Thomson Reuters today announced it is going "back to BETA" and restoring "BETA Systems" as the name for what was formerly Thomson Transaction Services. Thomson Reuters is reverting to the original BETA Systems brand name because it is still widely recognized by the marketplace.
"While Thomson Reuters has certainly brought additional capabilities to our back office environment, we have always thought of that clearance and custody platform as "the BETA System," Ronald Kruszewski, Chairman, Stifel Nicolaus, St. Louis. "Reintroducing the BETA name clearly reaffirms the Thomson Reuters endorsement of BETA, a sentiment we share," said Kruszewski.
In addition to building new institutional capabilities and adding new retail oriented products, Thomson Reuters has continued to make scalability a cornerstone of the BETA platform. BETA's capacity for scale was demonstrated in September and October when daily average volume was in excess of 75 million transactions. "The recent volatility in the markets has put unprecedented levels of stress on transaction processing platforms. We are extremely pleased that BETA has seamlessly dealt with the surge in trading volume and we have been able to provide uninterrupted service to our clients." said John Fennelly, Global Managing Director, Wealth Management, Thomson Reuters.
"The month of September was arguably one of the most tumultuous for the financial markets in the industry's history," said Gordon Fox, Managing Director, Thomson Reuters BETA Systems. "The stability and reliability of our transactions system has never been better and our commitment to the business has never been stronger. Nothing has changed but the name," said Fox, "and the BETA brand is still widely recognized by our customers and partners "