nuam exchange, Vermiculus Financial Technology establish partnership

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.
PRNewswireFebruary 27, 20244 min

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.

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‚ĄĘ’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‚ÄĒCCLV and CRCC, respectively‚ÄĒand to obtain approval for creating a CCP in¬†Peru, establishing its processes and operating contracts.

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