Vermiculus Financial Technology, a global provider of clearing, trading and CSD technology, has delivered a microservice-based solution built upon on VeriClear, an elastically scalable, AI-powered, cloud-native, real-time risk system to The Options Clearing Corporation (OCC), the world’s largest equity derivatives clearing organization.
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As part of OCC’s ongoing development of its forthcoming platform, Ovation, OCC chose Vermiculus’ modern and flexible solution with its superior microservices architecture that allows for deployment of a selection of microservices and applying changes on the fly.
“The way that Vermiculus’ designed their risk application fit very nicely with the modular design and use of real-time data in OCC’s new Ovation platform,” says John Martino, Managing Director at OCC.
Vermiculus’ microservices are designed for easy integration with surrounding systems. They can easily be added to existing or new systems because of their unique and flexible architecture without the need of undertaking a large and complex project.
Ovation’s development is part of OCC’s Renaissance Initiative, a multi-year effort to comprehensively redevelop and modernize its technology infrastructure. When complete, it will streamline OCC’s operational framework, enhance its risk tools and establish a more robust data management system to better serve market participants.
“For us at Vermiculus, OCC is an ideal customer as we share a visionary mindset of utilizing transformative and modern technology. We are proud to be part of transforming OCC’s technical infrastructure with our best-in-class microservices and continue our relationship with a highly valued customer,” says Taraneh Derayati, CEO of Vermiculus, and continues: ”Our state-of-the-art system will support OCC in a landscape of changing regulatory frameworks and market requirements.”
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VeriClear, the real-time system from Vermiculus, allows for unmatched scalability and modularity for top performance and security, whilst maintaining usability through a comprehendible user interface. It enables clearing houses all over the world to manage their clearing in real time as well as to allow margin and settlement savings for their clients, improved risk management, extreme performance, and efficient operations.
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