Beeks launches Exchange Cloud
Beeks Financial Cloud Group plc (LON:BKS), a cloud computing and connectivity provider for financial markets, announces the launch of Exchange Cloud, an evolution of Proximity Cloud that has been explicitly designed for global financial exchanges and electronic communication networks (ECNs).
Following the successful completion of the significantly oversubscribed fundraise in April 2022 to accelerate development of Beeks’ offering, Exchange Cloud is now formally launched, with a major equities exchange already under contract to deploy later this year. Additional proof of concept implementations and discussions are underway with potential customers.
Gordon McArthur, CEO of Beeks Financial Cloud commented:
“Our product development has always been driven by customer demand and we created Exchange Cloud specifically to meet the needs of top exchanges around the world. During early-stage Proximity Cloud discussions with some of the top ten financial exchanges in the world, we identified a demand for a secure, multi-client cloud environment which they could offer to their customers. We believe the end-user compute market within exchange data centres to be considerable, and there to be no comparable offering currently in the market.
“We are delighted by the early win of this top exchange, which will contribute towards underpinning our FY23 expectations, but more significantly we believe the opportunity for Exchange Cloud to be potentially transformative for our business.”
Exchange Cloud has been designed to be a fully-managed and configurable compute, storage and analytics rack built with industry-leading low latency hardware that allows global exchanges to run compute, storage and analytics on-premise. Through Exchange Cloud, exchanges and ECNs can offer end-user cloud compute to their customers as well as maintain space for their own internal use if required. The platform can be deployed in any exchange anywhere in the world and white labelled by exchanges across different asset classes. The exchange will continue to own the relationship and contract with their end users under their own brand, with Beeks providing support to the exchange.
Currently, exchanges sell power and space within their data centres to their customers, such as hedge-funds or proprietary trading firms to power their trading platforms. With Exchange Cloud, an exchange can now also offer as a service, rapidly deployed, secure, low-latency cloud computing with in-built analytics on which to run those platforms, increasing their available revenue streams. Exchange Cloud is available to purchase on a monthly subscription model, making the entry into equities trading more accessible for a wider range of participants.
Beeks will continue to develop Proximity Cloud as its single user platform and Exchange Cloud as its multi-homed environment targeted at exchanges.