Vermiculus, global provider of clearing, trading and CSD technology, has delivered two VeriClear®-based and modular risk systems to The Options Clearing Corporation, the world’s largest equity derivatives clearing organization.
The essential risk systems are at the core of OCC’s daily processing and will be integrated into its forthcoming platform, OvationSM, a multi-year effort to comprehensively redevelop and modernize OCC’s technology infrastructure.
“With scalable, cloud-native microservice architecture and real-time data capabilities, the new risk systems will play a central role in OCC’s risk management. Our close collaboration with Vermiculus, has been key in developing our capabilities,” says John Martino, Managing Director, Clearing Systems at OCC. “Vermiculus’ level of quality and reliable delivery are highly valued,” adds Martino.
The modular solutions are both independent and adaptable, designed to easily integrate with OCC’s internal risk applications.
These systems are responsible for consolidating margin results, calculating total margin requirements, and supporting the liquidity risk management system with GSP (Guaranteed Substitution Payment) and mark-to-market calculations.
Together, the solutions are efficient in evaluating liquidity risk and performing mark-to-market calculations, capable of generating results, and disseminating more than 50 million messages for the scenario-based simulations in around 5 minutes.
“OCC is one of Vermiculus’ first customers, and we have worked closely with them throughout their ongoing technology transformation. This transparent and collaborative partnership has been instrumental in enabling us to deliver these central risk systems in just a few months,” says Chris Dorougidenis, Vermiculus Project Manager for this initiative.
Vermiculus’ market infrastructure microservices are built for seamless integration with surrounding systems. Thanks to their unique and flexible architecture, they can be incorporated into both existing and new environments without the need for a large-scale or complex implementation project.
