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

OSIZ

In diligence

IN MOTIONClearing

Osier North

Certification is in motion. After it lands, access is the scarce thing — not price.

Stockholm is not a backdrop. It is the city where the customer can be called on a recorded line.

Osier North — 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 6). This is when the story, the customers and the legal path get written down — or the file stops.

Heat 39 of 99. Hot windows do not stay hot. They close.

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

5/9

Sprint

Our cut

Of any proceeds

Plate Orbit · 7112

OSIZ

The plate

Orbit. Edition 7112.

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

OSIZ · Stockholm · Clearing

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 6 of 14

Stockholm

Licensed venues

Sells

Venue

Venue licence add-on

Markets

Sweden

Years

Founded 2026

Surfaces

Permissioned netting

Complete

File readiness

The wedge

Venue licence add-on

They will not tokenise margin. That sentence is why they are on this board.

Why the desk took it

A real job, not a ticker.

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

Traction

One named pilot (redacted).

Founded 2026, headquartered in Stockholm. One named pilot on file (redacted in public). 8 nodes or connected surfaces reported. Desk diligence score 77/100. Sprint day 6 of 14. A treasurer at a bank that already settles — not a crypto-native desk. Architecture says keys / title / NAV liability sit with a named licensed party — not Osier North.

Next 12 months

A default drill with a number, not a narrative.

Calastone-style utilities move funds. This moves risk. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

The decline pile in Clearing is not a rumour. It is how this board stays readable. Osier North is what survived. That is the sell.

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.

A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Osier North. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From ops

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

From counsel

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

From the founder

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

The window

Miss this and you read the archive.

Waiting for a proposed US rule is how you miss a Stockholm buyer who already has budget.

Restricted markets stay dark. Named markets are live. That discipline is the scarce thing.

Read it once, properly, while the number is still green. Then decide.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 15
Counsel hours on file: 33
Asks / week: 21
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.
Rafa Park, Chief executive

This company

Osier North

The protocol pitch is the thing this company has already refused.

In the same conversation

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

The bet

Why this company exists.

They will not tokenise margin. That sentence is why they are on this board.

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.

Named: Sweden, EEA professional, United Kingdom. Off-limits: Public residual claims. A US person hearing an offering communication is a US problem even if the company sits in Stockholm. 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
06Kill of a public sentence is an hour, not a committee.

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
39%
Keeping the public story from running ahead of the claims register.
Second market
26%
The remaining certifications and the second named market.
Certifications & adapters
22%
Hiring the operator who already does this job at a licensed firm.
Claims & campaign ops
13%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
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.
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: Venue licence add-on
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: Named venue LOIs — redacted, but they exist.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: Calastone-style utilities move funds. This moves risk.
Why we listed it: They did not claim to be a CCP. Counsel will still ask.

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 Osier North.

Capital would fund the adapter work and a named counsel memo, not a public sale.

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
Stockholm 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.”

Product69
Customers40
Legal path62
Tech maturity60
Demand42
Market access90

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.

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. Osier North 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

01Where do keys, title, or NAV liability sit — and is that person licensed?
02Which geography is actually locked, and which is a hope?
03What happens if a founder later wants a public token?
04What does renewal look like if no round ever happens?
05Who is the first named paying customer — not a letter of intent?
06Has counsel written the perimeter in a memo you can file?

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: Osier North AB
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.

Swedennamed
EEA professionalnamed
United Kingdomnamed
Public residual claimsrestricted

Team

Who runs it.

Rafa ParkChief executive

Stack

Permissioned netting
Clearing
Disclosure templates
Takedown SLA

Named with them

Northbridge Counsel
Helix Audit
Meridian Tax

Who can decide

Rafa Park came in named. The team is not a handle. Osier North AB exists, founded 2026, headquartered in Stockholm. 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
Osier North 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: Sweden, EEA 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 14:43
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.