September 25, 2012
Today, the NADSAQ OMX group launched the FinQloud platform, a new offering for the financial industry that leverages Amazon's infrastructure. The service aims to assist institutions with their financial data while conforming to regulatory standards. NASDAQ OMX believes FinQloud's ability to function with the advantages of cloud computing will provide an attractive option for potential users.
Wall street firms have received plenty of flack for taking quick advantage of high frequency trading technologies. That criticism is not entirely unwarranted since algorithmic errors were blamed for nearly bankrupting an institution and causing the flash crash of 2010, when the Dow Jones average swinged 1,000 points over a single day. But FinQloud is different, the platform hopes to bring more stability to the financial system by enabling regulators better access to financial data through cloud services.
For now, the service will offer Regulatory Records Retention (R3) and Self Service Reporting (SSR) to its users. FinQloud's R3 feature was developed in response to a Securities and Exchange Commission rule stating that record retention obligations needed to be fulfilled at a significantly reduced cost and complexity. SSR was included to give brokers a tool to report and analyze stored trade data. With these requirements, it's not surprising that NASDAQ OMX decided to address these issues with a cloud-based application.
Given the sensitive nature of the information being handled by the service, FinQloud will be hosting the data in private datacenters. But this partnership is still a test of Amazon's ability to reliably handle mission-critical services. According to the official statement, all connections to FinQloud will pass through a "rigorous" encryption key management system, which will also be housed at private the NASDAQ OMX facilities.
"Financial services customers have unique regulatory requirements for many of their IT projects, and high expectations for operational performance. With the strong reliability, low cost, unmatched platform capabilities, and agility that AWS provides, NASDAQ OMX's FinQloud offerings, R3 and SSR, are tailor-made for AWS and cloud computing...With FinQloud, we're pleased that NASDAQ OMX will be able to combine their expertise in financial markets and regulatory compliance with the enterprise-class capabilities of the AWS Cloud," said Andrew Jassy, senior vice president of Amazon Web Services.
If the cloud platform passes the end user test without displaying any obvious security holes, it could boost the confidence of potential cloud adopters. Amazon, for its part, could use an image boost following a summer fraught with issues at their Eastern US datacenter.
Large-scale, worldwide scientific initiatives rely on some cloud-based system to both coordinate efforts and manage computational efforts at peak times that cannot be contained within the combined in-house HPC resources. Last week at Google I/O, Brookhaven National Lab’s Sergey Panitkin discussed the role of the Google Compute Engine in providing computational support to ATLAS, a detector of high-energy particles at the Large Hadron Collider (LHC).
Frank Ding, engineering analysis & technical computing manager at Simpson Strong-Tie, discussed the advantages of utilizing the cloud for occasional scientific computing, identified the obstacles to doing so, and proposed workarounds to some of those obstacles.
The private industry least likely to adopt public cloud services for data storage are financial institutions. Holding the most sensitive and heavily-regulated of data types, personal financial information, banks and similar institutions are mostly moving towards private cloud services – and doing so at great cost.
05/10/2013 | Cleversafe, Cray, DDN, NetApp, & Panasas | From Wall Street to Hollywood, drug discovery to homeland security, companies and organizations of all sizes and stripes are coming face to face with the challenges – and opportunities – afforded by Big Data. Before anyone can utilize these extraordinary data repositories, however, they must first harness and manage their data stores, and do so utilizing technologies that underscore affordability, security, and scalability.
04/02/2012 | AMD | Developers today are just beginning to explore the potential of heterogeneous computing, but the potential for this new paradigm is huge. This brief article reviews how the technology might impact a range of application development areas, including client experiences and cloud-based data management. As platforms like OpenCL continue to evolve, the benefits of heterogeneous computing will become even more accessible. Use this quick article to jump-start your own thinking on heterogeneous computing.