Beeks launches Exchange Cloud, contract in place

Beeks Financial Cloud Group plc, the Glasgow-based cloud computing and connectivity provider for financial markets, has announced the launch of Exchange Cloud which it called “an evolution of Proximity Cloud that has been explicitly designed for global financial exchanges and electronic communication networks (ECNs).”

Beeks said: “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.”

Beeks Financial Cloud CEO Gordon McArthur said: 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.”