be cheaper or faster before that happens.

Single-customer gravity

If the first named buyer is also the only buyer, Clove Pike is a services shop with a ledger. Ask for the second.

Ask these next

01Has counsel written the perimeter in a memo you can file?
02Is the waitlist demand for a product, or a queue for a coin?
03What does renewal look like if no round ever happens?
04If RCA Pad disappeared tomorrow, could the customer still run the job?
05What happens if a founder later wants a public token?
06Who can unpublish a public sentence in 24 hours, by name?

Structure

How money would actually move.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut.

Entity: Clove Pike Ltd
Path on file: Montreal · counsel-named
Posture: No public sale
Pack: Growth

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.

Montrealnamed
EU retailrestricted
United Statesrestricted

Team

Who runs it.

Oskar ShahChief executive

Stack

Claims book
Health-claims tape
Disclosure templates
Takedown SLA

Who can decide

Oskar Shah came in named. The team is not a handle. Clove Pike Ltd exists, founded 2025, headquartered in Montreal. Anonymity would have been an automatic decline.

A second counterparty writing into the record is the only network effect that counts. One customer is a consultancy. Two is a market.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Clove Pike does not sell a token to the public on this pad	Posture lock	live
The product is health-claims tape sold to institutions	Architecture + customer type	live
Claims book is the method — not a listed asset	Desk snapshot	live
Retail buyers are out of scope	Named markets lock	live
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	live
Pilot identities redacted in public	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Montreal	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:50
Takedown SLA idle-tested.
08 Sep 11:40
A claim held for missing evidence.
04 Sep 08:22
Weekly report issued to the desk.
01 Sep 14:08
Creator set on disclosure. No buy language.

Path to now

Sprint
Pack accepted
Narrative, matrix, claims locked.
Path
Counsel names it
Or the file stays not-offering.
Live
Campaign
Waitlist and register. No purchase journey.

Not a subscription

This is not a sale page.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut. 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.