STOCKHOLM, March 9 2022, Vermiculus announces that it has entered into an agreement with Miami International Holdings, Inc. (MIH), the parent holding company of the MIAX Exchange Group™ and Minneapolis Grain Exchange, LLC (MGEX™), pursuant to which Vermiculus will deliver a real-time clearing solution for MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO). The system will provide clearing services based on VeriClearTM, an elastically scalable and AI-powered real-time clearing system developed by Vermiculus.
MIH is seeking to create a modern clearing system for MGEX through Vermiculus’ new cloud native microservices architecture, which will allow MIH to expand its proprietary futures offerings through new functionality and clearing capabilities. The cutting-edge technology will provide MGEX with real-time capabilities for clearing as well as risk management.
This collaboration is the beginning of a long-term relationship between MIH and Vermiculus and an important initiative that will support future growth for both companies.
“We are delighted to partner with Vermiculus to deliver a next generation clearing system,” said Doug Schafer, chief information officer of MIH. “We look forward to working with the highly knowledgeable Vermiculus team and collaborating on creating a clearing system providing the power and flexibility we need to deliver best-in-class services for our customers.”
“Vermiculus’ microservices provide MIH with the flexibility our system requires to support the markets of the future.”– Doug Schafer, chief information officer of MIH
Vermiculus’ multi-asset, microservices based clearing solution, VeriClearTM, enables clearing houses to monitor and manage positions and risk in real-time across multiple markets in both OTC and exchange–traded marketplaces. The system features a dynamic user interface (UI) dashboard that enables efficient drill down capabilities and error handling. It is powered by modern APIs and AI functions for efficient communication and easy access to data, allowing 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 major exchange group,” says Vermiculus’ CEO Taraneh Derayati. “Our cross-functional and diverse teams have a unique blend of technical and business experience in this area. By working together with MGEX as one team, we are set to create a fully tailored clearing system that can handle the demands of both today and tomorrow. The MIAX Exchange Group is known for its formidable IT expertise, high demands on quality, and innovative business model. We are honored to have been selected to make this journey together.
“Right from the start, we as a company have strived towards working with the most forward-thinking clients, which we are proud to say we have achieved with this collaboration. We look forward to working together to further advance MGEX’s growth, building on our core of innovation and customer-centric approach as we aim to set new standards in the market.”
Added Mark G. Bagan, president and CEO of MGEX, “This partnership will greatly assist MGEX in its transformation from primarily an agricultural-focused futures exchange and clearinghouse into a fully diversified exchange offering a full suite of services to the financial futures trading community.”
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 together state-of-the-art advances in dynamic microservices architecture with vast experience in clearing house and exchange 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 SaaS and 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 industry experts, 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.
MIAX’s parent holding 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 securities exchanges registered with the Securities and Exchange Commission (SEC) that leverage MIAX’s industry-leading technology and infrastructure to provide U.S. listed options trading to their member firms. MIAX serves as the exclusive exchange venue for cash-settled options on the SPIKES® Volatility Index (Ticker: SPIKE), a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY). In addition to options, MIAX Pearl facilitates the trading of cash equities through MIAX Pearl Equities™.
MGEX is a registered exchange with the Commodity Futures Trading Commission (CFTC) and is a Notice Registered Securities Futures Product Exchange with the SEC. MGEX serves as the exclusive market for a variety of products including Hard Red Spring Wheat, SPIKES Futures, BRIXX Commercial Real Estate Futures and TAX Futures. MGEX is a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) under the CFTC, providing DCM, DCO and cash market services in an array of asset classes.
BSX is a leading electronic international securities market 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 affiliate member of the International Organization of Securities Commissions, BSX is globally recognized, including by the SEC.
MIAX’s executive offices and National Operations Center are located in Princeton, NJ, with additional offices located in Miami, FL, Minneapolis, MN, and 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 Cautionary Note Regarding Forward-Looking Statements
The press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities of Miami International Holdings, Inc. (together with its subsidiaries, the Company) or Vermiculus, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer; 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 “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” 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 materially from those projected in the forward-looking statements.
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