2024: A Retrospective from Vermiculus’ CEO

2024 has been an incredible fifth year for Vermiculus.

The world’s financial markets are evolving at an unprecedented pace. New players are constantly entering the landscape, and innovative services are reshaping how market participants operate. In this fiercely competitive environment, Vermiculus is proud to empower financial marketplace operators with the latest technology, enabling them to operate more efficient, launch new products effortlessly, enhance reliability, and adapt seamlessly to fluctuating transaction volumes.

Microservices for new entrants and for existing industry leaders

Among these new players is nuam exchange, the groundbreaking entity born from the integration of the Lima, Santiago, and Colombia Stock Exchanges. As nuam’s technology partner, Vermiculus will provide nuam with an integrated, cloud-native clearing system for its three clearinghouses—a first step towards a unified CCP on derivatives. This partnership ensures, like all of our customer projects, a transparent and collaborative development process, bringing together our expertise with Nuam's vision. We are extremely proud that our VeriClearTM technology and market expertise will empower one of Latin America’s most critical markets, enabling it to thrive in this transformative era.

VeriClear microservices has also been delivered to The Options Clearing Corporation (OCC), the world’s largest clearing organization. We are honored to be part of transforming OCC’s technical infrastructure with our best-in-class microservices, designed for easy integration with surrounding systems.

Building on this momentum, we have been selected by The Bermuda Stock Exchange (BSX), a wholly owned subsidiary of Miami International Holdings, Inc., to deliver a microservice-based clearing, settlement and depository system. The BSX solution will be scalable, optimized for operational efficiency, security, and user-friendly interfaces. We are pleased to meet the evolving needs of BSX both now and in the future.

Another significant achievement for us is that our first VeriSafeTM system has now been deployed for South Americas biggest exchange, designed to meet the demands of large and complex depositories. The system is capable of handling exceptional volume peaks while supporting a wide range of asset types and complex corporate actions. More details about this and other project updates will be shared later.

Supporting exchanges with tailored, flexible trading systems for future growth

We see a clear trend where exchanges and marketplaces around the world are increasingly seeking flexible, tailored systems that comply with ever-changing regulations and capitalize from emerging business opportunities. In previous years, trading systems focused primarily on low latency – now considered a standard feature. Today, exchanges are prioritizing having the right functionality for their unique business. By integrating an advanced layer of business functionality into their matching engines, exchanges and marketplaces can secure a distinct competitive edge—an essential move as non-traditional players continue to enter the exchange ecosystem.

In response to this demand, one of the highlights of 2024 is therefore the launch of VeriTrade, our trading product offering extensive business functionality and ultra-low latency high performance. The interest in VeriTrade has been overwhelming, and it is exciting to see the positive reception and demand for this innovative product.

Welcoming customers and team members to our new offices

2024 has been characterized by valuable interactions with both prospective and existing customers at conferences, workshops, design studies and other meetings. It is always inspiring to engage with global leaders in the financial infrastructure sector, listening to their vision for the future and learning how they plan to enhance operational efficiency for their participants.

In addition to seeking the best modular technology, our customers are also looking for experienced teams capable of delivering complex projects on time and within budget—a standard we proudly uphold. Thanks to our skilled staff and transparent collaboration with customers, following an agile project methodology, we successfully completed over 50 system deliveries in 2024—always ensuring the highest quality, timely delivery, and adherence to budget.

A major milestone in Vermiculus’ history is the expansion to a second office, now open in Umeå. Umeå is one of the strongest fintech hubs in the Nordics and we are very excited to welcome our first colleagues there. The office will be an integrated part of Vermiculus core operations and manage both customer projects as well as product development.

We have also relocated our Stockholm office to a newly renovated space at Mäster Samuelsgatan 60, a move that reflects our continued growth and ambition. The new office offers a modern, collaborative environment designed to support innovation and teamwork, ensuring we can better serve our customers and accommodate our expanding team.

Investing in innovation and collaboration

In 2024, we have welcomed more than 40% new colleagues—both to our Stockholm and Umeå office. Among our new recruits are some of the most talented engineers in the field of trading, who will play a key role in continually enhancing and advancing our trading solutions.

To all my new colleagues, I extend a very warm welcome!

We have further strengthened our partnerships with universities. For instance, we are working with students who will be writing their master’s theses with us, exploring topics such as market fairness in cloud environments, machine learning-based risk measurement in financial markets, and modeling asset correlations using Copulas.

To attract and retain both newly graduated talent and experienced professionals, we are continually investing in our teams. Our annual team-building and strategy conference, The Vermiculus Days, held this year at Högbo Bruk, was a resounding success. In addition, we hosted our CleVerHack hackathon events throughout the year, which led to significant innovations such as a smart solution for simplifying detection and resolution processes of flaky tests during development.

Strong growth and a bright future

Finally, we are proud to share that, we have increased our net sales by more than 50 % compared to last year—a testament to the rocket-fast growth we are experiencing. Our positive cash flow aligns with this strong performance and result, reflecting the solid financial foundation we are building as we continue to grow with profit.

Our company is poised for an exciting year 2025, with a strong pipeline of customers, new, hand-picked team members, and some thrilling announcements in the works. I want to take a moment to thank all of you colleagues and customers for your dedication and support. I wish you health, happiness and success for the year ahead.

Gott Nytt År!

Taraneh Derayati
CEO of Vermiculus