RCA Pad
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

OSIN

In market
IN MARKETHealth-claims tape

Osier Pike

If you read one Health-claims tape company this quarter, make it this one.

Eva Shah will not run a public sale on this pad. The listing exists because of that sentence.

Osier 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.

Live campaign. 464 on the product waitlist — that is demand, not an allocation.

If you needed a reason to open diligence tonight: 464 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.

Waitlist

0

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

0

Redacted on the public page

Live nodes

0

Claims book

Counsel hours

0

United Kingdom · counsel-named

Sentences killed

0

Before listing

Claims live

5/8

Build

Our cut

0%

Of any proceeds

Plate Concentric · 5322

OSIN

The plate

Concentric. Edition 5322.

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

OSIN · London · Health-claims tape

Score

0

Desk diligence

Pilots

0

Named, redacted

Waitlist

0

Product demand

HQ

London

Licensed venues

Sells

Per-netted

Per-netted notional

Markets

0

United Kingdom

Years

0

Founded 2021

Surfaces

0

Claims book

Complete

0

File readiness

The wedge

Per-netted notional

Osier Pike is selling a 10% cut in fails, not a new licence.

Why the desk took it

A real job, not a ticker.

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

Traction

2 named pilots (redacted).

Founded 2021, headquartered in London. 2 named pilots on file (identities redacted in public). 464 on the waitlist, gated — product demand, not a book built. 12 nodes or connected surfaces reported. Desk diligence score 94/100. A transfer agent willing to consume a revoke in production. 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.

A DeFi clearinghouse is a different, usually unlicensed, business. They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.

The brief

How a serious reader should hold this.

London is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Osier Pike chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.

Read this as an operating company, not a round. Counsel has a posture: United Kingdom · counsel-named. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.

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

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. Osier Pike does not attest to its own facts.

From the screen

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.

If the window closes you still have the pack — as history. Not as a live conversation.

464 people did not join a waitlist for a ticker. They joined for a job.

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

Window

Closed

Closed. History only — not a place to buy.

Sentences killed
8
Counsel hours on file
91
Asks / week
58
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 Shah, Chief executive

This company

Osier Pike

Open-source looks free until the auditor asks who attests. Osier Pike has an answer.

In the same conversation

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

The bet

Why this company exists.

Osier Pike is selling a 10% cut in fails, not a new licence.

Osier Pike is selling a 10% cut in fails, not a new licence.

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. Osier 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 United Kingdom · counsel-named. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

How it works

  1. 01Members post positions they already hold
  2. 02The engine nets what the rulebook allows
  3. 03Only the residual hits the existing settlement rail
  4. 04Collateral as a token is an exclusion on this file
  5. 05Only the residual hits the existing settlement rail — gross never leaves the venue
  6. 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.

  • Certifications & adapters

    34%

    Dual-control drills, key ceremonies, and the person who owns them.

  • Control environment

    21%

    Hiring the operator who already does this job at a licensed firm.

  • Claims & campaign ops

    15%

    The remaining certifications and the second named market.

  • Counsel & perimeter

    30%

    Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

  1. MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
  2. ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
  3. FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
  4. 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-netted notional
Who pays
A transfer agent willing to consume a revoke in production.
Unit economics
They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
Moat on file
Members already post positions to the incumbent CCP; this sits beside it.
Switching cost
Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
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.

Two members netting live, or stop.

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

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.

Founded 2021, headquartered in London. 2 named pilots on file (identities redacted in public). 464 on the waitlist, gated — product demand, not a book built. 12 nodes or connected surfaces reported. Desk diligence score 94/100. A transfer agent willing to consume a revoke in production. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

  • Operating notes for Claims book
  • No token contract listed as a public sale
  • Pilot letters on file, identities redacted
  • London 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.”

  • Product67
  • Customers78
  • Legal path84
  • Tech maturity82
  • Demand42
  • Market access68

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 464.

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 Pike 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

  1. 01Which incumbent can copy this in a quarter, and what would they have to migrate?
  2. 02Which geography is actually locked, and which is a hope?
  3. 03Who can unpublish a public sentence in 24 hours, by name?
  4. 04What happens if a founder later wants a public token?
  5. 05Who is the first named paying customer — not a letter of intent?
  6. 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
Osier Pike Ltd · England & Wales
Path on file
United Kingdom · counsel-named
Posture
No public sale
Pack
Build

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.

  • United Kingdomnamed
  • EEA professionalnamed
  • Mainland China retailrestricted

Team

Who runs it.

  • Eva ShahChief executive

Stack

  • Claims book
  • Health-claims tape
  • Disclosure templates
  • Approval trail

Named with them

  • Northbridge Counsel
  • Meridian Tax

Who can decide

Eva Shah (Chief executive) will take a 30-minute call and decide budget. If the only person who can accept “we are not opening a sale” is a silent co-founder in another time zone, this company would not be on the board.

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.

StatementEvidenceStatus
Osier Pike does not sell a token to the public on this padPosture locklive
The product is health-claims tape sold to institutionsArchitecture + customer typelive
Claims book is the method — not a listed assetDesk snapshotlive
Retail buyers are out of scopeNamed markets locklive
Any raise completes with the issuer’s counsel and providers — not on RCA PadFixed-fee termslive
Pilot identities redacted in publicNo board minutedraft
No public token is sold on this padEngagement terms + posture locklive
Customers contemplated: United Kingdom, EEA professionalNamed markets on the filelive

On the record

  1. Sprint packPackJun
  2. Counsel lockPathJul
  3. Claims register liveRegisterAug
  4. Creator briefBriefSep

Operating log

  1. 11 Sep 09:30

    Takedown SLA idle-tested.

  2. 08 Sep 11:40

    A claim held for missing evidence.

  3. 04 Sep 08:22

    Weekly report issued to the desk.

  4. 01 Sep 14:08

    Creator set on disclosure. No buy language.

Path to now

  1. Sprint

    Pack accepted

    Narrative, matrix, claims locked.

  2. Path

    Counsel names it

    Or the file stays not-offering.

  3. 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

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