The migration to the cloud enables several financial institutions to innovate in their management, particularly in the handling of international exchanges. According to experts, in addition to enhancing infrastructure, the adoption of the cloud indeed brings about changes.
Smoother financial exchanges thanks to the cloud
Last November, CME Group entered into a 10-year partnership with Google to migrate to the cloud. They are now convinced that this move will allow them to launch new products and services much more quickly. Additionally, note Nasdaq’s collaboration with AWS to migrate its North American markets to cloud computing.
Clearly, financial exchanges aim to “increase market access” and “streamline operations.” Adrian Poole, Head of Financial Services at Google Cloud UK, seems to be convinced. He points out that the flexibility and scalability of the cloud will facilitate improvements in financial exchanges.
This senior official at Google Cloud UK adds that multinational companies like CME Group leverage the cloud. They intend, in fact, to “meet customer expectations using new methods,” which will inevitably lead to a “transformation.” According to him, the cloud offers a substantial amount of computing power, enabling rapid data analysis. Companies can thus perform tasks such as real-time risk management.
The cloud: optimal data security
Cloud computing guarantees the security and confidentiality of a large volume of sensitive data. Poole asserts that cloud providers continuously monitor risks and regulatory compliance. They do so by implementing practices such as zero-trust models, ensuring the verification of user identities both within and outside a network. The technical principle of “redundant design” also places a strong emphasis on data protection.
Nicky Maan, Managing Director of Spectrum Markets, also discusses the benefits of cloud computing, along with the utilization of digital infrastructures. This certainly accelerates the company’s development. The latter can easily expand its resources as needed and can even automate this process, if desired.
Cloud computing mitigates risks associated with financial exchanges
“The cloud fully controls latency and the ability to transfer any outsourced part of an infrastructure to another provider if something goes wrong,” Maan explains. He recommends keeping the financial exchanges of “complex, integrated, and time-sensitive systems” on a hardware infrastructure.
Conor Colleary, Group Vice President of Financial Services at Oracle, holds a different view. He suggests that relying on a single cloud provider might not be sufficient to manage all the risks. It must be considered that the consequences of a service interruption are of utmost importance. This is because companies ensure they use the best cloud service for each particular function and workload. Colleary thus suggests that companies opt for a multicloud approach. With this approach, exchanges have the opportunity to “leverage the different strengths of various clouds” and “have a backup plan in case their primary cloud service experiences downtime.