Friday, September 28, 2012

NASDAQ Launches Cloud Computing App

On Tuesday, NASDAQ OMX Group Inc. ( NDAQ ) announced the launch of an Amazon Web Services-powered cloud computing platform - FinQloud. The platform has been created to assist the financial services industry in storing and managing financial data with a view to simplifying operations and helping companies meet regulatory requirements. Source

Global regulators are coming up with stringent regulatory requirements and gaining access to more in-depth data in order to boost transparency. This is increasing the pressure on financial services companies since they have to manage larger volumes of data, resulting in high data management costs.

FinQloud will help financial services companies to deal with the increased compliance requirements and enable them to focus resources on revenue-generating activities by providing a comprehensive solution with features such as infrastructure data management, virtualization and hosting. Initially the platform will offer Regulatory Records Retention - a storage and retrieval tool aimed at saving cost and simplifying the fulfillment of the record retention obligations of the U.S. Securities and Exchange Commission Rule 17a-4 - and Self Service Reporting - a tool that allows swift on-demand analysis and reporting of stored trade data.


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