Waters Wrap: Banks explore new avenues for cloud cooperation

As banks and asset managers move more workloads to the cloud, they’re trying to find ways to cooperate to cut costs and exert more influence over the likes of AWS, Google and Microsoft. Anthony wonders if these early efforts will yield beneficial results for the industry, or prove fruitless.

One thing that I’ve always found amusing is how financial services firms like to partner when they have a problem—but once that problem’s resolved, the knives come out.

A while back, I wrote about how banks love consortiums … until they don’t. For example, Tradeweb and MarketAxess were created by dealer-led consortiums. After they survived, they were sold and the dealers cashed out. Those vendors grew and, in the natural process of things, prices were raised. The dealers complained, and once

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