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News

nuam exchange partners with Vermiculus Financial Technology

Wednesday 28 February 2024 13:55 CET | News

nuam exchange has partnered with Vermiculus Financial Technology to implement a modern, flexible technological core for the CCP in Chile, Colombia, and Peru. 

 

The official press release states that construction of an integrated cloud-native clearing system for the three clearing houses have begun, while progress is being made in parallel to create the clearing house in Peru.

nuam exchange has partnered with Vermiculus Financial Technology to implement a modern, flexible technological core for the CCP in Chile, Colombia, and Peru.

With Vermiculus as a partner in developing the nuam exchange post-trade systems, the company is marking a new milestone for the unification of its markets.  

In addition to gaining a technological partner, nuam exchange envisions the possibility of enhancing its customers' experience through dynamic technological architecture in line with the needs of the integrated market.  

More about the partnership 

Vermiculus is a fintech based in Sweden. The company is recognised as a key player in providing 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. 

Officials from Vermiculus stated that they are proud to deliver a system that plays an integral role in the core of this historical merger, with the aim to empower one of Latin America’s most crucial markets with VeriClear's technology, together with its market expertise. 

According to the official press release, 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 Central Counterparty Clearing Houses (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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Keywords: partnership, financial services, fintech, clearing house, banking
Categories: Banking & Fintech
Companies:
Countries: Chile, Colombia, Peru
This article is part of category

Banking & Fintech

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