I just came across a blog post about a “diamond” open access journal called, Discrete Analysis. It’s being described as diamond open access because neither the readers nor the authors pay. The journal sits on top of the arXiv infrastructure but maintains the traditional peer review process. The journal will consist of short descriptions of articles and links to the content in arXiv, and will serve a filter and certification function for this subject matter within arXiv. There will be a numbering system for the articles, the journal will have an ISSN, and articles will get a DOI. To limit infrastructure and costs, the journal will not offer typesetting or copy-editing and will rely on authors to do that work themselves. Discrete Analysis will be using Scholastica software to manage the review process and to provide a homepage for the journal. Scholastica charges $10 per submission and that cost is being covered for the first couple years by a small grant from Cambridge University. Since the costs are so low, the editors anticipate being able to find funding after the Cambridge grant is exhausted. The official launch of journal will occur in early 2016.
Blog post about the journal: https://gowers.wordpress.com/2015/09/10/discrete-analysis-an-arxiv-overlay-journal/
Temporary website of Discrete Analsis: https://submissions.scholasticahq.com/sites/discrete-analysis