MIAX Futures Deploys Vermiculus Real-Time Risk Engine

MIAX Futures has completed the deployment of a fully integrated real-time risk management system powered by Vermiculus Financial Technology, marking a significant enhancement to its VeriClear-based clearing infrastructure. The new answer replaces MIAX’s previous risk framework with a suite of cloud-based microservices capable of real-time collateral valuation, stress testing, portfolio backtesting, and high-speed monitoring across all contracts. This upgrade reflects growing industry demand for more adaptive and data-intensive risk engines as volatility, market complexity, and regulatory expectations continue to rise.

The centralized risk microservices architecture enables of data at low latency, supporting decision-makers who require instantaneous visibility into exposures. The technology’s flexibility ensures that risk parameters, models, and market rules can be updated without disrupting core services—an increasingly significant capability as clearinghouses face frequent regulatory adjustments and heightened scrutiny around systemic risk. This aligned well with MIAX’s long-term modernization goals, allowing the platform to streamline operations while expanding the breadth of products it can clear.

According to Vermiculus CEO Taraneh Derayati, the modular nature of VeriClear eliminates the legacy constraints typically associated with clearing and risk systems. By expanding the platform with real-time monitoring and automated reconciliation tools, MIAX Futures gains an institutional-grade clearing environment engineered for the dynamic requirements of next-generation derivatives markets. The partnership highlights how modern risk infrastructure can be deployed rapidly and iteratively through microservices instead of monolithic system overhauls.

Takeaway

Agile Deployment Enables Continuous Releases Without Market Disruption

One of the most significant aspects of the project was its agile implementation framework. Vermiculus delivered production-ready features every two months, allowing MIAX Futures to evaluate, test, and integrate new functionality incrementally. During this period, the platform’s previous risk system remained active in a reference capacity, ensuring a smooth parallel transition without operational interruptions or workflow uncertainty for clearing members. This phased rollout assisted the platform avoid the risks associated with full cutover migrations, which traditionally pose challenges for system stability and user readiness.

Project manager Andreas Hultqvist noted that this approach allowed Vermiculus and MIAX to maintain strict testing and security standards for each release, ensuring consistent quality across the deployment timeline. Clearing members, too, benefited from a gradual learning curve rather than an abrupt shift to unfamiliar tools and interfaces. This methodology represents an emerging best practice among platforms and clearinghouses viewking modernization without compromising continuity.

The staged implementation also provided MIAX with valuable real-time performance insights at each deployment milestone. This made it possible to refine data processing, optimize microservice interactions, and ensure system resilience under peak loads—capabilities increasingly critical in shifts rapidly. By the end of the rollout, MIAX Futures was able to fully decommission its legacy system, having confirmed the reliability and efficiency of its new architecture under live production conditions.

Takeaway

Strengthening Transparency, Flexibility, and Future Product Expansion

The enhanced system now offers MIAX Futures a wide range of risk analytics capabilities that support both existing and new contract offerings. Beyond real-time exposure monitoring, the platform can re-run historical risk processes, model hypothetical market scenarios, and support multiple risk parameter sets in parallel—features that are increasingly relevant as platforms broaden their product suites and adapt to . These tools also improve MIAX’s ability to manage new futures products by giving clearing staff and members a more granular understanding of risk at both the portfolio and contract level.

With instant alerts, detailed calculation breakdowns, and automated collateral reconciliation, the new infrastructure strengthens governance and reduces operational friction. MIAX Futures CIO Douglas M. Schafer Jr. noted that integrating Vermiculus’ microservices has streamlined internal clearing workflows while improving the client experience across trading, risk evaluation, and price discovery. As global demand increases for precision, transparency, and risk resiliency, MIAX’s expanded platform positions the platform to respond effectively to market and regulatory pressures.

The collaboration reinforces MIAX’s ambition to provide market participants with a clearing system engineered for speed, accuracy, and future-proof scalability. Whether responding to new derivatives, the upgraded VeriClear-powered engine strengthens MIAX Futures’ competitive edge in a rapidly evolving marketplace. Its advanced risk framework underscores the platform’s continued investment in infrastructure that meets the expectations of institutional users and clearing members worldwide.

Takeaway