Goldman Sachs is opening up access to its financial data resources and analytics to third party institutions via Amazon Web Services Data Exchange initiative.
The new service, called GS Financial Cloud for Data with Amazon Web Services, will help the bank's hedge fund and asset management clients to discover, organise, and analyse data in the cloud, freeing up developer time to focus efforts on trades rather than wrangling with complex data sets to buuild their own quantitiative applications.
Unveiled at the AWS re:Invent conference in Las Vegas, the offering will include curated financial markets data, including select third-party data products sourced from AWS, the ability to import data into Goldman Sachs' managed tick database, and access to a suite of tools for data visualisation and analysis.
David Solomon, CEO of Goldman Sachs, says: "We are excited to bring together the two leading firms in financial services and cloud computing to deliver an unparalleled solution for financial data management and analytics on the cloud, revolutionising how our clients extract value from the increasing wealth of information in our industry.”
Charges to access data will be paid for on a consumptions basis, but for Goldman the relationship building aspects is more important says Solomon.
“This is something that enhances the experience of our institutional clients and gives them access to our data and information,” he says. “The way we get paid for that is we get more of their wallet share because the overall experience and services we provide gives us more mindshare, more opportunities to trade with them, to finance them and do things like that.”