• The cloud storage market could triple in value to over $100 billion annually by 2024
• Crypto trading platform Skew is among the first customers to use CME Group’s new cloud data platform

Finding a market price used to mean tilting your head up ༺to a big chalkboard hanging over a trading floor. Perhaps runners developed the first Application Program Interfaces (APIs) back in the 1800s when they donned fur sleeves to prevent any accidental erasure of the precious info. 

But market information migrated from carrier pigeons, to blackboards, to newspapers, and then to servers. All because of a need for more and more quality market data to feed investors hungꦗry for intelligence.  

As the need for reliable data continues to grow, all types of market participants are looking for ways to mak🥀e data management more cost-effective and efficient.

To find this nirvana, the industry♕ is increasingly loo💙king heavenward—to the cloud. 

A Financial Fork in The Road

Cloud technology is hardly a new concept. However, the cloud is a major fork in the road for everyone in the financial sector due to a nexus of factors, ♐not least of which is the adjustment to a work-from-home environment in 2020.

Especially for firms who may not have the need, expertise or the budget for onsite infrastructureꦓ, servers or data storage, there is a growing interest in cloud-based market data solutions.

Big Data Meets Dynamic Data 

“This is an inflection point,” declared Bill Bierds, President of the sof𒐪tware house BCC Group, in a  “I think you are going to see a lot more acceleration into the cloud and market data is ju🧔st one area that is ripe and ready to go.”

The cloud storage markeꩵt, underpinned by tech giants such as Google, Microsoft and Amazon, is expected to triple in value to over $100 billion annually by 2024, according to a by Market Data Forecast.

All kinds✨ oꦓf financial data are floating upwards, but market pricing data is expected to be a major growth area for the cloud, according to industry experts. 

CME Group became the first derivativ𝐆es exchange to offer a real-time, cloud-based market data product when it . This provided clients access to its real-time data feed—in conjunction with the Google Cloud Platform. In July 2020, CME Group announced clients could also tap delayed data through the c🉐loud.

They can also now access a mind-boggling 450 terabytes of data with a few clicks ꦕof a mouse, accessing hardware and provisioning network equipment in remote data centers.

“Our adoption of cloud technologies was driven by our mission to make our data more accessible to a broader base of customers, ♎without compromising on quality,” said Trey Berre, Global Head of CME Data Services.

“Now, more than ever, we know many market participants are looking for solutions that enable greater flexibility. Our collaboration with Google Cloud has made it easier for ou𒁏r clients to access the data they need from anywhere with an internet connection.”

Democratization of Data

Large institutions aren’t th🅺e only ones leꦛvitating to the cloud. 

Fintech companies are driving innovation that could mean a levelling of the playing field where small, nimble firms will take advantage of the cloud and win customers. Start-ups leveraging the cloud now, have access to as many resources and information as large financial institutions – infinite computing and storage, unlimited global data movement and access t🌊o next-generation technology like quantum computing. 

Said Bierds: “A lot of the sell-side firms have tons and tons of resources and places to do all this analytics and algorithmic work. But a lot of the small firms don’t have that. The cloud is bringing that—it’s democratiza♊tion of data that’s happening here.”

A case in point is Skew Ltd, a crypto trading platform based in London, which was founded in 2018 by two former JP Morga👍n and Citigroup derivatives tra♔ders, Emmanuel Goh and Tim Noat. The company raised $7 million in funding and has received backing from leading investors such as Kleiner Perkins, Digital Currency Group and Octopus Ventures.

Skew announced in April 2020, that it was launching a trade execution p꧒latform in conjunction with Kyte Broking and became one of the first companies to leverage CME Smart Stream to power its solution.

Skew offers both tradiཧng and analytics and provides an institutional-grade overview of crypto derivatives markets, with over 100 ch🅘arts on futures and options and historical data. 

Skew’s client focus is on corporations and institutions where market participants tap Skew’s dashboards daily. According to the company, more than 1,000 firms have signed up for the market data analytics service since 😼its launch last year.

Tim Noat, Skew’s COO, said one highlight of working with CME Smart Stream was how cost-effective it proved for a company their size, all resulting in winning that extra step in a competitive field.ඣ

澳洲幸运5开奖号码历史查询: Skew’s asset trading platform

“On the business side of things, the main reason is the cost,” N🧔oat said in an interview. “And not only is it cheaper to receive the data from the cloud, it is also convenient for us🌳 who are in the cryptocurrency industry.”

“We wꦉere among the first to get in touch with CME, build our relationships with the teams, and get early access t🎶o the cloud, which made it possible for us to have a competitive edge.”

Noat and Daniel Cullender, Skew’s Chief Technology Officer, also highlighted the importa💎nce of the cloud for speedy execution and the ability to quickly deliver their services to customers. Startups need to move fast to build viable services for customers, an ability cloud services allow. From their first conversation with CME Group, Skew was onboarded and using Smart Stream within just six weeks. 

Cullender extolled the relative ease of aligning with CME Group’s offering and praised the ready tech support from Google. Other benefits include advanced monitor♔ing and setup of alerts with no agonizing over co-locating data in expensive installations.

“A🔜nd that means the costs a💎re kept very, very low,” he said.

Noat said while virtually everyone in the crypto space is in the cloud, the movement to embrace the technology in the rest of industry is underway. But it will not happen overnight. “So I think it’s going to come, but it’s going to take time,” h𒈔e said.

Tཧhe world’s major stock and derivative exchanges are moving into the cloud, likely to meet client demand. According to by Greenwich Associates, some 93% of market data professionals say they are planning to use the cloud to help manage their data.

Cloud in the Time of Virus

Other experts agree the march to the cloud is a process. But it’s bein🍸g kickstarted by the shift to re💝mote work during the current pandemic. 

“I think this a very strange time, and this very sad time in our history is forcing leaders to r💞ethink the cloud, and to rethink where their workload is running and who is running their workload,” said Bierds of BCC.

For Skew, Noat said the company has been helped by the fact their operati💮on was on the cloud from day one. 

“Covid has opened our eyes on the ability of our employees and everyone to keep focused on the goal. Productivity has ꦓactually been very good.”

Stephane Dubois,🅘 CEO of Xignite, told the financial po꧂rtal that in the old data paradigm companies were spending 90% of their budgets of maintaining their data infrastructure. Only the remaining 10% went toward innovation. 

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