29 September 2016
Visit colt.net

Nasdaq OMX partners Amazon on cloud platform for financial services firms

25 September 2012  |  6492 views  |  0 Financial numbers

Exchange operator Nasdaq OMX has teamed up with e-commerce giant Amazon on a cloud computing platform for financial services firms to store data on.

FinQloud is being pitched as an efficient, cheap and regulatory compliant option for financial services firms that are having to store and manage ever-growing amounts of data.

The system taps Amazon Web Services' (AWS's) cloud infrastructure and Nasdaq OMX's experience in providing technology and advisory services to exchanges, regulators and broker-dealers.

Financial services firms are currently faced with new compliance requirements which aim to increase transparency by providing regulators with access to more granular data, meaning greater volumes and costs.

Nasdaq OMX and Amazon say that FinQloud provides customers with a secure, "industry-only" cloud platform for financial services applications to help immediately reduce these technology, compliance and cost burdens.

As part of the initial launch, Nasdaq OMX plans two offerings: Regulatory Records Retention and Self Service Reporting. The first, available within months, will provide broker-dealers with a storage and retrieval tool to help meet SEC record retention obligations. The second will enable broker-dealers to perform fast, on-demand analysis and reporting on their stored trade data.

All connections to FinQloud will be required to pass through a rigorous encryption key management system housed in private Nasdaq OMX data centres before directly connecting to AWS.

Eric Noll, EVP, transaction services, US and UK, Nasdaq OMX, says: "Working with AWS, the leader in cloud technology, demonstrates our commitment to provide innovative solutions to the financial services industry at large. FinQloud, as a protected warehouse for regulated data, fosters efficient and reliable markets for investors."

Andy Jassy, SVP, AWS, adds: "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."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

US regulators warn on outsourced cloud risks

US regulators warn on outsourced cloud risks

11 July 2012  |  8214 views  |  0 comments
Swift introduces cloud-based connectivity

Swift introduces cloud-based connectivity

01 March 2012  |  12962 views  |  1 comments
European Commission to invest EUR10 million in IT Cloud Partnership

European Commission to invest EUR10 million in IT Cloud Partnership

26 January 2012  |  6536 views  |  1 comments
Deutsche Bank scoops best practice cloud technology award

Deutsche Bank scoops best practice cloud technology award

05 December 2011  |  10438 views  |  0 comments
Cloud banking set to go mainstream - Gartner

Cloud banking set to go mainstream - Gartner

01 November 2011  |  14490 views  |  0 comments
UK finance sector CIOs wary of cloud hype

UK finance sector CIOs wary of cloud hype

27 May 2011  |  8480 views  |  1 comments
Deutsche Bank and CBA join cloud computing group

Deutsche Bank and CBA join cloud computing group

15 December 2009  |  10170 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit i2cinc.comVisit contisgroup.com

Top topics

Most viewed Most shared
RBS tests demonstrate ability of Ethereum to support a national domestic payments systemRBS tests demonstrate ability of Ethereum...
14443 views comments | 55 tweets | 48 linkedin
Ripple rudely gatecrashes Sibos partyRipple rudely gatecrashes Sibos party
9404 views comments | 30 tweets | 29 linkedin
Swift beware: Ripple signs banks to global payments steering groupSwift beware: Ripple signs banks to global...
9115 views comments | 33 tweets | 18 linkedin
BNP Paribas is working with clients on blockchain deploymentBNP Paribas is working with clients on blo...
7428 views comments | 14 tweets | 30 linkedin
US gets same day ACHUS gets same day ACH
7000 views comments | 23 tweets | 19 linkedin

Featured job

Find your next job