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

FENQ

In diligence

IN MOTIONClearing

Fennel Mere

They killed 10 sentences to get listed. That is the product you are about to miss.

a short list names asked to be first. None of them bought a token here. They asked for the product.

Fennel Mere — 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.

In a 14-day diligence sprint (day 3). This is when the story, the customers and the legal path get written down — or the file stops.

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.

Sprint day

0/14

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Permissioned netting

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

3/8

Sprint

Our cut

Of any proceeds

Plate Meridian · 2074

FENQ

The plate

Meridian. Edition 2074.

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

FENQ · Singapore · Clearing

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 3 of 14

Singapore

Licensed venues

Sells

Member

Member seat

Markets

Singapore

Years

Founded 2021

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.

Collateral-as-token was an exclusion in the application. We kept it.

Traction

One named pilot (redacted).

Founded 2021, headquartered in Singapore. One named pilot on file (redacted in public). 6 nodes or connected surfaces reported. Desk diligence score 86/100. Sprint day 3 of 14. A transfer agent willing to consume a revoke in production. Architecture says keys / title / NAV liability sit with a named licensed party — not Fennel Mere.

Next 12 months

A default drill with a number, not a narrative.

A DeFi clearinghouse is a different, usually unlicensed, business. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

Before the waitlist, before the window, there was a refusal. Fennel Mere 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.

What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.

On a Tuesday in Singapore, an exception posts back into the customer’s existing case system. Nobody opens a side spreadsheet. That is the product: the night someone in ops does not stay late.

From the pilot

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

From the founder

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

The legal source of truth stays with the incumbent register, admin, or custodian. Fennel Mere does not attest to its own facts.

The window

Miss this and you read the archive.

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

Switching cost is the auditor conversation. Once it happens, you are late.

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

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 10
Counsel hours on file: 79
Asks / week: 14
Our cut: 0% of proceeds

The waitlist is people who want the product. If they wanted a coin they would be on a different pad.
Kofi Park, Chief executive

This company

Fennel Mere

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.

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. Fennel Mere is priced as software against an invoice that already exists.

Named: Singapore, Hong Kong professional, United Kingdom. Off-limits: EU retail, United States. A US person hearing an offering communication is a US problem even if the company sits in Singapore. 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.

Counsel & perimeter
33%
Dual-control drills, key ceremonies, and the person who owns them.
Named operators
18%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
20%
The remaining certifications and the second named market.
Control environment
29%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.

The wedge

Why this one, not the other one.

They sell: Member 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: Members already post positions to the incumbent CCP; this sits beside it.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: A DeFi clearinghouse is a different, usually unlicensed, business.
Why we listed it: Collateral-as-token was an exclusion in the application. We kept it.

Next twelve months

What has to be true.

A default drill with a number, not a narrative.

Architecture says keys / title / NAV liability sit with a named licensed party — not Fennel Mere.

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
Singapore 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.”

Product53
Customers40
Legal path62
Tech maturity54
Demand30
Market access90

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 Singapore 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. Fennel Mere has to be cheaper or faster before that happens.

Token relapse

A later round that wants a public token puts Fennel Mere 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?
02What happens if a founder later wants a public token?
03If RCA Pad disappeared tomorrow, could the customer still run the job?
04Has counsel written the perimeter in a memo you can file?
05What does renewal look like if no round ever happens?
06Which incumbent can copy this in a quarter, and what would they have to migrate?

Structure

How money would actually move.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding.

Entity: Fennel Mere Pte. Ltd.
Path on file: Not offering — locked
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.

Singaporenamed
Hong Kong professionalnamed
United Kingdomnamed
EU retailrestricted
United Statesrestricted

Team

Who runs it.

Kofi ParkChief executive
Noam AdeyemiChief compliance

Stack

Permissioned netting
Clearing
Disclosure templates
Approval trail

Named with them

Helix Audit
Clearline
Meridian Tax

Who can decide

Kofi Park came in named. The team is not a handle. Fennel Mere Pte. Ltd. exists, founded 2021, headquartered in Singapore. 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
Fennel Mere 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	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Singapore, Hong Kong professional, United Kingdom	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 11:35
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.

Path to now

D0
Kick-off
Geographies, owners, SLA, exclusions.
D14
Read-out
Accept the pack or stop.

Not a subscription

This is not a sale page.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding. 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.