Miami International Holdings Announces Selection of Vermiculus Financial Technology to Provide Real-Time Clearing Solution to Minneapolis Grain Exchange
PRINCETON, N.J., March 15, 2022 /PRNewswire/ — Miami International Holdings, Inc. (MIH), owner of 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™), today announced that Vermiculus Financial Technology AB (Vermiculus) has been selected to provide a real-time clearing solution for MGEX, a Designated Contractor (DCM) and Derivatives Clearing Organization (DCO). The system will provide clearing services based on VeriClear™, a scalable, artificial intelligence (AI)-powered real-time clearing system developed by Vermiculus.
“The VeriClear™ system provides the flexibility we need to offer trading and clearing for a range of new products designed to meet the evolving needs of the global financial industry,” said Thomas P. Gallagher, Chairman and CEO of MIAX. “The new clearing solution will provide us with a powerful platform to support listing, trading and clearing of a wide range of asset segments, including new financial, cryptocurrency, environmental and of climate change.”
“MIH seeks to create a modern clearing system for MGEX using Vermiculus’ new cloud-native microservices architecture, which will allow MIH to expand its proprietary futures offerings and provide enhanced clearing functionality and capabilities” , said Douglas M. Schafer Jr., Director of Information Systems at the MIH. “The state-of-the-art technology will provide MGEX with real-time capabilities for clearing, as well as risk management and provide the scalability we need to meet our customers’ demands.”
VeriClear™ is a microservices-based, multi-asset clearing solution that enables clearing houses to monitor and manage positions and risks in real-time across multiple OTC and exchange-traded markets. VeriClear™ is powered by innovative APIs and AI features for efficient communication and easy access to data, enabling faster product development capabilities and intelligent operations.
“We are excited to partner with Miami International Holdings to deliver a modern clearing solution for MGEX based on our product,” said Taraneh Derayati, CEO of Vermiculus. “Our technical expertise and commercial experience allow us to create a custom clearing platform for MIH, designed to handle the demands of electronic markets, today and tomorrow. We look forward to working with MIH to create a compensation system that provides the power and flexibility to provide the best services to its customers.”
MIAX’s parent 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 Stock Exchanges registered with the Securities and Exchange Commission (SEC) that leverage MIAX’s state-of-the-art technology and infrastructure to provide options trading to their member firms listed in the United States. MIAX serves as the exclusive trading venue for cash-settled options on SPIKES® Volatility Index (Ticker: SPIKE), a measure of expected 30-day volatility in the SPDR® S&P500® ETF (SPY). In addition to options, MIAX Pearl makes it easy to trade stocks for cash through MIAX Pearl Equities™.
MGEX is a registered exchange with the Commodity Futures Trading Commission (CFTC) and is a futures exchange registered with the SEC. MGEX serves as the exclusive marketplace for a variety of commodities including Hard Red Spring Wheat, SPIKES Futures, BRIXX Commercial Real Estate Futures and TAX Futures. MGEX is a Designated Contracts Market (DCM) and Derivatives Clearing Organization (DCO) under the CFTC, providing DCM, DCO and spot market services across a range of asset classes.
BSX is one of the leading international electronic securities markets 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 an affiliate member of the International Organization of Securities Commissions, BSX is recognized globally, including by the SEC.
MIAX’s executive offices and national operations center are located in Princeton, New Jerseywith additional offices located in Miami, Florida, Minneapolis, Minnesotaand 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.
About the Vermiculus
Vermiculus Financial Technology AB provides industry-leading trading, clearing and CSD solutions to market participants worldwide. Vermiculus solutions are the first to combine industry-leading advances in dynamic microservices architecture with extensive experience in the business requirements of clearinghouses and exchanges.
Vermiculus solutions radically improve robustness, quality, and flexibility using AI-based microservices, and can achieve superior environmental performance, elastic scalability, and cost-effectiveness through SaaS and cloud-based deployment.
The company began operations in 2020 and was founded by industry experts with the aim of revolutionizing the technology of exchanges, clearing houses and CSDs. With its headquarters at 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 already completed over 75 projects for the world’s largest exchanges, clearinghouses and CSDs.
For more information about Vermiculus and their product and service offerings, visit www.vermiculus.se or contact us via [email protected].
Disclaimer and Caution Regarding Forward-Looking Statements
The press release does not constitute an offer to sell or a solicitation of an offer to buy securities of Miami International Holdings, Inc. (together with its subsidiaries, the Company) or Vermiculus, and does not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer is made; the 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 “expected”, “shall” or “should”, “expect”, “anticipate”, “draft”, “possibly” 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. significantly from those projected. in forward-looking statements.
All third party marks (including logos and icons) referenced by the Company and Vermiculus remain the property of their respective owners. Unless specifically identified as such, the Company’s and Vermiculus’ use of third-party marks does not indicate any relationship, sponsorship, or endorsement between the owners of such marks and the Company or Vermiculus. Any reference by the Company and Vermiculus to third-party marks serves to identify the corresponding third-party goods and/or services and will be considered nominal fair use under trademark law.
Andy NyboSenior Vice President, Director of Communications