NEW YORK--(BUSINESS WIRE)--Beacon Platform, Inc., a leading provider of cloud-based financial technology platforms, announced today that SMBC Capital Markets, Inc. a U.S. subsidiary of Sumitomo Mitsui Banking Corporation, has selected Beacon as the new trading and risk management platform for its global derivatives market-making business. In the coming years, Beacon will be deployed to dozens of developers and hundreds of traders, marketers, and middle office users globally.
In a competitive and rapidly evolving market, SMBC Capital Markets chose to partner with Beacon because of the platform’s open architecture, transparency, flexibility to add new trading instruments, and extensible tools for derivatives pricing, analytics, and risk management. Through a successful proof of concept, SMBC was impressed by both the ease of integration between Beacon and their internal analytics and systems, and the substantial markets expertise of the Beacon team. Commenting on the selection of Beacon, Yunson Du, Managing Director, SMBC Capital Markets, said, “With its cloud native infrastructure and unique “buy and build on top” transparent source, Beacon allows us to enter new markets, streamline operational workflows, and leverage our proprietary pricing and analytics. Beacon enables us to better serve our clients, both internal and external. Beacon empowers our developers and quants with the latest technologies and frees us to focus on the commercial aspects of our business.
Commenting on the selection of the Beacon platform, Kirat Singh, CEO of Beacon Platform, Inc., said, “We are proud to partner with SMBC Capital Markets as they work toward a strategic transformation of their front and middle office systems. We believe that Beacon’s foundational cloud and financial components are an enabler for the Capital Markets team to leverage the latest technologies, so that they can focus on their business. In particular, our open architecture is designed to integrate with internal analytics and data from the ground up. As markets and regulations evolve, we look forward to helping SMBC grow their Capital Markets business and meet the needs of their clients.”
About Beacon Platform, Inc.
Beacon is revolutionizing the financial services industry by empowering our clients’ quantitative developer teams and business users like no other platform provider. With the Beacon platform, financial institutions of all sizes can leverage our 20+ years of experience in building enterprise-scale trading, analytics, and risk management platforms at some of the most successful financial institutions in the world. In addition to applications for front and middle office users, the Beacon platform includes cloud-based, secure sandbox infrastructure, a full suite of developer tools, and transparent source code to give our clients unparalleled power to own the full stack and achieve their business goals. Beacon was founded in 2014 by the senior technologists who worked with SecDB at Goldman Sachs and created Athena at JP Morgan and Quartz at Bank of America Merrill Lynch. Beacon has over 60 employees with offices in New York, London, and Tokyo. www.beacon.io
About SMBC Capital Markets, Inc.
SMBC Capital Markets, Inc. is a market maker for swaps, including interest rate, currency and commodity swaps and related derivative products, headquartered in New York. SMBC Capital Markets is a United States subsidiary of Sumitomo Mitsui Banking Corporation. As a counterparty for derivative product transactions, SMBC Capital Markets offers competitive market making in interest rate and currency swaps and interest rate options (caps, floors, swaptions) in over 30 different currencies. http://www.smbc-cm.com