RIYADH: Nasdaq Inc., the multinational financial services corporation that owns and operates three stock exchanges in the US, plans to switch over to Amazon Web Services cloud to reduce costs, Bloomberg reported.
The initiative will involve moving massive amounts of the exchange’s data to the third-party cloud-based service, outsourcing storage and processing capabilities from AWS Outposts.
The migration will take place in phases. The exchange is expected to kickoff cloud trading next year, beginning with Nasdaq MRX, with a long-term plan to host over 25 markets by 2030.
“The roll-out will happen over a multi-step testing period to ensure existing Nasdaq customers are comfortable with the transition,” Tal Cohen, executive vice president and head of North American markets at NYSE, stated.
Earlier this month, CME Group Inc. and Alphabet Inc.’s Google struck a deal to move and start trading derivatives data on Google Cloud.