B3, the Brazilian marketplace operator, has successfully completed phase two of its new central securities depository (CSD) system, built on VeriSafe® technology from the global independent market infrastructure provider Vermiculus.
The new elastically scalable CSD system is the result of one of the largest CSD transformation projects in the world. For the second year in a row, Vermiculus and B3 have successfully brought a major phase of this program into production, delivering significant market value to B3’s operations as well as new features used daily by its market participants.
With the new platform, B3 is positioned to support the growth of the Brazilian capital market over the next decades, both in terms of new products and services, and the increasing number of investors, assets, issuers, and transactions processed.
The VeriSafe system is now configured to support the full range of complex transactional rules required by a modern CSD. This includes processing of, for example, settlement transactions, participant transfers, deposits, withdrawals, and IPOs. In addition, VeriSafe supports the creation and redemption processes for all Brazilian certificate types, including ETFs, depository receipts and fractional shares.
VeriSafe is designed to handle extreme volume requirements and to support the storage and processing of several hundred million accounts, investors and daily transactions. The system’s microservice-based architecture enables elastic scalability, allowing the platform to efficiently scale further as the market grows. It also allows B3 to rapidly introduce new products and services with significantly shorter time-to-market, while maintaining high levels of operational resilience and stability.
Viviane Basso, B3’s Chief Operating Officer – Issuers, Depository and OTC:
“The new CSD gives us a robust, scalable and efficient platform that prepares us for the future. We are now prepared to handle growth of up to ten times today’s levels, while continuously expanding our offering to customers, without disrupting ongoing operations.”
The CSD transformation has been delivered through frequent releases and agile methodology, ensuring transparency, continuous improvement, and minimal operational risk.
Henrik Rouet-Leduc, CSD project manager at Vermiculus:
“This project is setting a new standard for how fast and efficient major CSD transformations can be achieved. We are demonstrating how, through close collaboration, a superior delivery model, unmatched industry expertise and the world’s most modern CSD platform, we can gradually replace one of the world’s most complex CSD systems. All while staying on schedule, and on promise, while continuously delivering tangible value to both B3 and its customers.”
Taraneh Derayati, CEO of Vermiculus:
“As an independent technology provider, we can focus entirely on enabling our customers to succeed on their own terms, with technology that is truly built around their needs on a modern product suite. It has been very rewarding to work closely with B3 and to deliver a system that delivers value to their clients directly and meets their exceptional demands.”
Vermiculus and B3 are swiftly moving forward with the third and final phase of the transformation, which will replace B3’s existing corporate actions module. This next step will further extend the system’s capabilities to handle high volumes of complex corporate action calculation, simulation, and processing.
Henrik Rouet-Leduc, CSD project manager at Vermiculus; Taraneh Derayati, CEO of Vermiculus
