Nasdaq OMX on Tuesday launched a cloud computing platform built by Amazon Web Services which it said would allow its trading clients to cut the cost of storing financial data.<\/p>\n
The system, FinQloud, is a response to regulators’ growing demands that companies provide more granular data on their trading activities.<\/p>\n
Policymakers in the United States and Europe want banks and brokers to provide them with more detailed information on their day-to-day operations to help authorities spot illicit or risky trading patterns.<\/p>\n
The world’s largest banks and brokers have historically used specialist in-house systems for data storage, citing security concerns about external platforms.<\/p>\n
Nasdaq and AWS, which have struck a partnership deal to offer the system to the exchange group’s client’s, said cloud computing offered a cheaper route to regulatory compliance.<\/p>\n
AWS said all connections to FinQloud would pass through a rigorous encryption system so the platform met the strict security requirements of regulators.<\/p>\n
“Storing and retrieving data can be done quickly, easily and inexpensively (with FinQloud),” said Andy Jassy, AWS senior vice president.<\/p>\n
Investment banks are looking to share administrative and back office services to offset the twin pressures of falling revenues and increasing regulatory compliance costs.<\/p>\n
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