Governance

Recorded May 2025. Interview edited for clarity and length. In this conversation, Tom Woodroof (Local Loop Merseyside) speaks with Tomaž Fleischman, Principal Scientist and Co-Founder of Cycles Protocol, and long‑time researcher of multilateral trade credit set‑off (often called Loop Clearing). We discuss how Slovenia’s decades‑old clearing infrastructure works, what it means for businesses on the ground, and why community‑owned versions such as Local Loop Merseyside matter. …

Credit Clearing and the Missing Middle, Part 3 Clearing thrives when businesses outgrow the coins in their purse. In this instalment we move from mediaeval market fairs, as explored in the previous article, to purpose-built clearing institutions. From the Bank of Amsterdam in 1609 to the London bankers huddled in a Lombard-Street tavern in 1770, the idea was the same: share the maths, spare the money. …

Credit Clearing and the Missing Middle, Part 2 The History of Clearing Clearing, at its core, is about paying as many debts as possible with the minimum use of cash, resulting in more efficient trade at lower risk. While this sophistication may sound modern, versions of the practice can be traced back centuries. …

Credit Clearing and the Missing Middle, Part 1 The global economy feels dominated by large corporate players and financial institutions, while at the grassroots, small and medium-sized enterprises (SMEs) have to navigate an obstacle course of tight credit conditions, cashflow challenges, and uncertain demand. Yet these smaller businesses collectively represent 99. …