Construction of an integrated cloud-native clearing system for the three clearing houses has begun – while progress is being made in parallel to create the clearing house in Peru.
nuam exchange, the entity resulting from the integration of the Lima, Santiago and Colombia stock exchanges, has partnered with Vermiculus Financial Technology, a specialist 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, nuam exchange.
Vermiculus is a fintech based in Stockholm, Sweden.
Although it only started operating in 2020 – the year the nuam exchange project began – Vermiculus 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,” said Taraneh Derayati, CEO, Vermiculus.
“We look forward to bringing our forefront technology and sharing our industry knowledge with nuam exchange throughout this project and beyond.”
Cordoba confirmed 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,” he said.