“We are proud to deliver a system that plays an integral role in the core of this historical merger, empowering one of Latin America’s most crucial markets with VeriClear’s state-of-the-art technology, together with our deep market expertise.”
Nuam Exchange, a collaborative effort that integrates the stock exchanges of Lima, Santiago, and Colombia, has announced a partnership with Vermiculus Financial Technology to deploy new core infrastructure.
The Central Counterparty Clearing Houses (CCP) in Chile, Colombia, and Peru will integrate technology built by Vermiculus in a move to streamline operations and help develop the financial markets in LATAM.
VeriClear across all three CCPs
The partnership aims to introduce a comprehensive clearing system encompassing trade and position management, settlement processing, collateral, and risk management, along with real-time risk monitoring, margining, and collateral management across all three CCPs.
Nuam Exchange is actively engaging with regulators in the three countries to navigate the regulatory requirements necessary for evolving the CCP regulations in Chile and Colombia and for establishing a CCP in Peru. This initiative signifies a pivotal step towards unifying and enhancing the financial infrastructure in Latin America, promising a more integrated and efficient market landscape.
Juan Pablo Cordoba, CEO of Nuam Exchange, said: “With Vermiculus as a partner in developing the Nuam Exchange post-trade systems, we are marking a new milestone for the unification of our markets. In addition to gaining a cutting-edge technological partner, we envision the possibility of enhancing our customers’ experience through dynamic technological architecture in line with the needs of the integrated market.”
Taraneh Derayati, CEO of Vermiculus, commented: “We are proud to deliver a system that plays an integral role in the core of this historical merger, empowering one of Latin America’s most crucial markets with VeriClear’s state-of-the-art technology, together with our deep market expertise. We look forward to bringing our forefront technology and sharing our industry knowledge with nuam exchange throughout this project and beyond.”
OCC deployed VeriClear by Vermiculus
Vermiculus, a fintech company based in Stockholm, Sweden, established in 2020, has emerged as a leader in providing technological solutions to exchanges, clearing houses, and central depositories globally. This new alliance with Nuam Exchange marks Vermiculus’ entry into the four largest financial markets in Latin America.
Earlier this year, the Options Clearing Corporation (OCC), renowned as the world’s largest equity derivatives clearing organization, tapped Vermiculus to enhance its technological capabilities, as part of the development of OCC’s new platform, Ovation.
Vermiculus has contributed its VeriClear solution to this venture. VeriClear is an AI-powered, and cloud-native risk system built on a microservice-based architecture, offering elastic scalability and real-time functionality. It enables clearing houses globally to manage their operations in real-time, offering benefits like margin and settlement savings for clients, enhanced risk management, and operational efficiency.
VeriClear is a product offered by Vermiculus. It is a microservice-based, cloud-native, real-time risk system powered by artificial intelligence. VeriClear is designed to be elastically scalable, meaning it can adjust its capacity based on the demands placed on it, ensuring high performance and reliability even under varying workloads.
