Waters Wrap: Google’s cap markets play portends a shift in trade tech philosophies

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For the very first “Waters Wrap”—which was published on July 12, 2020—I wrote about how companies like HPR, Trading Technologies, and various other lowercase-t trading technology providers were undergoing ambitious projects to move their legacy platforms to the cloud. Three weeks later, I wrote about how some of the largest exchanges were partnering with the Big Tech cloud providers for increasingly more complex functions.

If I’m doing my job well, the whole point of the “Waters Wrap” column is

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