Vermiculus selected to deliver microservice-based CSD system to The Bermuda Stock Exchange

Stockholm, October 3, 2024, Vermiculus Financial Technology, a global provider of trading, clearing, and CSD technology, today announced it has been selected to deliver microservice-based clearing, settlement and depository (CSD) system to The Bermuda Stock Exchange (BSX), a wholly owned subsidiary of Miami International Holdings, Inc.

The new BSX CSD systems are based on Vermiculus’ VeriClear™, an elastically scalable real-time product solution ensuring the highest possible performance as well as seamless integration with surrounding systems due to its modern and unique microservice-based architecture. The BSX solution will be scalable and optimized for operational efficiency, security and user-friendly interfaces.

"We are pleased to offer state-of-the art CSD systems that can meet the evolving needs of BSX both now and in the future,” said Taraneh Derayati, CEO of Vermiculus. “Vermiculus is known for providing scalable post-trade systems that support the changing market needs and requirements of our clients. It is always inspiring to work closely with a customer that shares our commitment to innovation.”

VeriClear™ for BSX will improve and enhance system functionality, encompassing both clearing and depository functions for fixed income and cash equity securities including comprehensive corporate action services for the entire post-trade work flow. The launch of the new BSX CSD systems are subject to regulatory approval.

The depository also maintains an inventory of all investors, offering comprehensive inventory management capabilities. This includes dematerialization/rematerialization with an approval flow, involving the company’s Registrar Transfer Agent. The depository also facilitates transactions such as pledging, transfers, and restrictions. Additionally, the system supports portfolio valuation and provides long-term historical data for all required data sets.

On the clearing side, the system thoroughly tracks all trades and settlements until settlement instruction generation in conjunction with the trading system which continuously monitors exposure of trades against the available collateral position through an Excess/Deficit monitoring service.

"The new BSX CSD systems will provide BSX with a next generation platform to support our growth strategies. The new systems enable BSX to leverage Vermiculus’ state-of-the-art clearing technology and offer a suite of services to ensure continued best-in-class customer service,” said Gregory Wojciechowski, President and CEO of BSX. “The user-friendly interface and modern technology will allow us to provide a more seamless work flow experience for our members."

Taraneh Derayati, CEO of Vermiculus and Gregory Wojciechowski, President and CEO of BSX

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 exchange, clearing house, and CSD business requirements.

Vermiculus’ solutions radically improve robustness, quality, and flexibility by utilizing AI-driven microservices, and can achieve superior environmental performance, elastic scalability, and cost-efficiency through cloud-based deployment.

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.

About The Bermuda Stock Exchange (BSX)

BSX is a fully electronic, vertically integrated international securities market headquartered in Bermuda and organized in 1971. BSX specializes in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants, and insurance linked securities. To learn more about BSX visit www.bsx.com.