Vermiculus Launches Real-Time Risk Management System at MIAX Futures Exchange
In a significant advancement for trading technology, Vermiculus Financial Technology has introduced a robust new risk management system at the MIAX Futures Exchange. This cutting-edge platform, integrated into MIAX’s existing VeriClear™ clearing system, is designed to fulfill the evolving demands of the market with enhanced capabilities that include real-time monitoring, collateral management, and stress testing.
The new risk management suite from Vermiculus incorporates a variety of essential features aimed at improving operational efficiency and risk assessment processes. This includes real-time collateral valuation and reconciliation, which helps trading firms better manage their assets and understand their risk exposure at any given moment. The system also allows for portfolio and contract backtesting, ensuring that firms can assess past performance and make informed decisions for the future.
The CEO of Vermiculus, Taraneh Derayati, noted that this cloud-based solution eliminates the complexity often associated with legacy systems. “Our cloud-based VeriClear product provides a feature-rich risk system that is modular and optimized for diverse market needs. This integration equips MIAX Futures with essential tools to successfully navigate an ever-changing trading environment,” she explained.
Andreas Hultqvist, the project manager for the deployment, emphasized the importance of a phased rollout using agile methodology. With this approach, new features were released every two months, allowing for rigorous testing and ensuring a smooth transition for users familiar with the legacy system.
Hultqvist reiterated that this careful implementation strategy allowed clearing members to gradually adapt to the new system without facing an overwhelming amount of changes at once, a critical factor in maintaining operational continuity during the migration period.
Douglas M. Schafer Jr., Executive Vice President and Chief Information Officer at MIAX, remarked on the positive impact of the integration. “By merging these new risk microservices into our clearing operations, we are streamlining our processes. This modernization not only supports the management of current products but also lays the groundwork for launching new offerings in the future,” he stated. He praised the collaboration with Vermiculus’ teams, highlighting how their expertise was crucial to the system's successful launch.
The new platform is designed to handle vast amounts of data efficiently, which is imperative as client expectations continue to rise. Additionally, it features the ability to rerun historical risk processes, which is invaluable for compliance with regulatory changes. Its flexible data structure supports multiple risk models, allowing for diverse parameter settings to be tested simultaneously. Moreover, the real-time monitoring capabilities further enhance risk management by providing instantaneous updates on price changes and trading activities. Users can easily access detailed risk calculation breakdowns, ensuring clarity on potential exposures and alerts for any significant changes.
Vermiculus Financial Technology has quickly established itself as a leader in the financial tech space since its inception in 2020, providing sophisticated trading, clearing, and central securities depository (CSD) solutions worldwide. The company’s primary objective has been to revolutionize the technologies utilized by exchanges and clearing houses, a mission that has seen them successfully deliver over 75 projects for various global clients. With a team comprised of industry veterans and cutting-edge technology, Vermiculus is poised for continued growth and innovation.
In summary, the deployment of the real-time risk management system at MIAX Futures signifies a leap forward in the technological capabilities available to market participants. As the financial landscape continues to evolve, solutions like Vermiculus’ new risk system will be fundamental in supporting risk-reduced trading environments and empowering firms to preemptively address potential challenges in their operations.
The new risk management suite from Vermiculus incorporates a variety of essential features aimed at improving operational efficiency and risk assessment processes. This includes real-time collateral valuation and reconciliation, which helps trading firms better manage their assets and understand their risk exposure at any given moment. The system also allows for portfolio and contract backtesting, ensuring that firms can assess past performance and make informed decisions for the future.
The CEO of Vermiculus, Taraneh Derayati, noted that this cloud-based solution eliminates the complexity often associated with legacy systems. “Our cloud-based VeriClear product provides a feature-rich risk system that is modular and optimized for diverse market needs. This integration equips MIAX Futures with essential tools to successfully navigate an ever-changing trading environment,” she explained.
Andreas Hultqvist, the project manager for the deployment, emphasized the importance of a phased rollout using agile methodology. With this approach, new features were released every two months, allowing for rigorous testing and ensuring a smooth transition for users familiar with the legacy system.
Hultqvist reiterated that this careful implementation strategy allowed clearing members to gradually adapt to the new system without facing an overwhelming amount of changes at once, a critical factor in maintaining operational continuity during the migration period.
Douglas M. Schafer Jr., Executive Vice President and Chief Information Officer at MIAX, remarked on the positive impact of the integration. “By merging these new risk microservices into our clearing operations, we are streamlining our processes. This modernization not only supports the management of current products but also lays the groundwork for launching new offerings in the future,” he stated. He praised the collaboration with Vermiculus’ teams, highlighting how their expertise was crucial to the system's successful launch.
The new platform is designed to handle vast amounts of data efficiently, which is imperative as client expectations continue to rise. Additionally, it features the ability to rerun historical risk processes, which is invaluable for compliance with regulatory changes. Its flexible data structure supports multiple risk models, allowing for diverse parameter settings to be tested simultaneously. Moreover, the real-time monitoring capabilities further enhance risk management by providing instantaneous updates on price changes and trading activities. Users can easily access detailed risk calculation breakdowns, ensuring clarity on potential exposures and alerts for any significant changes.
Vermiculus Financial Technology has quickly established itself as a leader in the financial tech space since its inception in 2020, providing sophisticated trading, clearing, and central securities depository (CSD) solutions worldwide. The company’s primary objective has been to revolutionize the technologies utilized by exchanges and clearing houses, a mission that has seen them successfully deliver over 75 projects for various global clients. With a team comprised of industry veterans and cutting-edge technology, Vermiculus is poised for continued growth and innovation.
In summary, the deployment of the real-time risk management system at MIAX Futures signifies a leap forward in the technological capabilities available to market participants. As the financial landscape continues to evolve, solutions like Vermiculus’ new risk system will be fundamental in supporting risk-reduced trading environments and empowering firms to preemptively address potential challenges in their operations.
Topics Financial Services & Investing）
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