Stockholm-based fintech Vermiculus Financial Technology is partnering with nuam exchange, which integrates stock exchanges in Lima, Santiago, and Colombia, to develop a modern technological core for Central Counterparty Clearing Houses (CCP) in Chile, Colombia, and Peru. This partnership aims to enhance customer experience with dynamic technological architecture. Vermiculus will expand its presence to the four largest financial markets in Latin America. The new clearing system will manage trade, settlement, collateral, and risk across all three CCPs, while nuam exchange works with regulators to obtain approvals for regulatory changes and the creation of a CCP in 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™’’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—CCLV and CRCC, respectively—and to obtain approval for creating a CCP in Peru, establishing its processes and operating contracts.
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