Five seats · 23 November 2026
The page recruits signers, not customers
Five unrelated names on the booklet. Capital is a separate ask.
More wrappers are listing than there are signed numbers they can expire against. Five named firms on the booklet, by 23 November, and that number exists. One job you already do; one print counterparties can take from venue to venue. The raise buys the publisher. Your signature is the scoreboard.
Supermajority of the five signs each print. Bond $25k / $50k / $100k, held for the node’s account. On expiry the options in the strip open in an auction; you apply the recipe and sign; the registry holds the result. Venues keep matching. Issuers point wrappers at the print.
1. Dealer / MM who already runs a strip
Shape: a shop that already computes a variance strip every morning.
You already compute a variance strip every morning. The missing object is a print your counterparties will accept when the wrapper is not a Cboe future. Sign the booklet. Keep your venue. The bond is an SLA on a formula you run anyway. You do not donate a mark. You attest a g.
2. Systematic book that licenses indexes
Shape: a book that buys coordinates, not headlines.
You buy coordinates. You do not want another proprietary headline. A published vector of strips, auction-settled, with a fallback already in the booklet, is a licence you can put in a risk engine. Signing is cheaper than waiting for the incumbent to add a tail functional. You can sign one tenor and ignore the rest.
3. Tokenization warehouse / prime
Shape: a desk that holds the wrapper and needs the indenture to point at something.
Your wrapper expires against a number. Today that number is a private well or a house mark that does not name your underlier. One signed cash line is what the indenture is missing. You sign because your clients will point at it. You do not have to list a future. Rails are rails. This is the scoreboard the rail does not ship.
4. Venue that will list the derivative
Shape: a matching engine that does not want to own the recipe.
You need an underlier that is not someone else’s stadium. Matching stays on your book. The registry is the scoreboard. You sign so your own listed product has a pointer you can show counsel. If you will not sign, you will rent a well again. We do not compete with your book.
5. Benchmark administrator who is not the VIX house
Shape: a shop that already versions a booklet and survives a methodology contest.
You already know how to version a booklet. The seat is: co-sign a mechanical strip family that venues can list without your ticker becoming the only name. You keep an administration business. You do not have to win a LIBOR-style war alone. We are not asking you to orphan your own marks.
The note
One paragraph. One ask: read the booklet; if the g is a strip you already run, sign it by 23 November. No deck in the first note unless they ask. No “the future of vol.” If they want economics, the raise buys the publisher — not their signature.