The wedge
Desk seat
The wedge is the shared drive: marks, covenants and RFQs still live in email.
VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14
Board
CLOA
Screened
SCREENEDCredit covenantsClove Quay
Certification is in motion. After it lands, access is the scarce thing — not price.
Leeds is not a backdrop. It is the city where the customer can be called on a recorded line.
Clove Quay — A system of record for private-credit funds and desks: tapes, RFQs, or covenants that update when a borrower files. The buyers already have a book. This is plumbing, not a venue that matches strangers.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
A year from now this will be an obvious company or a missed one. The window decides which.
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
0
Still a question
Live nodes
0
EVM · proof of concept
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
0/7
Sprint
Our cut
0%
Of any proceeds
Plate Concentric · 8456
CLOA
The plate
Concentric. Edition 8456.
A unique plate for Clove Quay. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
CLOA · Leeds · Credit covenants
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Leeds
Private-credit funds
Sells
Desk
Desk seat
Markets
0
Leeds
Years
0
Founded 2026
Surfaces
0
EVM · proof of concept
Complete
0
File readiness
Why the desk took it
Early — still a question.
Retail was never in the deck. Rare.
Traction
No paying pilot on the public file.
Founded 2026, headquartered in Leeds. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 73/100. A transfer agent willing to consume a revoke in production. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
Next 12 months
Securities memo on the tape itself — is the record a security? Write it down.
Closed RFQ wires do this slowly. Clove Quay does it as a record. Per-event pricing so a pilot can start without a transformation programme.
The brief
How a serious reader should hold this.
The decline pile in Credit covenants is not a rumour. It is how this board stays readable. Clove Quay is what survived. That is the sell.
Clove Quay exists because the incumbent brand will not staff the unglamorous middle of Credit covenants. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.
US traffic was taken off the public surfaces in the first working session. Clove Quay did not argue. Adult companies do not costume a US offering.
From the founder
The legal source of truth stays with the incumbent register, admin, or custodian. Clove Quay does not attest to its own facts.
From the pilot
We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.
From the screen
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.
The window
Miss this and you read the archive.
Attention is the scarce asset. 1 asks this week are already spending it.
The incumbent copy takes a year. The named customer is already writing into this record.
Read it once, properly, while the number is still green. Then decide.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 13
- Counsel hours on file
- 12
- Asks / week
- 1
- Our cut
- 0% of proceeds
Do not put a participate button on our page. If you do, we leave.
This company
Clove Quay
Services firms hide in ‘platform’ language. Clove Quay sells a seat plus an event. Named.
In the same conversation
- eFront
- Allvue
- Closed RFQ wires
- Not an on-chain lending pool
The bet
Why this company exists.
The wedge is the shared drive: marks, covenants and RFQs still live in email.
The wedge is the shared drive: marks, covenants and RFQs still live in email.
Allocators want daily marks and covenant visibility. Banks want to originate without building a chain team. The first honest tape that does not pretend to be an exchange will be paid for as software.
Private credit AUM is measured in trillions. The software take-rate is small. The switching cost, once a tape is the record, is not.
Versus the field
The incumbent brand sells the relationship. Clove Quay sells the job the brand will not staff. A protocol pitch is the thing this company has already refused. Open-source looks free until the auditor asks who attests.
Leeds 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
- 01A loan or covenant event is written once
- 02Permissioned counterparties see what they are allowed to see
- 03Marks and RFQs stay inside named desks
- 04No public order book, no retail
- 05Default and amendment events are first-class, not a PDF in a side channel
- 06Retail and unnamed geographies are structurally off the form, not only in the footer.
In the same conversation as
- eFront
- Allvue
- Closed RFQ wires
- Not an on-chain lending pool
If they raise
Where the money would actually go.
Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.
Certifications & adapters
39%
The remaining certifications and the second named market.
Second market
26%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
20%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
15%
Hiring the operator who already does this job at a licensed firm.
Operating week
What “in market” actually looks like.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
The wedge
Why this one, not the other one.
- They sell
- Desk seat
- Who pays
- A transfer agent willing to consume a revoke in production.
- Unit economics
- Per-event pricing so a pilot can start without a transformation programme.
- Moat on file
- Covenant language mapped to the LMA set — not a custom dialect.
- Switching cost
- Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
- Vs the comps
- Closed RFQ wires do this slowly. Clove Quay does it as a record.
- Why we listed it
- Retail was never in the deck. Rare.
Next twelve months
What has to be true.
Securities memo on the tape itself — is the record a security? Write it down.
They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
Growth money would extend the record to a second geography, still permissioned.
Traction
What you can verify today.
Founded 2026, headquartered in Leeds. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 73/100. A transfer agent willing to consume a revoke in production. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Leeds 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.”
- Product15
- Customers18
- Legal path62
- Tech maturity37
- Demand10
- Market access68
Risks
What can kill it.
The one that actually kills it
The named customer is a letter of intent
Pilots that cannot be named, even redacted, are theatre. One paying seat that an auditor has seen is worth more than a waitlist of a short list.
Marketplace slip
The moment this looks like a public book, it is a venue. This pad will not list that.
Data rights
Who owns the tape when a fund leaves? If that is unsigned, the enterprise value is a conversation.
Credit cycle
A default cluster will test whether the product is a record or a reputation.
Retail
Retail is prohibited. Any ‘access token’ story is a different company.
Data rights on exit
If a fund leaves and the tape stays, who owns the history? Unsigned, the enterprise value is a conversation.
Token relapse
A later round that wants a public token puts Clove Quay in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01Who can unpublish a public sentence in 24 hours, by name?
- 02Where do keys, title, or NAV liability sit — and is that person licensed?
- 03Which incumbent can copy this in a quarter, and what would they have to migrate?
- 04If RCA Pad disappeared tomorrow, could the customer still run the job?
- 05Is the waitlist demand for a product, or a queue for a coin?
- 06What happens if a founder later wants a public token?
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
- Clove Quay Ltd
- Path on file
- Not offering — locked
- Posture
- Private only
- 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.
- Leedsnamed
- United Kingdomnamed
- Mainland China retailrestricted
Team
Who runs it.
- Luca HolmChief executive
- Yara VogelChief executive
Stack
- EVM · proof of concept
- Credit covenants
- Disclosure templates
- Approval trail
Named with them
- Northbridge Counsel
Who can decide
Luca Holm (Chief executive) will take a 30-minute call and decide budget. If the only person who can accept “we are not opening a sale” is a silent co-founder in another time zone, this company would not be on the board.
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 |
|---|---|---|
| Clove Quay does not sell a token to the public on this pad | Posture lock | live |
| The product is credit covenants sold to institutions | Architecture + customer type | draft |
| EVM · proof of concept is the method — not a listed asset | Paper only | draft |
| 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 | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Leeds, United Kingdom | Named markets on the file | draft |
On the record
- Application APP-4881ScreenSep
- Counsel questionPathSep
Operating log
02 Sep 15:00
Application scored. Clove Quay is not a calendar slot.
10 Sep 10:12
Counsel question sent. Name a path or lock not-offering.
Path to now
Now
Screen
Calendar is never automatic.
Next
Counsel or close
A named path, or a locked not-offering.
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.
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.