March 21, 2013
NASDAQ on the virtues of the public cloud
Financial institutions have a lot of data — as in multiple petabytes– so storing that data for use in new products and for regulatory compliance will move to the public cloud. Ann Neidenbach, an SVP at the NASDAQ OMX Group, explained how the exchange made the decision to use the Amazon public cloud for storage Thursday at the Structure: Data 2013 conference in New York.
“The economics of the clouds are just phenomenal,” says Neidenbach. She and Ron Bodkin, the founder and CEO of Think Big, noted that the exchanges have regulatory requirements to keep petabytes of old data associated with trading, and that adds up. She says the exchange has 10 petabytes of trade data and 3.5 petabytes of data that’s just backups.
“NASDAQ OMX is taking terabytes of disparate data and making something of it for customers and for our organization. That’s where we asked Think Big to come in – to help us with a reference architecture so we could build on a modernized foundation and realize valuable business opportunities “thanks to big data, cloud technologies and the work we’ve done to build proprietary security features.”