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

ROWP

In diligence

IN MOTIONClearing

Rowan Mere

Window a fewd · waitlist a short list · our cut 0%. Do the maths.

US was taken off the public stack on day one. Adult companies do that. Then the waitlist filled anyway.

Rowan 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 7). 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

4/6

Sprint

Our cut

Of any proceeds

Plate Orbit · 8229

ROWP

The plate

Orbit. Edition 8229.

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

ROWP · Vancouver · Clearing

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 7 of 14

Vancouver

Licensed venues

Sells

Per-netted

Per-netted notional

Markets

Vancouver

Years

Founded 2025

Surfaces

Permissioned netting

Complete

File readiness

The wedge

Per-netted notional

The wedge is T+1: gross settlement got expensive overnight.

Why the desk took it

A real job, not a ticker.

A broker named a fail-cost number. That is a budget.

Traction

One named pilot (redacted).

Founded 2025, headquartered in Vancouver. One named pilot on file (redacted in public). 6 nodes or connected surfaces reported. Desk diligence score 77/100. Sprint day 7 of 14. Four origination desks posting into a closed tape. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

A default drill with a number, not a narrative.

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.

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

The bet is narrow. A named Vancouver buyer already has budget for this invoice. Rowan Mere 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.

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

From ops

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

From the founder

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

From the pilot

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

The window

Miss this and you read the archive.

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

Budget exists on a line the board can see. That is why the window is this quarter.

We do not allocate. We do not take a cut. We will not hold the window open for you.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 10
Counsel hours on file: 34
Asks / week: 23
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.
Leila Ribeiro, Chief executive

This company

Rowan Mere

Open-source looks free until the auditor asks who attests. Rowan 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 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

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: Vancouver, 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 Vancouver. 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
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
36%
A counsel memo that can survive a later reader.
Named operators
24%
Keeping the public story from running ahead of the claims register.
Certifications & adapters
21%
Dual-control drills, key ceremonies, and the person who owns them.
Counsel & perimeter
19%
Adapter work against the incumbent register, admin, or custodian.

Operating week

What “in market” actually looks like.

MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.

The wedge

Why this one, not the other one.

They sell: Per-netted notional
Who pays: Four origination desks posting into a closed tape.
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: Named venue LOIs — redacted, but they exist.
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: A broker named a fail-cost number. That is a budget.

Next twelve months

What has to be true.

A default drill with a number, not a narrative.

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.

Operating notes for Permissioned netting
No token contract listed as a public sale
Pilot letters on file, identities redacted
Vancouver 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
Demand46
Market access68

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 Vancouver 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. Rowan Mere 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

01What happens if a founder later wants a public token?
02Which geography is actually locked, and which is a hope?
03What does renewal look like if no round ever happens?
04If RCA Pad disappeared tomorrow, could the customer still run the job?
05Where do keys, title, or NAV liability sit — and is that person licensed?
06Who can unpublish a public sentence in 24 hours, by name?

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: Rowan Mere 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.

Vancouvernamed
United Kingdomnamed
EU retailrestricted
United Statesrestricted

Team

Who runs it.

Leila RibeiroChief executive
Claire VossChief technology

Stack

Permissioned netting
Clearing
Approval trail

Named with them

Northbridge Counsel
Helix Audit
Clearline

Who can decide

Leila Ribeiro (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.

If the first customer renews, the adapter work pays for itself. If they do not, Rowan Mere is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Rowan 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
Pilot identities redacted in public	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Vancouver, United Kingdom	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 12:25
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

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