The wedge
Carrier seat
A tokenised policy sold to a crowd is a different, usually illegal, company.
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
HAZN
Screened
SCREENEDInsurance bindersHazel Pike
a short list already asked. The window is a few days. After that, archive.
Renewal — not the round — is the twelve-month test. The people in this queue already know that.
Hazel 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.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
If you needed a reason to open diligence tonight: a short list other people already did.
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
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Still a question
Live nodes
0
Binder ledger
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/5
Sprint
Our cut
0%
Of any proceeds
Plate Orbit · 5841
HAZN
The plate
Orbit. Edition 5841.
A unique plate for Hazel Pike. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
HAZN · Paris · Insurance binders
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Paris
Licensed venues
Sells
Carrier
Carrier seat
Markets
0
France
Years
0
Founded 2024
Surfaces
0
Binder ledger
Complete
0
File readiness
Why the desk took it
Early — still a question.
US surplus-lines posture was flagged as a counsel question. Correct.
Traction
No paying pilot on the public file.
Founded 2024, headquartered in Paris. No named paying pilot on the file yet — that is the first question. 4 nodes or connected surfaces reported. Desk diligence score 78/100. Two licensed PSPs on a paid pilot — identities off the public file. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
Next 12 months
One live binder a carrier will show their auditor.
Guidewire is the system of record. This is the slip between markets. They win if they are cheaper than the internal build, not cheaper than a protocol.
The brief
How a serious reader should hold this.
Before the waitlist, before the window, there was a refusal. Hazel Pike would not let a public sale sit on this page. That is why a company in Insurance binders 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 Paris buyer already has budget for this invoice. Hazel Pike 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.
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 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 pilot
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 counsel
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
The window
Miss this and you read the archive.
Founders who want a pack this tight apply. Readers who wait get a closed stamp.
The comment period is not a path. This company is priced as if that is already true.
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
- 16
- Counsel hours on file
- 7
- Asks / week
- 5
- Our cut
- 0% of proceeds
Renewal is the round. If nobody renews, there is no company. A token would not fix that.
This company
Hazel Pike
A L2 wrapper is cheaper. It is also a different perimeter — and declined here.
In the same conversation
- LCH / Eurex (incumbent CCPs)
- Caldastone-style utilities
- Not a DeFi clearinghouse
The bet
Why this company exists.
A tokenised policy sold to a crowd is a different, usually illegal, company.
A tokenised policy sold to a crowd is a different, usually illegal, company.
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
The incumbent brand sells the relationship. Hazel Pike 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.
The live path is Not offering — locked. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.
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
- 06The legal source of truth stays with the incumbent register, admin, or custodian.
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.
Control environment
28%
A counsel memo that can survive a later reader.
Claims & campaign ops
27%
Hiring the operator who already does this job at a licensed firm.
Counsel & perimeter
16%
The remaining certifications and the second named market.
Second market
29%
Keeping the public story from running ahead of the claims register.
Operating week
What “in market” actually looks like.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
The wedge
Why this one, not the other one.
- They sell
- Carrier seat
- Who pays
- Two licensed PSPs on a paid pilot — identities off the public file.
- 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
- Network effects only if a second named counterparty writes. One customer is a service firm.
- Vs the comps
- Guidewire is the system of record. This is the slip between markets.
- 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.
They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
They have not asked us to run a sale. That ask would close the file.
Traction
What you can verify today.
Founded 2024, headquartered in Paris. No named paying pilot on the file yet — that is the first question. 4 nodes or connected surfaces reported. Desk diligence score 78/100. Two licensed PSPs on a paid pilot — identities off the public file. 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
- Paris 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.”
- Product19
- Customers18
- Legal path62
- Tech maturity40
- Demand10
- 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 Paris story becomes a fact pattern. The restricted list exists for a reason: Global public.
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 Pike looks like it is taking risk, it needs a licence. The file says it does not. Keep it that way.
Incumbent feature
The administrator, CCP, scheme or custodian can ship this as a checkbox. Hazel Pike has to be cheaper or faster before that happens.
Ask these next
- 01What does renewal look like if no round ever happens?
- 02Who is the first named paying customer — not a letter of intent?
- 03What happens if a founder later wants a public token?
- 04Which geography is actually locked, and which is a hope?
- 05If RCA Pad disappeared tomorrow, could the customer still run the job?
- 06Who can unpublish a public sentence in 24 hours, by name?
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
- Hazel Pike SAS
- 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.
- Francenamed
- EEA professionalnamed
- United Kingdomnamed
- Global publicrestricted
Team
Who runs it.
- Owen NovakChief executive
Stack
- Binder ledger
- Insurance binders
- Disclosure templates
Named with them
- Clearline
Who can decide
Owen Novak came in named. The team is not a handle. Hazel Pike SAS exists, founded 2024, headquartered in Paris. Anonymity would have been an automatic decline.
If the first customer renews, the adapter work pays for itself. If they do not, Hazel Pike is a services firm with a slide. The twelve-month test is renewal, not waitlist.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Hazel Pike does not sell a token to the public on this pad | Posture lock | live |
| The product is insurance binders sold to institutions | Architecture + customer type | draft |
| Binder ledger 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 |
| 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: France, EEA professional, United Kingdom | Named markets on the file | draft |
On the record
- Application APP-4327ScreenSep
- Counsel questionPathSep
Operating log
07 Sep 15:00
Application scored. Hazel Pike is not a calendar slot.
11 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.