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

FENL

In market

IN MARKETClearing

Fen Clearing

1,060 already asked. The window is 14 days. After that, archive.

The protocol pitch was declined. What remains is software against an invoice. 1,060 people still asked.

Fen 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.

Live campaign. 1,060 on the product waitlist — that is demand, not an allocation.

Window 14d. Waitlist 1,060. 52 asks this week. This is not a quiet listing.

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

0days

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Permissioned netting

Counsel hours

Netherlands · counsel-named

Sentences killed

Before listing

Claims live

7/12

Growth

Our cut

Of any proceeds

Plate Concentric · 7029

FENL

The plate

Concentric. Edition 7029.

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

FENL · Amsterdam · Clearing

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Amsterdam

Licensed venues

Sells

Member

Member seat

Markets

Netherlands

Years

Founded 2023

Surfaces

Permissioned netting

Complete

File readiness

The wedge

Member seat

The wedge is T+1: gross settlement got expensive overnight.

Why the desk took it

A real job, not a ticker.

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

Traction

2 named pilots (redacted).

Founded 2023, headquartered in Amsterdam. 2 named pilots on file (identities redacted in public). 1,060 on the waitlist, gated — product demand, not a book built. 14 nodes or connected surfaces reported. Desk diligence score 88/100. A qualified custodian reconciling against this book. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

Two members netting live, or stop.

LCH is the CCP. This is netting in front of the CCP. Annual software against an ops cost the board can see. Switching cost is the record, not the brand.

The brief

How a serious reader should hold this.

Before the waitlist, before the window, there was a refusal. Fen 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.

The bet is narrow. A named Amsterdam buyer already has budget for this invoice. Fen Clearing wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.

US traffic was taken off the public surfaces in the first working session. Fen Clearing did not argue. Adult companies do not costume a US offering.

From ops

US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.

From the pilot

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

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.

The window

Miss this and you read the archive.

Skip it and you read the archive. Counterparties who matter will have already asked.

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

If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.

Window remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 10
Counsel hours on file: 48
Asks / week: 133
Our cut: 0% of proceeds

I will take thirty minutes and decide budget. If that person is not me, we should not be listed.
Ibrahim Voss, Chief executive

This company

Fen Clearing

Open-source looks free until the auditor asks who attests. Fen Clearing has an answer.

In the same conversation

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

The bet

Why this company exists.

The wedge is T+1: gross settlement got expensive overnight.

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

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Fen Clearing is priced as software against an invoice that already exists.

Named: Netherlands, EEA professional. Off-limits: United States retail. A US person hearing an offering communication is a US problem even if the company sits in Amsterdam. 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
06A named counterparty verifies; Fen Clearing does not attest to its own facts.

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.

Certifications & adapters
28%
The remaining certifications and the second named market.
Named operators
27%
Adapter work against the incumbent register, admin, or custodian.
Control environment
14%
Dual-control drills, key ceremonies, and the person who owns them.
Second market
31%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
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.
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: Member seat
Who pays: A qualified custodian reconciling against this book.
Unit economics: Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file: Default waterfall drafted with counsel, not a Discord poll.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
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.

Two members netting live, or stop.

Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

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

Traction

What you can verify today.

Operating notes for Permissioned netting
No token contract listed as a public sale
Named founder; customer still a conversation
Amsterdam 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.”

Product70
Customers78
Legal path84
Tech maturity88
Demand45
Market access68

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Fen Clearing asks this pad to allocate, sell, or complete funding, the listing ends. That is not a moral project. It is how a services firm stays a services firm.

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. Fen 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

01What happens if a founder later wants a public token?
02Which incumbent can copy this in a quarter, and what would they have to migrate?
03Where do keys, title, or NAV liability sit — and is that person licensed?
04Which geography is actually locked, and which is a hope?
05Is the waitlist demand for a product, or a queue for a coin?
06Has counsel written the perimeter in a memo you can file?

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: Fen Clearing B.V.
Path on file: Netherlands · 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.

Netherlandsnamed
EEA professionalnamed
United States retailrestricted

Team

Who runs it.

Ibrahim VossChief executive
Eva ReillyChief executive

Stack

Permissioned netting
Clearing
Takedown SLA
Approval trail

Named with them

Clearline

Who can decide

Ibrahim Voss came in named. The team is not a handle. Fen Clearing B.V. exists, founded 2023, headquartered in Amsterdam. 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
Fen Clearing does not sell a token to the public on this pad	Posture lock	live
The product is clearing sold to institutions	Architecture + customer type	live
Permissioned netting 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
Production date for the chain layer is not committed	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Netherlands, EEA professional	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:45
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.