VVermiculus 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).
As part of OCC’s ongoing development of its forthcoming platform, Ovation, OCC chose Vermiculus’ 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, in a statement.
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.
Taraneh Derayati, CEO of Vermiculus, said in a statement: “Our state-of-the-art system will support OCC in a landscape of changing regulatory frameworks and market requirements.”