(Información remitida por la empresa firmante)
STOCKHOLM, June 7, 2023 /PRNewswire/ -- Vermiculus today announced the deployment of its new real-time clearing platform based on Vermiculus' clearing product VeriClear™ on Minneapolis Grain Exchange (MGEX), a wholly owned subsidiary of Miami International Holdings, Inc. (MIH).
MGEX successfully launched the VeriClear™ clearing platform on June 2, 2023, representing a record time to market for Vermiculus in deploying the elastically scalable and AI-powered real-time clearing system developed by Vermiculus.
Vermiculus' flagship product, VeriClear™, provides unparalleled scalability ensuring highest possible performance and security. Notably, this project stands out as the Vermiculus' microservice-based clearing solution, required only half the development time compared to alternative solutions, while delivering double the quality.
VeriClear™ provides a modern clearing system enabled by Vermiculus' cloud-native microservices approach. The new cutting-edge platform will allow MGEX to expand its futures offerings and introduce new clearing functionalities and capabilities. With real-time clearing, market-standard trade management and support for physical delivery, MGEX benefits from enhanced operational efficiency including flexible settlement functionality with real-time views and capability of running multiple settlement runs per day.
"Vermiculus has developed a powerful next generation clearing system, allowing MGEX to operate a versatile platform that provides the power and flexibility we need to deliver best-in-class services for our customers. The new clearing system will support MGEX's strategy of offering a comprehensive suite of futures products to the trading community, while enhancing the range of risk management services we offer to clients." - Douglas M. Schafer Jr., Executive Vice President and Chief Information Officer at MIH
Vermiculus' successful agile project has been characterized by continuous communication and transparency. The trust built between the Vermiculus and MIH teams enabled swift decision making and overall project velocity. The capabilities and IT knowledge of both teams, combined with incremental software deliveries, provided the foundation for success resulting in compressed feedback loops, best-in-class quality, and final scope completion.
"We are very proud of providing the most modern technology for MGEX's new clearing system and delivering a state-of the art clearing platform that will support MIH's vision for the markets of the future."- Taraneh Derayati, Chief Executive Officer of Vermiculus
"With our cross-functional and diverse teams, we possess a unique combination of technical and business expertise in this domain. By collaborating closely with MGEX as a unified team, we have in just over a year developed a fully customized clearing system capable of meeting the demands of the present and the future. MIH's reputation for exceptional IT-proficiency, stringent quality standards, and innovative business practices makes us deeply honored to have been part of this remarkable journey."
VeriClear™, Vermiculus' multi-asset, microservice-based clearing solution, empowers clearing houses to monitor and manage positions and risk in real-time across various markets, including OTC and exchange-traded platforms. The system facilitates efficient drill-down capabilities and effective error handling and is equipped with a dynamic user interface dashboard. With the support of modern APIs and AI functions, the real-time clearing system also ensures seamless communication, effortless data access, accelerated product development, and intelligent operational processes.
As previously announced, VeriClear™ is also being implemented in B3's new Central Security Depository project, and CERC, the Brazilian financial market infrastructure specialized in receivables, as well as an undisclosed internationally scaled clearing house.
Taraneh Derayati, Chief Executive Officer of Vermiculus; Douglas M. Schafer Jr., Executive Vice President and Chief Information Officer at MIH
Vermiculus Financial Technology AB provides cutting-edge trading, clearing, and CSD solutions to market participants around the world. Vermiculus' solutions are the first to bring state-of-the-art advances in dynamic microservice architecture together with vast experience in clearing house, exchange, and CSD business requirements.
Vermiculus' solutions radically improve robustness, quality, and flexibility by utilizing AI-driven microservices, and can achieve superior environmental performance, elastic scalability, and cost-efficiency through SaaS and cloud-based deployment.
The company started its operation in 2020 and is founded by industry experts with the incentive to revolutionize the technology of exchanges, clearing houses, and CSDs. With its headquarters in Stockholm, Sweden, Vermiculus consists of hand-picked teams, trained to deliver mission-critical solutions. With decades of accumulated knowledge and expertise, the team has previously completed 75+ projects for the world's largest exchanges, clearing houses, and CSDs.
For more information about Vermiculus and their product and service offerings, visit www.vermiculus.se or get in touch through email@example.com.
For further information, please contact: Taraneh Derayati - CEOVermiculus Financial TechnologyTel +46-(0)73 634 56 firstname.lastname@example.org
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