NASDAQ and Amazon join forces to introduce cloud-based financial services
NASDAQ and Amazon.com have announced a new cloud service platform, FinQloud, designed specifically for financial services companies. The platform is intended to cater to the unique data storage needs of the financial services industry, particularly in the US.
FinQloud is designed to help broker-dealers meet U.S. Securities and Exchange Commission Rule 17a-4 record retention obligations at reduced cost and complexity. The initial focus of FinQloud services is on the data storage needs related to regulatory obligations. In the long term, the platform is expected to expand its offerings to address a wider range of regulatory and operational needs for US-based clients.
The platform includes two Amazon-hosted services: Regulatory Records Retention (R3) and Self Service Reporting (SSR). R3 allows broker-dealers to perform fast, on-demand analysis and reporting on their stored trade data. SSR, on the other hand, provides the ability to create custom reports and dashboards for various regulatory and operational requirements.
One of the key features of FinQloud is its encryption key management system. This system is intended to meet the stringent operational and regulatory security requirements of the financial services industry and protect data integrity. The encryption key management system will be housed in private NASDAQ OMX data centers before connecting to AWS.
The FinQloud platform is specifically designed to help US-based clients meet their obligations under US Securities and Exchange Commission Rule 17a-4 to retain copies of books and records in Write Once Read Many (WORM) format. The data stored on FinQloud will be immutable, ensuring compliance with regulatory requirements.
After launch, additional product offerings will be made available to address other regulatory and operational needs of US-based clients. The FinQloud services are primarily focused on ensuring compliance with US Securities and Exchange Commission regulations. However, the platform is intended to provide global coverage in the future.
In the coming months, all connections to FinQloud will pass through a rigorous encryption key management system. This will further enhance the security and integrity of the data stored on the platform. The FinQloud platform will eventually provide coverage for clients across the globe, with the services being provided globally by Capgemini in the long term.
FinQloud is set to revolutionise the way financial services companies manage their data, particularly in terms of regulatory compliance. With its focus on security, ease of use, and cost-effectiveness, FinQloud is poised to become a valuable tool for broker-dealers and other financial services companies.
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