MIAX Futures has enhanced its VeriClear™-powered clearing infrastructure with the introduction of a comprehensive real-time risk management system developed by Vermiculus.
Vermiculus Financial Technology, a leading provider of trading, clearing and CSD solutions, confirmed the launch of its advanced risk platform for MIAX Futures Exchange (MIAX FuturesTM), a wholly owned subsidiary of Miami International Holdings, Inc. (MIAX®) (NYSE: MIAX).
The upgraded suite of VeriClear risk microservices delivers a broad range of capabilities, including collateral management with live collateral valuation, collateral reconciliation, real-time risk oversight, multiple stress-testing options, and both portfolio and contract-level backtesting.
Taraneh Derayati, CEO of Vermiculus Financial Technology, said: “Our cloud-based VeriClear product has resulted in this feature-rich risk system free from legacy complexity that integrates seamlessly into MIAX Futures clearing services. VeriClear is modular, efficient, and optimized to meet the demands of any market, equipping MIAX Futures with the tools to thrive in an evolving landscape.”
The project followed an agile delivery model with phased implementation, introducing new production features every two months. Throughout the transition, MIAX Futures’ existing system functioned as a reference point until its full retirement.
Project manager Andreas Hultqvist explained: “By delivering new functionality continuously in a live environment, we ensured each release was carefully tested and secured.” He added: “This approach also allowed clearing members to adapt gradually, without being overwhelmed by too many new features all at once.”
Douglas M. Schafer Jr., Executive Vice President and Chief Information Officer at MIAX, commented: “By integrating new risk microservices with our clearing system, we are not only streamlining operations but also making it easier to manage existing products and supporting the launch of new products on MIAX Futures. We truly value the close and transparent collaboration with Vermiculus and its cross-functional teams, whose technical and business expertise has been instrumental in the launch of the new system.”
Further benefits of the new platform include high-speed processing of substantial data volumes, the ability to re-run historical risk scenarios, and flexibility to meet changing regulatory requirements thanks to configurable reference data. The system also supports multiple risk models and simultaneous risk parameter settings. Additionally, it enhances the clearing house’s capabilities through real-time tracking of risk exposure, price movements and trading activity, detailed visibility into risk calculations, and a wide range of alerting functions.
