Building the future of clearing: An interview with Jonas Nordström on nuam’s new clearing house

As nuam exchange embarks on constructing an integrated cloud-native clearing house for its marketplaces in Lima, Santiago, and Bogotá, we sit down with Jonas Nordström, business analyst and part of the project team from Vermiculus, that will deliver the clearing solution. In this interview, Jonas provides us with insights into the project and its groundbreaking features.

Jonas Nordström, Business Analyst at Vermiculus

We're excited to discuss the new clearing system for nuam's marketplace. Could you start by giving us an overview of the project? 

Jonas Nordström: Absolutely. We're constructing an integrated cloud-agnostic clearing system, leveraging the state-of-the-art VeriClear™ product for the three clearing houses of nuam exchange, the new entity resulting from the integration of the Lima, Santiago, and Bogotá stock exchanges. The project commenced at the beginning of 2024.  

That sounds like a massive undertaking. What makes this new clearing house unique? 

Jonas Nordström: The most unique aspect of this new clearing system is its cross-CCP (Central Counterparty Clearing) solution. Where both clearing interoperability and proprietary products are handled seamlessly within the same system. It’s designed for maximum operational efficiency while allowing individual customization for each CCP. This means each clearing house can maintain its distinct features and requirements while benefiting from a unified system. 

What does this interoperability mean for the users? 

Jonas Nordström: Interoperability makes nuam highly competitive compared to other marketplaces, as it offers a wider range of securities from different countries, while requiring membership at only one CCP. For instance, if I'm a member of the Colombian CCP, I can trade securities in Chile seamlessly thanks to this interoperability.  

How does this system enhance risk management for the users? 

Jonas Nordström: One of the key features is real-time risk monitoring across open and derivative positions, collateral, and settlements/deliveries. Our system provides multiple aggregation levels, giving users an instant visual overview of the risk and its drivers. Additionally, it includes drill-down capabilities for powerful analytical insights. This real-time visibility is crucial for effective risk management. 

What innovations are being introduced in terms of margining methodology? 

Jonas Nordström: We are implementing a modern, state-of-the-art margining methodology designed to enhance efficiency. Our approach features advanced modeling and risk capture, offering increased transparency through traceability and detailed analysis. With more precise risk modeling and real-time visibility of indicative margins, the new clearing house can instantly respond to market movements, thereby improving overall system efficiency.

It sounds like the new system will bring significant improvements. Which areas do you think will see the most impact? 

Jonas Nordström: The areas poised for the most substantial improvements compared to other systems include operational efficiency, risk management, and capital utilization. The seamless integration and customization capabilities will streamline operations across all three clearing houses. Our advanced risk monitoring and margining methodologies will enhance both the safety and efficiency of our market operations, ultimately benefiting all market participants. 

Thank you, Jonas, for providing such detailed insights into the new clearing system. We look forward to seeing these innovations in action. 

Jonas Nordström: Thank you. We’re excited about the potential of this project and look forward to delivering these advancements to nuam and their members.