Five seats · integrity scoreboard 23 November 2026
The page recruits signers, not customers
Five unrelated names on the booklet is the scoreboard. Capital is a separate ask, in the board pack.
More wrappers are listing than there are signed numbers they can expire against. 23 November is the integrity scoreboard: five unrelated named firms live, plus counsel’s pre-deployment opinion. Listed-open does not wait on a full house. If it misses: architecture unchanged; F2 remains a funding mark; do not fill seats with a DFY incentive. One job you already do; one print counterparties can take from venue to venue. The raise buys priced preferred in the publisher (in formation). Your signature is the scoreboard.
Supermajority of the five signs each print. Bond $25k / $50k / $100k, held for the node’s account — a published USD SLA deposit. 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. P3 first money is 8 February 2027. Venue class TBD. Counsel first.
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. A shop that already versions a booklet
Shape: a firm that survives a methodology contest and is not the VIX house.
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. A benchmark-administration packet is in draft on our side; that is not a present-tense status of the publisher.
The note
One paragraph. One ask: read the booklet; if the g is a strip you already run, sign it. No deck in the first note unless they ask. No “the future of vol.” If they want economics, the raise buys priced preferred in the publisher — not their signature. NewCo revenue today is $0.