Miami International Holdings, Inc. (MIH), owner of Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl®), MIAX Emerald, LLC (MIAX Emerald®), Minneapolis Grain Exchange, LLC (MGEX™), and Bermuda Stock Exchange (BSX™), announced today that Vermiculus Financial Technology AB (Vermiculus) has been selected to deliver a real-time clearing solution for MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO). The system will provide clearing services based on VeriClear™, an elastically scalable and Artificial Intelligence (AI) powered real-time clearing system developed by Vermiculus.
"The VeriClear™ system provides the flexibility we require to offer trading and clearing for a range of new products designed to meet the evolving needs of the global financial industry," said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX. "The new clearing solution will provide us with a powerful platform to support listing, trading and clearing of a broad range of asset segments including new financial, cryptocurrency, environmental and climate change products."
"MIH is seeking to create a modern clearing system for MGEX by using Vermiculus' new cloud native microservices architecture, which will allow MIH to expand its proprietary futures offerings and provide enhanced functionality and clearing capabilities," said Douglas M. Schafer Jr., Chief Information Officer of MIH. "The cutting-edge technology will provide MGEX with real-time capabilities for clearing, as well as risk management and provide the scalability we need to support the demands of our clients."
VeriClear™ is a multi-asset, microservices based clearing solution that enables clearing houses to monitor and manage positions and risk in real-time across multiple OTC and exchange–traded marketplaces. VeriClear™ is powered by innovative APIs and AI functionality for efficient communication and easy access to data, allowing faster product development capabilities and intelligent operations.
"We are pleased to be collaborating with Miami International Holdings to provide a modern clearing solution for MGEX, based on our product," said Taraneh Derayati, Chief Executive Officer of Vermiculus. "Our technical expertise and business experience allow us to create a customized clearing platform for MIH that is designed to manage the demands of electronic markets, for both today and tomorrow. We look forward to collaborating with MIH on creating a clearing system that provides the power and flexibility to deliver best-in-class services to its customers."
