Since 2011 Celer Tech has been developing and implementing market-making software platforms for banks, brokers, hedge funds and other institutional market participants.
In a retail context, for participants such as Stripe, Celer Tech’s engines deliver the underlying FX price driving the inter-bank market.
Here CEO Ben Cuthbert describes Celer Tech’s ambitious expansion requirements – and the perfect, industry-beating synergy they found with Beeks’ Private Cloud network to connect their platforms.
“Traditional financial networks are very closed and difficult to access unless you’re an established provider,” explains Ben.
“As a young company we found the existing network providers highly costly and lacking flexibility.
“We were having trouble with the typical 10–15-day turn-round time for change requests. It wasn’t quick enough for our environment – there was too much money, risk and reputation at stake.”
“Whilst we knew how we could grow our inter-bank connections exponentially we needed a partner who could help us on speed and price,” comments Ben.
“Beeks’ IAAS subscription model provided us with the perfect opportunity to forge new connections cost-effectively,” he says.
“At the time Beeks were operating in the retail space, but as a platform builder Celer Tech was ready to take the jump into scaling up inter-bank connections.
“It was the perfect power play to take to the FX market.”
“Beeks have really torn up the rule book when it comes to industry conventions, and this matched Celer Tech’s growth plans perfectly,” says Ben.
“They have a lot of experience and vision and are disrupting a very closed, rigid and institutionalised sector with innovative approaches that enable much quicker and more cost-effective ways of accessing markets.
“Beeks is very receptive to change and innovation and is always looking for a new way. These qualities fitted perfectly with Celer Tech at a point when we were looking for a network enabler.”
Celer Tech offers its customers a range of hosting options with either a subscription or licensed-based purchase model. Therefore they needed an infrastructure partner who understood their market and who could match their growth plans and flexibility.
“We have extremely demanding customers so we need a partner who will go to the ‘nth’ degree to respond to short notice requests for network performance improvements.
“This is exactly how Beeks operate.”
“Rather than just giving us a server within their network Beeks went one step further,” says Ben.
“They actually replicated their entire Private Cloud networks for us in New York, London and Singapore.
“So we are effectively operating our own private, secure networks within Beeks, supporting 40 platform engines and a huge number of global cross-connects.”
“As modular software developers we have no interest in supporting the underlying IAAS ourselves,” says Ben.
“Beeks provide us with a pre-plumbed in, optimised infrastructure footprint that is high-performing, and has guaranteed low latency through-put.
“It makes it quick and easy for us to take our clients from contract to deployment and it means our customers get the best of both worlds in terms of platform and infrastructure.”
“We also benefit from network analytics across all 3 regions around the world.
“Beeks manage both the hardware and the network and give us the peace of mind that the infrastructure is being constantly monitored and optimised.”
“Beeks have an extremely agile approach to implementation, without too much red-tape,” asserts Ben.
“They are also extremely client-driven which works well with Celer Tech since we’re very technical. We know what we want and what they need to do.
“From a relationship management perspective we’ve really gone beyond the usual customer/supplier partnership. We are a very integrated team with hundreds of touch points per day.
“If we float an idea or a request to Beeks, they will consider it and come back to us with how we can achieve it. It’s a good, responsive relationship.”
Reflecting on Beeks’ agility Ben says: “When we launched the Singapore network it took between 6 – 8 weeks to get the infrastructure up and running from scratch to trading.
“With Beeks building the network and Celer Tech building the servers this was a truly astronomical result. In 22 years of building trading platforms I’ve never known it to be so rapid. It typically takes about 3 years!”
“Again, Beeks’ innovative commercial subscription model makes it relatively inexpensive to get into new markets,” explains Ben.
“This really puts Beeks head and shoulders above other providers.
“In addition, Celer Tech and Beeks have worked together to put 120 inter-bank connections on the Beeks network, which Beeks can resell and we can benefit from. It’s been a win-win scenario that has contributed to driving costs down.”
“Beeks are nothing if not flexible and responsive,” Ben states.
“This is a massive differentiator in the financial trading sector, and it’s a turnkey way, along with unprecedented set-up times, that Beeks beats the competition.
“It’s not unusual for requests to be met within 24 hours. The Beeks team understand the pressures of the market and go the extra mile to help us satisfy an outrageously exacting customer base.”
“As Beeks evolve there will be increasing scope for Celer Tech to focus entirely on developing our application layer, without having to worry too much about the infrastructure from Operating System down.
“There are a lot of cross-overs between our different teams but as the alliance matures I can see more and more possibilities to off-load onto Beeks some aspects of our environment that we’re currently handling.”
“There is huge business in the infrastructure required to power retail trading, such as private individuals trading FX on their phones.
“Beeks and Celer Tech are well placed to tackle this aspect of the trading environment, having powered quite a lot of the FX market together.
“It requires some careful thought, but for a long-term mutually beneficial partnership such as ours there is a lot of opportunity to be explored!”
“Beeks are truly driven and visionary. They are always looking forward and are imperative to us regarding infrastructure.
“Would I switch out our infrastructure with Beeks? Probably not. We are good partners together and it works very well.”
“Celer Tech have grown hugely since we first met them – and we’ve developed an extraordinarily strong, symbiotic partnership that is challenging the sector perfectly.
“We are proud to support Celer Tech in providing a high-quality platform for their customers, and look forward to continuing our close working relationship in the future.”