The Bermuda Stock Exchange (BSX) has implemented a new central securities depository (CSD) system developed by Swedish market infrastructure provider Vermiculus Financial Technology. The system, designed to modernise post-trade operations, was deployed in less than a year, claims a Vermiculus press release.
BSX, a subsidiary of Miami International Holdings (MIH), is a major exchange for insurance-linked securities. The new system is built on Vermiculus’ cloud-agnostic VeriClear technology, using a microservice-based architecture to integrate with BSX’s existing trading infrastructure. It replaces legacy systems, aiming to improve settlement efficiency and support future expansion.
Changes
The CSD system handles key post-trade functions, including trade settlement, position management, and ownership transfers. It also supports inventory management and corporate actions, aiming to improve automation and reduce operational complexity. The goal is to create a more flexible and scalable post-trade environment.
Implementation
Vermiculus and BSX worked closely to deliver the system within a tight timeframe. Vermiculus project manager Chris Dorougidenis noted that the collaboration helped ensure the project remained on schedule. Vermiculus CEO Taraneh Derayati highlighted that the modular design is intended to help BSX adapt to evolving market conditions.
