Reaching a tipping point why FX data managers are now investing in the Cloud

Cloud services may appear to be the answer to the data management challenges facing many FX firms offering almost unlimited space and constant availability at affordable prices. But, discovers Nicholas Pratt, potential customers should always ensure they examine the physical properties that lie behind every cloud service.

First Published: e-Forex Magazine 58 / Networks, Hosting and Connectivity / October, 2014

A recent regrettable news story involving female celebrities, some home videos, a malicious hacker and Apple’s iCloud service reminded us that issues like data security in a cloud environment only become publically important when they involve famous people. The incident also underlined the level of misunderstanding that exists around exactly what cloud services are and what they can offer - a national newspaper in the UK felt the need to point out to readers that “the iCloud’ is not a real cloud”.  Of course in the financial services world, this advice need not be pointed out.  The benefits of cloud services are quite clear – a rapid reduction of costs via the removal of duplicative processes; the elimination of support for internal hardware and software; scalability for higher trading volumes; and a more predictable model of ongoing costs.  However, there is still an underestimation of the physical properties that cloud services are built on – servers,...continued

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