NASDAQ FinQloud Hosts Cloud-Powered Compliance
August 5th, 2013 By: John Rath
Is regulatory compliance a barrier to cloud adoption? Not at NASDAQ OMX FinQloud, which is now hosting a service that monitors compliance requirements for high-frequency trading operations. NASDAQ FinQloud, which launched a year ago to provide specialized cloud services for the financial industry, is hosted entirely on the Amazon Web Services platform.
Jordan and Jordan will host its Execution and Compliance & Surveillance Service (ECS) on FinQloud, becoming the service’s 19th client, NASDAQ said. The ECS migration to FinQloud provides Jordan & Jordan the ability to easily boost the application’s power and storage capacity. FinQloud will be able to host Jordan and Jordan’s ECS as it manages large volumes of trade and quote data, provides storage and retrieval of full reports and individual records, and allows read-only access for inquiries and auditing.
“Compliance needs are increasing, as is the use of cloud services, and this is an exciting match of needs and solutions,” said Tom Jordan, Chief Executive Officer of J&J. “We believe this relationship with FinQloud will allow J&J and our clients to reach new levels of reliability, redundancy and scalability while continuing to demonstrate our commitment to ensure regulatory compliance. In addition, the FinQloud ecosystem provides new opportunities for J&J to enhance the range of services offered to ECS customers and enables easy access to our services for other FinQloud customers.”
As a service operated within FinQloud, Jordan & Jordan’s ECS will enable customers to analyze their stored trade data without maintenance costs associated with daily data transfers. After an independent assessment of FinQloud’s R3 data storage solution it was confirmed that it provides the necessary stringent record keeping requirements of SEC and CFTC regulations.
“We are pleased that J&J decided to use FinQloud to optimize their compliance offering for broker-dealers. The financial services community is readily adopting scalable tools which decrease operational expenses, considering transaction volumes and regulatory requirements,” said Stacie Swanstrom, Head of Access Services at NASDAQ OMX. “The ecosystem we are fostering within FinQloud paves the way for our industry to build, provision, and manage mission critical applications for the future.”