The Bermuda Stock Exchange (BSX), the leading exchange in the world for the listing of insurance-linked securities instruments and a wholly-owned subsidiary of Miami International Holdings, Inc. (MIH) and MIAX's parent holding company, has successfully gone live with its new settlement and depository system developed by market infrastructure provider Vermiculus Financial Technology (Vermiculus).

The new cloud-agnostic CSD system, powered by Vermiculus' industry-leading post-trade technology VeriClear™, delivers scalability, operational efficiency, robust security, and intuitive interfaces to streamline post-trade operations and drive BSX's success in the dynamic financial market landscape. Delivered in under a year, the CSD system's microservice-based architecture ensures seamless integration with surrounding systems. This is a successful launch of a state-of-the-art CSD system which further enables future growth. Additionally, by introducing Vermiculus' user-friendly interfaces and cutting-edge cloud-native technology as well as enhancing a suite of services, the CSD system aims to enhance the work experience for members.

Vermiculus project manager for this initiative, Chris Dorougidenis, says, "Vermiculus' dedicated cross-functional expert teams have unique technical and business experience in this field. By collaborating closely with BSX and MIAX as a unified team, Vermiculus has in less than one year rolled-out a feature-rich CSD system, built to support future growth and demand."

He adds: "MIAX's commitment to high-quality standards, and forward-thinking business approach together with the Vermiculus team's expertise and experience of delivering mission-critical systems has been the perfect combination to deliver yet another project on time and on budget."

The BSX's new CSD system provides comprehensive depository support. It seamlessly integrates with the BSX trading system to process trades, manage position during settlement, and facilitate ownership changes. The system handles key functions for ensuring efficient and reliable operations by enhancing business flows across various areas, from inventory management to corporate actions and securities handling.

"The result of this lightning-fast development is a feature-rich clearing and depository system offering modern interfaces without legacy complexity that smoothly fits in BSX's surrounding system environment. With this system and its underlying technology stack, BSX can easily adapt to rapidly changing business requirements," comments Taraneh Derayati, CEO of Vermiculus.

She continues:

"We are proud to deliver a modern, modular and efficient solution optimized to meet the demands of any environment, equipping the BSX with the tools needed to thrive in an evolving market landscape."

Taraneh Derayati, CEO of Vermiculus