Shruti Gautam
TLDR:
- nuam exchange partners with Vermiculus Financial Technology to modernize clearing systems in Chile, Colombia, and Peru.
- The partnership aims to create an integrated cloud-native clearing system for all three countries.
Article Summary:
Nuam exchange has teamed up with Vermiculus Financial Technology to upgrade the technological core for the CCP in Chile, Colombia, and Peru. This collaboration involves building an integrated cloud-native clearing system for the three clearing houses, with a focus on developing the clearing house in Peru concurrently. With the expertise of Vermiculus, nuam exchange anticipates enhancing customer experience through a dynamic technological architecture aligned with the demands of the integrated market.
Vermiculus, a fintech company based in Sweden, is renowned for offering technology solutions to exchanges, clearing houses, and central depositories globally. By partnering with nuam exchange, Vermiculus is set to expand its presence in the four largest financial markets in Latin America. The new clearing system will encompass trade and position management, settlement processing, collateral management, and risk management, along with real-time risk monitoring and margining across all three Central Counterparty Clearing Houses (CCPs).
Apart from technological advancements, nuam exchange is working closely with the regulators in Chile, Colombia, and Peru to secure necessary approvals for regulatory changes and the establishment of a CCP in Peru. This strategic partnership and development initiative mark a significant milestone in the unification of markets and will play a crucial role in empowering Latin America’s financial landscape with cutting-edge technology and market expertise.
