The wedge
Per binder
The wedge is bordereaux: still email, still late, still wrong.
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
YARN
Closed
CLOSEDReinsurance recordsYarrow Mere
Window closed. a short list asked while it was live. You are reading history.
a short list names asked to be first. None of them bought a token here. They asked for the product.
Yarrow 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.
Stage
completed
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Treaty book
Counsel hours
0
Singapore · closed private round
Sentences killed
0
Before listing
Claims live
0/9
Sprint
Our cut
0%
Of any proceeds
Plate Lattice · 2221
YARN
The plate
Lattice. Edition 2221.
A unique plate for Yarrow Mere. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
YARN · Singapore · Reinsurance records
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
completed
completed
HQ
Singapore
Licensed venues
Sells
Per
Per binder
Markets
0
Singapore
Years
0
Founded 2024
Surfaces
0
Treaty book
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
US surplus-lines posture was flagged as a counsel question. Correct.
Traction
3 named pilots (redacted).
Founded 2024, headquartered in Singapore. 3 named pilots on file (identities redacted in public). 14 nodes or connected surfaces reported. Desk diligence score 81/100. A named Singapore administrator who already signs the pack (redacted). They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
Next 12 months
Bordereau cycle running without a side spreadsheet.
Guidewire is the system of record. This is the slip between markets. 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.
The first sentence Siobhán Novak would not let us publish was the exciting one. What remains is slower — and scarcer: Yarrow Mere Pte. Ltd. selling Reinsurance records as software, from Singapore, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.
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 sentence went public and came down in under an hour. Siobhán Novak treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.
From the screen
The legal source of truth stays with the incumbent register, admin, or custodian. Yarrow Mere does not attest to its own facts.
From counsel
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
From ops
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.
Founders who want a pack this tight apply. Readers who wait get a closed stamp.
0% of proceeds. Fixed fee. The incentive is a clean campaign — not a raise.
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
- 9
- Counsel hours on file
- 27
- Asks / week
- 4
- Our cut
- 0% of proceeds
Kill the public sentence in an hour or do not list us. We can do the hour.
This company
Yarrow Mere
The copycats will arrive after certification. That is why the window is now.
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.
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
L2 wrappers are cheaper. They are also a different perimeter — and declined here. Yarrow Mere is priced as software against an invoice that already exists.
Singapore 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
- 06Exceptions post back into the customer’s existing case system — no side spreadsheet.
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
31%
A counsel memo that can survive a later reader.
Named operators
28%
Adapter work against the incumbent register, admin, or custodian.
Certifications & adapters
17%
Keeping the public story from running ahead of the claims register.
Counsel & perimeter
24%
The remaining certifications and the second named market.
Operating week
What “in market” actually looks like.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- 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 binder
- Who pays
- A named Singapore administrator who already signs the pack (redacted).
- 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
- A coverholder has written a live binder on this record.
- Switching cost
- Once the record is the record, the incumbent copy has to migrate history. That is the year.
- 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.
Bordereau cycle running without a side spreadsheet.
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 Singapore. 3 named pilots on file (identities redacted in public). 14 nodes or connected surfaces reported. Desk diligence score 81/100. A named Singapore administrator who already signs the pack (redacted). They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
- Operating notes for Treaty book
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Singapore 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
- Customers84
- Legal path84
- Tech maturity70
- Demand10
- 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 Singapore story becomes a fact pattern. The restricted list exists for a reason: EU retail.
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 Yarrow Mere 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. Yarrow Mere has to be cheaper or faster before that happens.
Ask these next
- 01Who is the first named paying customer — not a letter of intent?
- 02What happens if a founder later wants a public token?
- 03Which incumbent can copy this in a quarter, and what would they have to migrate?
- 04Is the waitlist demand for a product, or a queue for a coin?
- 05If RCA Pad disappeared tomorrow, could the customer still run the job?
- 06Where do keys, title, or NAV liability sit — and is that person licensed?
Structure
How money would actually move.
Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.
- Entity
- Yarrow Mere Pte. Ltd.
- Path on file
- Singapore · closed private round
- 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.
- Singaporenamed
- Hong Kong professionalnamed
- EU retailrestricted
Team
Who runs it.
- Siobhán NovakChief executive
- Leila VogelChief compliance
Stack
- Treaty book
- Reinsurance records
- Disclosure templates
- Audit log
Named with them
- Northbridge Counsel
- Helix Audit
Who can decide
Siobhán Novak (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.
| Statement | Evidence | Status |
|---|---|---|
| Yarrow 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 | Desk file | withdrawn |
| No public token is sold on this pad | Engagement terms + posture lock | withdrawn |
| Customers contemplated: Singapore, Hong Kong professional | 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
Yarrow 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.
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.