Vermiculus collaborates with Miami International Holdings to deploy its microservices-based clearing solution at the Minneapolis Grain Exchange
STOCKHOLM, March 9, 2022 /PRNewswire/ — Vermiculus announces that it has entered into an agreement with Miami International Holdings, Inc. (MIH), the parent company of MIAX Exchange Group™ and Minneapolis Grain Exchange, LLC (MGEX™), under which Vermiculus will provide a clearing solution in real time for MGEX, a Designated Contractual Market (DCM) and a Derivatives Clearing Organization (DCO). The system will provide clearing services based on VeriClearMTan elastically scalable, AI-powered real-time compensation system developed by Vermiculus.
MIH seeks to create a modern clearing system for MGEX through Vermiculus’ new cloud-native microservices architecture, which will allow MIH to extend its proprietary futures offerings with new features and clearing capabilities. The advanced technology will provide MGEX with real-time capabilities for clearing as well as risk management.
This collaboration is the start of a long-term relationship between MIH and Vermiculus and an important initiative that will support the future growth of both companies.
“We are thrilled to partner with Vermiculus to deliver a next-generation compensation system,” said Doug Schaefer, director of information of the MIH. “We look forward to working with the highly skilled team at Vermiculus and collaborating to create a clearing system that provides the power and flexibility we need to provide the best services to our customers.”
“Vermiculus microservices provide MIH with the flexibility our system needs to support the markets of the future.”
– Doug Schaeferdirector of information of the MIH
Vermiculus’ microservices-based multi-asset clearing solution, VeriClearMT, enables clearinghouses to monitor and manage positions and risks in real time across multiple marketplaces, both OTC and exchange-traded markets. The system has a dynamic user interface (UI) dashboard that allows for efficient exploration and error handling capabilities. It is powered by modern APIs and artificial intelligence functions for efficient communication and easy access to data, enabling faster product development capabilities and intelligent operations.
“We are very proud to have been selected to provide the most modern clearing solution to an exchange that is part of such a large exchange group,” says the CEO of Vermiculus. Taraneh Derayati. “Our cross-functional and diverse teams have a unique blend of technical and business experience in this area. By working with MGEX as one team, we are poised to create a fully customized clearing system that can meet today’s demands. and tomorrow. MIAX Exchange Group is known for its tremendous IT expertise, high quality standards and innovative business model. We are honored to have been selected to take this journey together.
“From the beginning, as a company, we have strived to work with the most forward-thinking customers, which we are proud to say we have achieved through this collaboration. We look forward to working together to make advancing MGEX’s growth, building on our core of innovation and customer-centric approach as we aim to set new standards in the marketplace.”
Added Mark G. BaganPresident and CEO of MGEX, “This partnership will greatly assist MGEX in its transformation from a primarily agriculture-focused futures exchange and clearinghouse to a fully diversified exchange offering a full range of services. to the financial futures market community.”
About the Vermiculus
Vermiculus Financial Technology AB provides industry-leading trading, clearing and CSD solutions to market participants worldwide. Vermiculus solutions are the first to combine cutting-edge advancements in dynamic microservices architecture with extensive experience in the business requirements of clearinghouses and exchanges.
Vermiculus solutions radically improve robustness, quality, and flexibility using AI-based microservices, and can achieve superior environmental performance, elastic scalability, and cost-effectiveness through SaaS and cloud-based deployment.
The company began operations in 2020 and was founded by industry experts with the goal of revolutionizing the technology of exchanges, clearing houses and CSDs. With its headquarters at Stockholm, Sweden, Vermiculus consists of hand-picked industry experts trained to deliver mission-critical solutions. With decades of accumulated knowledge and expertise, the team has already completed over 75 projects for the world’s largest exchanges, clearinghouses and CSDs.
For more information about Vermiculus and their product and service offerings, visit www.vermiculus.se or contact us via [email protected].
MIAX’s parent company, Miami International Holdings, Inc., owns 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).
MIAX, MIAX Pearl, and MIAX Emerald are National Stock Exchanges registered with the Securities and Exchange Commission (SEC) that leverage MIAX’s state-of-the-art technology and infrastructure to provide options trading to their member firms listed in the United States. MIAX serves as the exclusive trading venue for cash-settled options on SPIKES® Volatility Index (Ticker: SPIKE), a measure of expected 30-day volatility in the SPDR® S&P500® ETF (SPY). In addition to options, MIAX Pearl makes it easy to trade stocks for cash through MIAX Pearl Equities™.
MGEX is a registered exchange with the Commodity Futures Trading Commission (CFTC) and is a futures exchange registered with the SEC. MGEX serves as the exclusive marketplace for a variety of commodities including Hard Red Spring Wheat, SPIKES Futures, BRIXX Commercial Real Estate Futures and TAX Futures. MGEX is a Designated Contracts Market (DCM) and Derivatives Clearing Organization (DCO) under the CFTC, providing DCM, DCO and spot market services across a range of asset classes.
BSX is one of the leading international electronic securities markets regulated by the Bermuda Monetary Authority (BMA), specializing in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and insurance-linked securities. A full member of the World Federation of Exchanges and an affiliate member of the International Organization of Securities Commissions, BSX is recognized globally, including by the SEC.
MIAX’s executive offices and national operations center are located in Princeton, New Jerseywith additional offices located in Miami, Florida, Minneapolis, Minnesotaand Hamilton, Bermuda.
To learn more about MIAX, visit www.MIAXOptions.com.
To learn more about MGEX, visit www.mgex.com.
To learn more about BSX, visit www.bsx.com.
Disclaimer and Caution Regarding Forward-Looking Statements
The press release does not constitute an offer to sell or a solicitation of an offer to buy securities of Miami International Holdings, Inc. (together with its subsidiaries, the Company) or Vermiculus, and does not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer is made; the solicitation or sale would be unlawful. This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results or strategies and are generally preceded by words such as ” may”, “future”, “plan” or “expected”, “shall” or “should”, “expect”, “anticipate”, “draft”, “possibly” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ. significantly from those projected. in forward-looking statements.
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