Archive for the ‘The cloud and the financial services industry’ Category

Cloud transforming financial services industry business models

28 September 2011 –  The financial services industry (FSI) is at a tipping point where the old ways of doing business are no longer applicable and need to be transformed, with cloud computing identified as a key enabler of such change.

According to Stanley Young, CEO of NYSE Technologies, the commercial technology arm of NYSE Euronext, an industry transformation is at hand and this is necessary for what it means to be a stock exchange in the 21st century. He noted that the business environment had shifted with heavier regulations imposed on the industry and the “old ways” of doing business are no longer working, which in turn has led to shrinking commission pools.

As such, the company now includes cloud computing services in its portfolio of IT products, which target FSI customers such as dealers, brokers and asset managers, the CEO pointed out during the Hewlett-Packard (HP) Financial Services Industry roundtable organized here Wednesday.

The company’s Capital Markets Community Platform aims to foster virtual trading spaces, “liquidity hubs”, for broker-dealers to access exchange markets such as those in Tokyo, … Read more

What the NYSE’s adoption of cloud computing means for the industry

20 June 2011 – On June 1 earlier this month, the technology services arm of the New York Stock Exchange Euronext, the company that operates the NYSE, announced the launch of the Capital Markets Community Platform (CMCP), a service billed as the financial service industry’s first cloud platform. According to Dominique Cerutti, NYSE Euronext president and CEO, the “game-changing” platform will offer electronic trading, market data analysis, algorithm testing and regulatory reporting.

Although there were only two registered users at the time of launch, Stanley Young, CEO of NYSE Technologies, said cloud computing is the future of electronic trading. “I’m going to stick my neck out here. We’ve got 1,200 clients. I’d like to see all 1,200 on the service,” he said. EMC and VMware were the two cloud computing giants who worked with NYSE Technologies to develop CMCP.

The “community cloud” will not be connected to the rest of the Internet, but users will be able to interact with each other, according to Carl Eschenbach, head of cloud systems at VMware. “Cloud computing won’t happen overnight; this is just … Read more