We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
Nasdaq partners with Amazon to store financial data in the cloud

Nasdaq partners with Amazon to store financial data in the cloud

FinQloud aims to help firms cope with increasing data volumes

Article comments

Nasdaq has launched a cloud computing platform hosted on Amazon Web Services in a bid to use cloud computing to help market players reduce the burden of increasing regulation and data volumes.

FinQloud will serve as a platform for financial services applications that provide management and storage of financial data.

With increasing compliance requirements being placed on financial firms, where they are being tasked with increasing transparency by providing regulators with access to granular data of their activities, Nasdaq is hoping that FinQloud will provide a solution that is cost effective and scalable.

This is the latest in a string of announcements that have seen financial exchanges branch into offering cloud based solutions.

Two products are being offered as part of the initial launch. The first, entitled Regulatory Records Retention (R3), will provide broker-dealers with a storage and retrieval tool, which Nasdaq claims helps firms meet U.S. Securities and Exchange Commission rules on record retention.

The second, Self Service Reporting (SSR), allows broker dealers to perform on-demand analysis and reporting on their stored trade data.

All connections to FinQloud will be required to pass through an encryption key management system, which will be housed in private Nasdaq data centres, before directly connecting to Amazon’s platform.

"Financial services customers have unique regulatory requirements for many of their IT projects, and high expectations for operational performance. With the strong reliability, low cost, unmatched platform capabilities, and agility that AWS provides, NASDAQ OMX's FinQloud offerings, R3 and SSR, are tailor-made for AWS and cloud computing,” said Andy Jassy, Senior Vice President of Amazon Web Services.

“Storing and retrieving data can be done quickly, easily, and inexpensively. And with the scalability, cost-effectiveness, and flexibility of the cloud, customers can quickly conduct analysis and reporting regardless of the amount of data.”

He added: “With FinQloud, we're pleased that NASDAQ OMX will be able to combine their expertise in financial markets and regulatory compliance with the enterprise-class capabilities of the AWS Cloud.”

Share:

Comments

Advertisement
Send to a friend

Email this article to a friend or colleague:


PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.


ComputerworldUK Knowledge Vault

ComputerworldUK
Share
x
Open
* *