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High availability is one of the key advantages of using cloud delivery mechanisms. Arguably they are more reliable than internal systems and are far less taxing than internally hosted environments. Of course not all cloud offerings are the same and potential users would be well advised to do their homework before making a selection but in general I would suggest that there is no degradation by comparisons with lesser architected provision. Additionally application developers for cloud native systems are not exercised by the limitations exposed by the type of hardware constraints, load balancing etc., exposed by cluster methodologies.
Security is our top concern. Isn’t everyone still talking about the risks associated with storing client and FX trade data in a Cloud environment?
Well there is a lot of talk about it. How much sense it all makes is another thing altogether. I would argue that cloud security is extremely strong and has been designed to meet the most stringent standards. After all, if the security is good enough for the United States Air Force it should be sufficient for most banks.
On a slightly more sinister note cloud computing is seen as an existential threat by many IT staff and the spectre of vested interests sometimes raises itself through the security issue. I was recently told by a broker in New York that “you know you are on the right track with the cloud when the bank security questionnaires reach 30 pages”.
We have FX trading operations in many key business centres around the world. So the complexity of legal issues surrounding data governance in different jurisdictions is bound to prevent us from currently adopting a Cloud services model isn’t it?
Cloud Computing providers handle these issues on a daily basis and configure their services to ensure data compliance. Equally regulatory authorities are far more sympathetic to technical innovation than most people realise particularly when they understand that the methods in question provide real benefits to the institutions under their control. People forget that it was less than 15 years ago that FX distribution services first appeared as a web based service. Similar compliance concerns surfaced at that time.
Te assumption that regulatory authorities intuitively understand technological innovation is a fallacy. It is up to institutions wishing to use more efficient and cost effective delivery mechanisms and vendors to fully brief regulatory authorities. Tis is happening already.
Surely implementation of a Cloud solution would be too difficult for our firm as we don’t have any significant in- house IT expertise?
In fact the opposite is true. For a start using applications hosted on the cloud means that the user is not required to run sophisticated data centres using their own staff. Communications are also made more simple. Roll out of remote client connection is also made significantly quicker and easier and really ceases to be a technical task becoming more administrative in nature. Even institutions using internal developers for their applications are freed from the constraints imposed by limitation of hardware capability as discussed earlier.
We are too small to benefit from Cloud computing as the technology is only of use to the really big FX players isn’t it?
Howard Tolman january 2012 e-FOREX | 131
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