nuam exchange and Vermiculus Financial Technology establish partnership to create technological core for Central Counterparty Clearing Houses in Chile, Colombia and Peru

Construction of an integrated cloud-native clearing system for the three clearing houses have begun, while progress is being made in parallel to create the clearing house in Peru.

Santiago, February 2024. nuam exchange, the entity resulting from the integration of the Lima, Santiago and Colombia stock exchanges, announced a partnership with Vermiculus Financial Technology, a technological solutions vendor for the financial industry, to implement a modern, flexible technological core for the Central Counterparty Clearing Houses (CCP) in Chile, Colombia and Peru.

"With Vermiculus as a partner in developing the nuam exchange post-trade systems, we are marking a new milestone for the unification of our markets. In addition to gaining a cutting-edge technological partner, we envision the possibility of enhancing our customers' experience through dynamic technological architecture in line with the needs of the integrated market," said Juan Pablo Cordoba, CEO of nuam exchange.

Taraneh Derayati, CEO of Vermiculus and Juan Pablo Cordoba, CEO of nuam exchange

Vermiculus is a fintech based in Stockholm, Sweden. Although it just began operating in 2020, the company is already recognized as a leading provider of technology solutions for exchanges, clearing houses and central depositories worldwide. With this new partnership together with nuam exchange, Vermiculus’ products will be present in the four largest financial markets in Latin America.

“We are proud to deliver a system that plays an integral role in the core of this historical merger, empowering one of Latin America’s most crucial markets with VeriClear™’s state-of-the-art technology, together with our deep market expertise," commented Taraneh Derayati, CEO of Vermiculus, and continues: “We look forward to bringing our forefront technology and sharing our industry knowledge with nuam exchange throughout this project and beyond.”

The new clearing system will include trade and position management, settlement processing, collateral management and risk management. It will also handle interoperability, real time risk monitoring, margining and collateral across all three CCPs.

In parallel, nuam exchange is working with the three countries’ regulators to obtain the required approvals to change the regulations for the CCPs in Chile and Colombia—CCLV and CRCC, respectively—and to obtain approval for creating a CCP in Peru, establishing its processes and operating contracts.

About nuam exchange

nuam exchange (NUAM), the first multi-country integrated stock exchange, brings together the Chilean, Colombian and Peruvian markets. It aims to standardize the operating conditions and rules across the three countries, abiding by the highest international standards and, thus, attracting foreign investment flows with greater strength and confidence in order to improve the lives of the people of Chile, Colombia and Peru.  We believe the merger will position our company as a key player in the global market infrastructure industry. For more company information, visit www.nuamx.com

About Vermiculus Financial Technology

Vermiculus Financial Technology AB provides cutting-edge trading, clearing, and CSD solutions to market participants around the world. Vermiculus’ solutions are the first to bring state-of-the-art advances in dynamic microservice architecture together with vast experience in clearing house, exchange, and CSD business requirements.

The company started its operation in 2020 and is founded by industry experts with the incentive to revolutionize the technology of exchanges, clearing houses, and CSDs. With its headquarters in Stockholm, Sweden, Vermiculus consists of hand-picked teams, trained to deliver mission-critical solutions. With decades of accumulated knowledge and expertise, the team has previously completed 75+ projects for the world’s largest exchanges, clearing houses, and CSDs.