Obstacles to Modernizing Infrastructure
Anthony Concolino, former director of operations and technology at Citi, pointed to corporate culture. It's not that the culture and the people that make up that culture are necessarily resistant to change. It's just that, especially at a large institution like a bank, many individuals need to be brought on board before a major upgrade can begin.
Nathan Boylan, head of IT at Lord Abbett, said that the vendors supplying the new systems, including hosting providers, need to truly understand the financial services industry. That includes the rigorous security and regulatory concerns. Especially in the case of cloud, this is still sometimes not the case. The industry as a whole, however, has gotten much better. "I look two to three years back and there were a lot of firms that had great ideas but had no understanding of our industry, in part due to there being much greater opportunity with Silicon Valley startups than there was with financial services. Now they're looking at our industry as offering great opportunity."
Continuing with the vendor theme, RBC Capital Markets director Rosalind Mann identified a risk with insufficient service-level agreements (SLAs). SLAs must be well-defined, so that when a cloud service's user base grows, there won't be a massive slowdown.
Meenagi Venkat, who is in charge of cloud managed services for IBM, said his most sophisticated customers stay on top of security policies and procedures.
"Oftentimes the existing clients are looking for in-house datacenter implementations with perhaps lower levels of automation. When you go to a vendor that has higher automation but it's not in your physical control, we have to look at things like where is the balance between secondary controls and primary controls, how much orchestration is there, can they give you audit trails of all the events that happened in the environment that you touch."
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: http://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.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
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. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
This Week: BBH, AllianceBernstein add data solutions, Deutsche Börse-Nodal Exchange, and more
A summary of some of the latest financial technology news.
Consortium backs BGC’s effort to challenge CME
Banks and market makers—including BofA, Citi, Goldman, Jump and Tower—will have a 26% stake in FMX.
Symphony boosts Cloud9 voice offerings with AI
The messaging and collaboration platform builds on Cloud9’s capabilities as it embraces the AI wave in what CEO Brad Levy calls “incremental” steps.
Can exchanges leverage new tech to claw back ETF share from RFQ platforms?
Systematic trading strategies and proliferating data are bringing efficiency to an otherwise-fragmented European ETF market.
Nasdaq reshuffles tech divisions post-Adenza
Adenza is now fully integrated into the exchange operator’s ecosystem, bringing opportunities for new business and a fresh perspective on how fintech fits into its strategy.
Liquidnet sees electronic future for gray bond trading
TP Icap’s gray market bond trading unit has more than doubled transactions in the first quarter of 2024.
This Week: HKEx's new derivatives platform; GoldenSource; Quonian-SimCorp, and more
A summary of some of the latest financial technology news.
Chris Edmonds takes the reins at ICE Fixed Income and Data Services
Edmonds is now leading ICE’s fixed income and data business as the rush to provide better data and analytics in fixed income builds.
Most read
- Chris Edmonds takes the reins at ICE Fixed Income and Data Services
- Deutsche Börse democratizes data with Marketplace offering
- Nasdaq reshuffles tech divisions post-Adenza