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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™), LedgerX LLC (LedgerX), The Bermuda Stock Exchange (BSX), and Dorman Trading LLC, today announced the successful launch of a new real-time clearing solution for MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO).
The new MGEX Clearing System launched on June 1, 2023 and provides clearing services based on VeriClear™, an elastically scalable and Artificial Intelligence (AI) powered real-time clearing system developed by Vermiculus Financial Technology AB (Vermiculus), a Swedish-based company focusing on providing trading, clearing, and central security depository solutions globally. The new MGEX Clearing System employs a microservices driven design to deliver a real-time, end-to-end clearing solution.
"Our relentless focus on providing the futures industry with best-in-class technology has been the cornerstone of MIH's growth strategy and the launch of the new MGEX Clearing System provides the latest example of that strategy," said Thomas P. Gallagher, Chairman and CEO of MIH. "The new MGEX Clearing System has been completely reengineered from the ground up and allows MIH to significantly expand the range of products and clearing services we are able to offer to the industry."
"Our determination to partner with Vermiculus and utilize the capabilities of VeriClear reflects our strategy of providing best-in-class technology and robust client services to our trading community," said Douglas M. Schafer Jr., Executive Vice President and CIO of MIH. "The collaborative effort to build the clearing system was key to the successful launch. I could not be more proud of the MIAX and MGEX technology teams that worked tirelessly with Vermiculus to ensure that the platform rolled out on schedule."
Added Mark G. Bagan, President and CEO of MGEX, "The new MGEX Clearing System offers our members a powerful tool to more efficiently manage their clearing processes. The new set of real-time APIs allows our members to automate a broad range of manual processes and facilitates their efforts to implement straight through processing (STP) across their trading work flows."
The MGEX Clearing System is being deployed in in two phases. Phase 1 delivers the majority of clearing member facing functionality including trade management, position management, collateral management, settlement, delivery, and reporting. Phase 2, expected to be deployed in 2024, will deliver modernized risk management capabilities including margin calculations, back testing and stress testing, and support for real-time variation calculations. Additional information about the new MGEX Clearing System is available here.
