Once More Unto the Cloud, Dear Friends
At Monday's Waters USA conference I had an interesting conversation with DataArt's Alexei Miller. He says that for all the talk about cloud technology, most of it is spurious. I agree.
Everything gets called “cloud” these days, and as a result this homogenized definition has been bent to mean everything from virtualization to grid to platform-as-a-service. As State Street CIO Chris Perretta put it, "Every vendor that comes into our office just says, ‘Cloud!' If they sell you a flashlight, it's a cloud flashlight."
The danger in this is that by bastardizing the definition of cloud, it will take more time to fully tap into all of cloud's glorious potential. As JPMorgan Chase CTO Peter Ahrens put it, "Cloud is an over-hyped term—I know that it drives everybody in this room crazy to hear it—but it's a shame actually because the marketing always comes in advance of the capabilities."
What surprised me most at Monday's conference was how much talk of cloud there was. In addition to two panels solely devoted to cloud technologies, Perretta's keynote address was all about cloud, and cloud was continuously brought up during the CTO roundtable discussion.
So here's a news flash based off that information: Cloud is fully a reality on Wall Street. Shocking stuff, I know.
The years ahead will now be devoted not to whether cloud is appropriate for investment firms but rather what new areas cloud will seep into.
But one thing I would like to see is more clarity around what is and isn't cloud. It's far more difficult to advance something if you don't even have a proper definition.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: https://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
Broadridge teams up with NYSE, Clear Street goes in-house, and more
The Waters Cooler: A recap of the major tech and data news from the past week in the capital markets.
Clear Street building execution platform to replace vendor systems
A job posting shows that the broker is building a new algorithmic trading stack from scratch, targeting direct market access for institutional clients by year-end.
Kalshi recruits TradFi partners for institutional build-out
The prediction market has inked partnerships with Tradeweb, BMLL, and others as it aims to give institutions familiarity in an emerging market.
Off the grid? Dealers mull XVA cloud shift
Benchmarking: 69% of European banks still run core XVA calculations predominantly on-premises, as do 75% of global dealers.
CME marks cloud migration milestones, new FIX guidance for brokers, and more
The Waters Cooler: A recap of the major tech and data news from the past week in the capital markets.
How Quoniam boosted its sentiment strategy by adding an LLM
The asset manager’s upgraded system creates scores from more-informative forward-looking parts of news.
WatersTechnology latest edition
Check out our latest edition, plus more than 14 years of our best content.
Tech and data fragmentation irks enterprise risk managers
Often at the mercy of decisions made by other parts of the bank, ERM heads gripe at disparate systems, poor UX, and reporting gaps.