5 firms left this rail, 2 paying less than usual
A firm that stops paying does it in public, on the chain, within hours — and never announces it. This compares each firm’s last seven days against the seven before, and flags a fall of 60% or more, or five days without a settlement. It also names the firms that stopped settling here altogether, which a week-on-week comparison cannot see.
Left this rail
What this is, and is not. These firms took a new settlement contract in the June rail change and have never paid from it. We know the address and it has never moved, so this is not a firm we lost track of — but it is not evidence that they stopped paying their traders either. Most likely they settle somewhere we cannot read. It says when they left, and nothing about where they went.
Quiet, unexplained
Silent well past their own settlement rhythm, and we cannot say why. Unlike the firms above, we hold no unused contract for them — so a wallet we have not mapped looks identical to this from here. Read it as a question, not a finding.
Changed
How to read a fall. It marks a change, and the change is real — but payouts are lumpy. A quiet week follows a busy one, firms batch settlements, holidays empty the calendar, and a firm can move to a wallet we have not mapped yet, which looks identical to stopping from here. Treat a flag as the question to ask before you buy a challenge, not the answer.
Within range
A firm needs at least 20 settlements in the baseline week to be measured for a fall — below that a fall is noise, and crying wolf about a solvent business helps nobody. That test needs a baseline, so a firm that has stopped entirely has none and is listed above instead, against its own settlement rhythm rather than against last week. Firms settling by bank transfer never appear here at all. How this is measured →