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September 2011 – The financial services industry (FSI) is at a tipping point where the old ways of doing business are no longer applicable and need to be transformed, with cloud computing identified as a key enabler of such change.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