Neil Munshi You have been among the industry’s chief advocates for the cloud — how has the industry responded? What have been the obstacles to adoption?
Rick Lane We’ve been saying for years that new technology is the way forward for the industry.
We initially made that statement more reservedly because our customers are some of the most conservative people on the planet. There were a lot of concerns — both justified and irrational — about that type of technology. But those concerns were unfounded in hindsight. Today just about every major bank who is a customer of TT’s is leveraging the cloud in some capacity. The reason they’re doing that, and why this transition happened relatively quickly, is that they wanted do it themselves and physically own the infrastructure and the network in order to be safer.
What banks and financial institutions have seen in the intervening years is that their data is their biggest asset. You have to be constantly innovating in the cyber arena in order to make sure your data is safe. Banks simply aren’t equipped to do that, and the giants of the world — the Amazons and Googles — are.
NM Where does cloud adoption in the trading industry go from here?
RL Banks are starting to realise that security and safety can simply be done better. If you’re global bank XYZ and you have ageing servers and networks and you’re worried about data breaches, moving those servers from data centres to the public cloud [which is hosted by external providers] solves a lot of problems.
Plenty of banks, if not all, are today reaping the benefits of moving infrastructure on to public cloud severs. In the coming years banks will dramatically improve the way they deal with the increasing amounts of data. That means adopting cloud platforms.
By that, I mean fully managed platforms. The Amazons and Googles of the world have platforms that allow you to dramatically improve the way you can store and retrieve data, and also get a network effect that makes it much easier to deal with your clients and your partners.