The Rise of Cloud Computing for Quant Development on Wall Street
Looking to cut their capital expenditures on servers and applications, financial services firms are warming up to private clouds run outside their firewalls.
As Wall Street continues to struggle with volatile markets, uncertain global economic conditions and vanishing profits, many firms are looking to reduce their capital expenditures. Targeting the costs of building data centers and maintaining server farms, more and more Wall Street organizations are looking to outsource pieces of their infrastructures to the cloud.
While all of the largest financial firms already are experimenting with cloud technology in non-production areas such as server provisioning and storage networks, most remain cautious about security and refuse to let client data leave the relative safety of their own facilities.
After facing sluggish profits and lower trading volumes last year, however, Wall Street firms are looking to convert large, up-front “cap-ex,” or capital expenditures, into more variable “op-ex,” or operational expenditures. As financial firms react to tighter IT budgets and the pressure to allocate resources to developing new products and entering new markets, the adoption of third-party cloud-based applications and services is expected to gain momentum in 2012.
wallstreetandtech.com
Looking to cut their capital expenditures on servers and applications, financial services firms are warming up to private clouds run outside their firewalls.
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