VeriClear

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VeriClear is a financial technology solution developed by Vermiculus Financial Technology AB, a company specializing in trading, clearing, and Central Securities Depository (CSD) technologies. Introduced as a microservice-based, cloud-native, real-time risk system, VeriClear is designed to enhance the operational capabilities of clearinghouses globally.

Overview[edit]

In March of 2022, Vermiculus announced a deal to proive VeriClear to Miami International Holdings, Inc., the parent holding company of the MIAX Exchange Group and Minneapolis Grain Exchange, LLC (MGEX).[1] In June 2023, Vermiculus announced the rapid deployment of the VeriClear platform at the Minneapolis Grain Exchange, achieving record implementation time.[2]

In June of 2022, Vermiculus will provide the VeriClear system to CERC in Brazil. [3]

VeriClear is part of a strategic partnership with The Options Clearing Corporation (OCC), the world's largest equity derivatives clearing organization. This collaboration was announced on January 24, 2024, marking a significant milestone in the use of advanced technology in financial market infrastructures.[4][5]

nuam exchange, which was formed from the merger of the Lima, Santiago, and Colombia stock exchanges, partnered with Vermiculus to implement the VeriClear system for the Central Counterparty Clearinghouses (CCP) in Chile, Colombia, and Peru.[6]

Features and Capabilities[edit]

VeriClear is distinguished by its elastically scalable architecture, which allows it to adjust capacity based on demand, ensuring high performance and reliability under varying workloads. The system is AI-powered, enhancing its ability to manage risk and optimize clearing processes in real time. Its microservice-based design facilitates seamless integration with existing or new systems, providing flexibility and reducing the need for large, complex projects.

Key Functionalities[edit]

  • Real-Time Risk Management: VeriClear enables real-time monitoring and management of risks, which is crucial for maintaining market stability and integrity.
  • Margin and Settlement Savings: The system offers financial efficiencies by optimizing margin requirements and speeding up settlement processes, thus reducing operational costs for clients.
  • Enhanced Security and Performance: With its advanced architecture, VeriClear ensures top-level security and operational performance, meeting the stringent requirements of financial markets

Implementation and Impact[edit]

The deployment of VeriClear is part of OCC's Renaissance Initiative, a comprehensive effort to overhaul and modernize its technology infrastructure. This initiative aims to enhance the operational framework, improve risk management tools, and establish a robust data management system to better serve market participants. VeriClear's integration into OCC's infrastructure is expected to play a critical role in the development of OCC's new platform, Ovation, which is designed to be a cloud-based, Distributed Ledger Technology (DLT)-powered platform enhancing business agility and operational efficiency.

References[edit]