Rapidly evolving world of capital markets, few stories are as compelling as that of Vermiculus Financial Technology. Since its inception in 2020, the Swedish fintech company has defied conventional timelines, transforming how exchanges and clearing houses deploy critical infrastructure. From their early days navigating a global pandemic to delivering cutting-edge solutions for major players like the Bermuda Stock Exchange (BSX), Minneapolis Grain Exchange (MGEX), and Brazil’s B3, Vermiculus has become synonymous with agility, innovation, and excellence.
A Record-Breaking Deployment in Bermuda
March 2025 marked a major milestone for Vermiculus and the BSX. In just 9 to 10 months, BSX successfully launched a new Central Securities Depository (CSD) system, thanks to Vermiculus’s expertise and cloud-native, microservice-based platform. BSX, a wholly-owned subsidiary of Miami International Holdings (MIH), was searching for a scalable, modern solution to power its settlement and depository operations. Vermiculus answered the call with unmatched speed and precision.
The BSX deployment exemplifies Vermiculus’s approach: fast delivery without sacrificing quality. The new system seamlessly integrates with BSX’s trading platform, supports modern collateral management, and enables streamlined settlement processes, all while handling large volumes with ease. According to Taraneh Derayati, CEO of Vermiculus, the feedback from BSX and its members was overwhelmingly positive.
Pandemic Origins and a Vision for the Future
Vermiculus was born during the pandemic, but its roots trace back to a team of financial technology veterans. Many of its founding members came from Cinnober Financial Technology, a respected name in the industry that was acquired by Nasdaq. Recognizing a gap for independent, best-in-class technology providers, they launched Vermiculus with a mission to deliver modular, cloud-native solutions tailored for today’s capital markets.
The initial connection with MIH came when the group was looking to replace the clearing platform for another of its subsidiaries, MGEX (now MIAX Futures Exchange). Impressed by Vermiculus’s design study and architectural approach, MIH chose them for the project, becoming the first client of their new clearing system, VeriClear.
VeriClear: Redefining Clearing
Launched in June 2023, VeriClear is a cloud-native clearing platform designed to handle real-time clearing and risk management across asset classes, including exchange-traded and OTC products. What sets it apart is its microservice-based design and modern API architecture, which allow firms to jettison outdated, monolithic systems that are costly and cumbersome to update.
Delivered in under 15 months, VeriClear proved that speed and quality can coexist. The system boasts artificial intelligence components for operational efficiency and an intuitive user interface. It enables real-time position monitoring and risk management, giving clearing houses the power and flexibility to serve diverse market needs.
Douglas Schafer Jr., CIO at MIH, praised Vermiculus for creating a powerful, next-generation platform that empowers MGEX to deliver best-in-class services to its clients.
A Unique Approach to Project Delivery
One of Vermiculus’s key differentiators is its project delivery model. Each client is assigned a dedicated, cross-functional team composed of industry veterans with direct experience in exchanges and clearing houses. This model ensures that every project receives 100% focus, resulting in on-time, high-quality outcomes.
The process begins with a two-week design study to define the high-level scope, enabling Vermiculus to offer a fixed price and timeline—a rarity in the industry. Each sprint delivers testable functionality to the client, ensuring early feedback and continuous knowledge transfer. By the final sprint, the client has a thoroughly tested, fully understood system tailored to their specific needs.
Derayati highlights that every line of code is rigorously tested, often millions of times, before final delivery. This meticulous attention to quality means clients know exactly what they’re getting and can trust the system from day one.
Expansion into Brazil
Vermiculus’s global footprint expanded significantly with its entrance into Brazil. In March 2023, Brazilian investment fund L4 Venture Builder took a minority stake in the company, investing $5.5 million to fuel growth. Later that year, Vermiculus partnered with Brazilian exchange operator B3 to launch the first phase of a new cloud-native CSD system, VeriSafe.
This partnership is a game-changer for Brazil’s financial infrastructure. VeriSafe’s microservice architecture allows B3 to prepare for exponential growth, extend market hours, and offer new functionality to participants. B3’s COO, Viviane Basso, praised the smooth transition and Vermiculus’s methodical approach.
The second phase of the project is already in progress, and according to Derayati, B3 is thrilled with the results.
The Launch of VeriTrade
In September 2024, Vermiculus unveiled another cornerstone of its product suite: VeriTrade, a next-generation, ultra-low-latency trading platform. Designed to support all asset classes and operate under diverse regulatory regimes, VeriTrade is built for 24/7 operations with deterministic, single-digit microsecond response times.
The system guarantees consistent, predictable order matching—a crucial requirement for high-frequency trading environments. According to Derayati, Vermiculus is already in discussions with one of the world’s largest exchanges to adopt the platform.
She confidently stated, “Trading is in our veins,” highlighting the depth of experience within the team. Recent hires like Johan Noren and David Antman, who have built trading systems for major exchanges in Asia, only strengthen this claim.
The People Behind the Platform
What truly sets Vermiculus apart is its people and culture. Derayati believes that while technology is important, the team is the real driver of success. The company has grown its workforce by about 50% in the past year and remains profitable with a strong cash flow.
Their customer-first philosophy, combined with a dedication to delivering on promises, has made Vermiculus a trusted partner in transforming market infrastructure. Each project is treated not just as a technical challenge, but as a strategic collaboration that empowers clients to meet future demands.
Looking Ahead
Vermiculus is currently in discussions with multiple exchanges worldwide, a testament to the growing demand for its modular, microservice-based platforms. With products like VeriClear, VeriSafe, and VeriTrade, the firm is well-positioned to become the go-to provider for next-generation trading and clearing solutions.
As capital markets continue to evolve, Vermiculus is not just keeping pace—it’s setting the standard. From cloud-native design to AI-driven efficiency, the company embodies what modern financial infrastructure should look like.
“We are in our best position ever,” says Derayati. “The market has validated our approach, and we’re just getting started.”
About Vermiculus Financial Technology
Founded in 2020 by former leaders of Cinnober Financial Technology, Vermiculus delivers modern, cloud-native, and modular trading and clearing systems. With a focus on speed, flexibility, and quality, the company has quickly become a trusted technology partner for exchanges and clearing houses worldwide.
Frequently Asked Question
What is Vermiculus Financial Technology?
Vermiculus is a Swedish financial technology company founded in 2020 by former leaders of Cinnober Financial Technology. It specializes in cloud-native, microservice-based trading, clearing, and settlement systems for exchanges and clearinghouses globally.
What makes Vermiculus’ technology different?
Their systems are built on microservice architecture, enabling faster deployments, modular customization, real-time data handling, and seamless integration with existing infrastructure. They also incorporate AI for operational efficiency and have a strong focus on intuitive design.
What is VeriClear?
VeriClear is Vermiculus’ flagship clearing platform. It enables real-time risk management and position monitoring across both exchange-traded and OTC markets. It’s known for its fast deployment, modern APIs, and scalability.
What is VeriSafe?
VeriSafe is a CSD (Central Securities Depository) platform designed for high-volume settlement, ownership management, and collateral services. It is currently being used by Brazil’s B3 exchange in a phased rollout.
What is VeriTrade?
VeriTrade is a next-generation trading system designed for ultra-low latency performance. It supports 24/7 trading, all asset classes, and is built for regulatory flexibility and high-frequency trading demands.
Who are Vermiculus’ key clients?
Their current clients include the Bermuda Stock Exchange (BSX), Minneapolis Grain Exchange (MGEX, now MIAX Futures Exchange), and Brazil’s B3. They are also in discussions with other major global exchanges.
How quickly can Vermiculus deploy systems?
Vermiculus has set industry records by delivering major systems—like the BSX CSD and MGEX clearing platform—in under 10 to 15 months. Their sprint-based, customer-focused delivery model allows for rapid iterations and early feedback.
Conclusion
Vermiculus Financial Technology is redefining the standards of speed, quality, and adaptability in capital markets infrastructure. With a strong foundation built on deep industry experience, modern architectural principles, and a customer-first delivery model, the firm has rapidly gained trust and traction among top-tier exchanges and clearinghouses.
