MIAX Futures has expanded its VeriClear™-based clearing system by integrating a fully-fledged risk solution with real-time monitoring from Vermiculus.
Vermiculus Financial Technology, a leading technology provider of trading, clearing, and CSD technology, announced the deployment of a new risk management system for the MIAX Futures Exchange (MIAX Futures™) a wholly owned subsidiary of Miami International Holdings, Inc. (MIAX®).
The new suite of risk microservices from VeriClear delivers key features including collateral management with real-time collateral valuation, collateral reconciliation, real-time risk monitoring, various stress tests, and portfolio and contract backtesting.
“Our cloud-based VeriClear product has resulted in this feature-rich risk system free from legacy complexity that integrates seamlessly into MIAX Futures clearing services. VeriClear is modular, efficient, and optimized to meet the demands of any market, equipping MIAX Futures with the tools to thrive in an evolving landscape,” commented Taraneh Derayati, CEO of Vermiculus Financial Technology.
The project was executed using agile methodology with a phased roll-out, releasing new functionality to production every two months. During the transition, MIAX Futures Exchange’s previous system remained as a reference before being fully decommissioned.
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“By delivering new functionality continuously in a live environment, we ensured each release was carefully tested and secured,” said project manager Andreas Hultqvist.
“This approach also allowed clearing members to adapt gradually, without being overwhelmed by too many new features all at once,” he concluded.
“By integrating new risk microservices with our clearing system, we are not only streamlining operations but also making it easier to manage existing products and supporting the launch of new products on MIAX Futures,” said Douglas M. Schafer Jr., Executive Vice President and Chief Information Officer at MIAX. “We truly value the close and transparent collaboration with Vermiculus and its cross-functional teams, whose technical and business expertise has been instrumental in the launch of the new system.”
Other characteristics of the new system include the efficient processing of large volumes of data to meet client expectations, the ability to re-run risk processes for past days and adaptability to evolving regulatory changes, thanks to the flexible reference data structure, support for multiple risk models and the capacity to run multiple risk parameter settings in parallel. It also simplifies the clearing house’s risk management processes through real-time monitoring of risk, price changes and trading activity, detailed breakdown of risk calculation results as well as various types of alerts.
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