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

HAZP

Closed

CLOSEDReinsurance records

Hazel Mere

Window closed. 3,118 asked while it was live. You are reading history.

The window is 0 days. After that Hazel Mere archives. Diligence does not reopen as a live conversation.

Hazel 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.

Closed on this board. Any capital event was completed with the issuer’s own providers. RCA Pad took 0%.

Closed. The live conversation is over. The pack remains as archive.

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

Treaty book

Counsel hours

Milan · closed private round

Sentences killed

Before listing

Claims live

0/8

Growth

Our cut

Of any proceeds

Plate Horizon · 4753

HAZP

The plate

Horizon. Edition 4753.

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

HAZP · Milan · Reinsurance records

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Milan

Licensed venues

Sells

Per

Per binder

Markets

Milan

Years

Founded 2021

Surfaces

Treaty book

Complete

File readiness

The wedge

Per binder

The wedge is bordereaux: still email, still late, still wrong.

Why the desk took it

A real job, not a ticker.

US surplus-lines posture was flagged as a counsel question. Correct.

Traction

5 named pilots (redacted).

Founded 2021, headquartered in Milan. 5 named pilots on file (identities redacted in public). 3,118 on the waitlist, gated — product demand, not a book built. 14 nodes or connected surfaces reported. Desk diligence score 87/100. A treasurer at a bank that already settles — not a crypto-native desk. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

One live binder a carrier will show their auditor.

Excel bordereaux are the incumbent. Beat that. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

You can wait for a sticker. The named customer did not. They are writing into this record while the rest of the market argues about a comment period.

Hazel Mere exists because the incumbent brand will not staff the unglamorous middle of Reinsurance records. 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.

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 screen

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 pilot

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

From ops

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

The window

Miss this and you read the archive.

Attention is the scarce asset. 12 asks this week are already spending it.

0% of proceeds. Fixed fee. The incentive is a clean campaign — not a raise.

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

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 9
Counsel hours on file: 69
Asks / week: 390
Our cut: 0% of proceeds

We did not come here to sell a token. We came here so a named customer could read a pack that survives counsel.
Eva Ng, Chief executive

This company

Hazel Mere

Open-source looks free until the auditor asks who attests. Hazel Mere 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 bordereaux: still email, still late, still wrong.

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.

Milan 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
05Claim and premium events update the same slip the markets already signed
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.

Claims & campaign ops
36%
Adapter work against the incumbent register, admin, or custodian.
Control environment
28%
The remaining certifications and the second named market.
Named operators
15%
Dual-control drills, key ceremonies, and the person who owns them.
Certifications & adapters
21%
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.
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.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.

The wedge

Why this one, not the other one.

They sell: Per binder
Who pays: A treasurer at a bank that already settles — not a crypto-native desk.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: Lloyd’s-adjacent process knowledge — not a generic ledger.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: Excel bordereaux are the incumbent. Beat that.
Why we listed it: US surplus-lines posture was flagged as a counsel question. Correct.

Next twelve months

What has to be true.

One live binder a carrier will show their auditor.

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

If they raise, it is to hire the remaining certifications and the second market — not to float a coin.

Traction

What you can verify today.

Operating notes for Treaty book
No token contract listed as a public sale
Pilot letters on file, identities redacted
Milan is the operating centre
The waitlist, if any, is a product list — not a book
Raise, if any, closed with issuer providers

Readiness

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

Product95
Customers96
Legal path84
Tech maturity70
Demand56
Market access44

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Milan · closed private round 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.

Not a carrier

If Hazel Mere looks like it is taking risk, it needs a licence. The file says it does not. Keep it that way.

Token relapse

A later round that wants a public token puts Hazel Mere in a different perimeter. The file treats that as a hard stop.

Ask these next

01What happens if a founder later wants a public token?
02What does renewal look like if no round ever happens?
03Who can unpublish a public sentence in 24 hours, by name?
04Which incumbent can copy this in a quarter, and what would they have to migrate?
05Is the waitlist demand for a product, or a queue for a coin?
06Who is the first named paying customer — not a letter of intent?

Structure

How money would actually move.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.

Entity: Hazel Mere Ltd
Path on file: Milan · closed private round
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.

Milannamed
EU retailrestricted
United Statesrestricted

Team

Who runs it.

Eva NgChief executive
Eva HolmChief technology

Stack

Treaty book
Reinsurance records
Disclosure templates
Approval trail

Named with them

Clearline
Meridian Tax

Who can decide

Eva Ng came in named. The team is not a handle. Hazel Mere Ltd exists, founded 2021, headquartered in Milan. 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
Hazel Mere does not sell a token to the public on this pad	Posture lock	withdrawn
The product is reinsurance records sold to institutions	Architecture + customer type	withdrawn
Treaty book is the method — not a listed asset	Desk snapshot	withdrawn
Retail buyers are out of scope	Named markets lock	withdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	withdrawn
Pilot identities redacted in public	No board minute	withdrawn
No public token is sold on this pad	Engagement terms + posture lock	withdrawn
Customers contemplated: Milan	Named markets on the file	withdrawn

On the record

Final registerArchiveAug
Close reportReportAug
Tombstone copyArchiveAug

Operating log

19 Aug 10:00
Close report. 0% of proceeds.
12 Aug 18:00
Hazel Mere archived. Live claims withdrawn.
11 Aug 09:30
Final creator pass. Residual claims pulled.

Path to now

Open
File
Before any public sentence.
Close
Archive
We did not take a cut.

Not a subscription

This is not a sale page.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds. 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

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