FOREX TECHNOLOGY
Newberry of Microsoft says cloud technology is helping to facilitate linkages between different silos within banks, which is particularly valuable, given the current regulatory push for banks to aggregate data between different asset classes and instigate a more holistic market view, rather than the traditional silos-based approach. For example, disparate execution channels and organizational silos represent a hurdle to US banks’ compliance with the Securities and Exchange Commission’s Market-Access Rule (MAR) 15c3-5, which has requirements for banks to look at total trading positions across different divisions in real- time with pre-trade checks.
Manicom of Equinix also emphasizes the scalability of the cloud and its capacity to facilitate real-time risk calculations which he anticipates to be required much more stringently, given pressure from regulators on both sides of the Atlantic. “During the day the market can move so much that a bank’s credit risk position could be compromised and it may not find out until the overnight batch of data has been processed. So bank’s will be looking at cloud solutions which provide cost-effective ways to perform this work in real-
time, in an effort to control mitigate some risk and speed processing time, when in the past this approach was cost [prohibitive” says Manicom.
SaaS and PaaS
Johnston expects the initial interest in the cloud among Forex market participants to focus upon Infrastructure as a Service (IaaS) with Platform-as- a-Service (PaaS) becoming more prevalent in the future.
However, Ralf Behnstedt, a managing partner at FX Architects, a team of Forex specialists advising on how to strengthen business and operations in the industry, who argues that IaaS is already used in many financial institutions, which means a migration to the cloud will not add significant benefits. “Te real advantage will come from Software-as-a-Service (SaaS). If the bank does not need to host their Forex business applications anymore but can get them almost for free using the cloud – that will the big winner for the industry,” he says.
Richard Man, head of business development at BT Radianz, which has established a Financial Community Cloud of institutions and vendors, says the cloud’s delivery of the SaaS model marks a significant development for the financial services industry. “Taking a pay-as-you-go model and being able to bill monthly for software that required annual licencing in the past means that software and applications can be bundled into monthly network charges. Tis opens up the doors for a whole new world for discussions with application vendors,” he says.
Harpal Sandhu “Te beauty of having a broader interconnected
network (in the cloud) is that elements of that network can fail but it is immediately supplemented by liquidity in other parts of the network.”
102 | october 2011 e-FOREX
Meanwhile, Johnston of Equinix expects financial community clouds to flourish – where a variety of financial institutions and trading firms share server storage space in a data center. Equinix’s financial customers can already obtain access to a variety of cloud services via a direct connection between their dedicated infrastructure and a variety of specialist cloud providers based either in the same facility or
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