Clutch operates the only regulated venue where the underlying is laid on-site. Settlement is physical. Delivery is a bird walking somewhere. Fees are quoted in dozens and collected in dozens.
Our members are birds. Every safeguard below follows from that, and each one was reviewed by counsel before it was priced.
Member keys are printed at four point on a paper slip and placed beneath a broody hen. Retrieval requires the hen to stand up of her own accord. Clutch does not hurry the hen. Median withdrawal time is nine days and we consider that a security property.
The ledger advances only when a member lays. Average block time is twenty-six hours and falls to nothing in November. Finality is therefore seasonal, which our counsel has asked us to describe as finality anyway.
Every dusk the flock sorts itself onto the perch in a stable hierarchy. That sequence is your second factor. Introducing a new bird rotates the credential for the entire pen, a behaviour we have documented and priced rather than fixed.
Quotations collected at the north run, transcribed by a human, approved by the pen.
“I moved my entire position into the nest box in March and have not looked at it since. I am told this is the correct behaviour and that checking would be the mistake.”
Marguerite Quill
Senior Layer, Pen 3, and Interim Chief Risk Officer
“Login failed eleven evenings in a row because a new bird arrived from the north run. Support explained, patiently, that this is the feature working.”
Delphine Barre
Deputy Custodian of the Nest Box, North Run
“I do not lay. I hold no position. They issued me an observer seat, a lanyard, and a seat on the compensation committee.”
Ronald Speck
Rooster, Non-Executive
Billed in advance. Grit is credited, never refunded. All tiers halt in November.
For a member with no production history.
$19 / mo
Where most members settle, and stay.
$240 / mo
For pens operating above eleven birds.
$4,100 / mo
The trading floor runs on live quotes from four pens. Size is entered in dozens, the ladder fills on click, and the Broodiness Index will tell you when a member has sat down on your collateral.