B3 completes CSD system upgrade phase two with Vermiculus Financial Technology

B3, the Brazilian marketplace operator, has successfully completed phase two of its new central securities depository (CSD) system, built on VeriSafe technology from Vermiculus Financial Technology. This project represents one of the largest CSD transformation initiatives globally. The new system is designed for elastic scalability, supporting a wide range of complex transactional rules including settlement, participant transfers, deposits, withdrawals, and IPOs. It also handles the creation and redemption processes for various Brazilian certificate types like ETFs and fractional shares. This upgrade positions B3 to accommodate significant growth in the Brazilian capital market over the coming decades, enabling the rapid introduction of new products and services while maintaining high operational resilience. Viviane Basso, B3's COO, highlighted the platform's robustness and scalability, while Henrik Rouet-Leduc and Taraneh Derayati of Vermiculus Financial Technology emphasized the project's efficiency and the value delivered through their collaboration with B3. The companies are now proceeding with the third and final phase to replace B3's corporate actions module.