Miami International Holdings, Inc. (MIH) today announced the launch of a fully-integrated trading, clearing, settlement and depository technology platform for The Bermuda Stock Exchange (BSX), a wholly-owned subsidiary of MIH.

“The launch of the new BSX technology platform represents an important milestone in our strategy to build and operate all our exchanges utilizing proprietary MIAX technology,” said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIH. “The new platform provides us with the flexibility to respond to evolving market demand and expand the range of products we are able to offer customers.”

The new BSX system utilizes MIAX proprietary trading, middle and back office technology with the CSD technology built in conjunction with Vermiculus, a Swedish-based company focusing on providing trading, clearing, and central security depository solutions globally. The trading platform features a trading and market data dissemination system in Bermuda; off-island disaster recovery systems; a streamlined, web-based order management system (OMS); middle office technology to support system configuration and integration, market operations, surveillance and reporting services; and a clearing, settlement and depository (CSD) system.

“MIAX’s proven technology, coupled with Vermiculus’ leading international market infrastructure capabilities, expands our ability to support Bermuda’s market with a fully-integrated exchange platform managing the trade cycle from execution to clearing and settlement,” said Greg Wojciechowski, President and Chief Executive Officer of BSX. “We worked closely with our market participants to design a next generation platform to meet the needs of our domestic capital market while positioning us to take advantage of future international capital market opportunities.”

“The scalability of MIAX proprietary technology allows us to efficiently expand across asset classes while retaining the speed, performance and reliability our exchanges are known for,” said Randy Foster, Executive Vice President, Business Systems Development of MIAX. “We’ve replicated that expansion process at BSX, providing a best-in-class user experience that our customers have come to expect from MIAX.”