June 2011: Cloudy with a Bit of Thunder
There is little doubt that for many in financial services, cloud is the future. For London-based Majedie Asset Management, which has no technology whatsoever within its four walls, cloud is the present. But that doesn’t mean that cloud—which, for all intents and purposes, is the most recent, most sophisticated and most pervasive version of the application services provider (ASP) model—is free of challenges, the two most pressing of which are security and reliability. But these flaws are more perceived than actual, although anyone with a marketing background would counter that assessment by insisting that consumers’ perceptions are their realities.
Simon Hazlitt, responsible for Majedie’s technology and one of the firm’s cofounders, addressed both of these points at Waters’ recent London-based European Buy-Side Technology Summit. In his post-lunch address—unquestionably the most challenging time-slot in terms of holding delegates’ attention due to the residual taste of coffee and the ubiquitous desserty-type things that follow any half-decent conference main course, accompanied by the feeling of bloatedness and heavy eyelids (admit it, you know exactly what I’m talking about)—Hazlitt contended that Majedie’s nine-year-old cloud strategy had actually enhanced the firm’s data security. Not only that, but he also recounted the four outages that Majedie had experienced since its 2002 founding, arguing that a few hours’ down time over a period nearing a decade is a significantly better track record in terms of reliability and robustness than any buy-side firm running its own technology.
I’m not for a moment suggesting that cloud is a panacea for all financial firms’ technology challenges. But if you’re a startup and enjoy the luxury of a greenfield site, and have a relatively simple business model, there’s not a single reason why you cannot and should not look to the cloud for your technology provision.
There’s a truism that goes: It’s not what you say, but how you say it. This is especially pertinent to Hazlitt, a brilliant orator who has become a regular on the UK conference circuit, although he hastens to add his involvement is more altruistic than using these engagements as marketing opportunities. (In case you’re wondering, Majedie’s funds are now closed and the firm isn’t on the lookout for additional institutional mandates.)
During his address, Hazlitt used a number of often amusing analogies to illustrate cloud’s revolutionary potential, the most memorable of which demonstrates the notion that it’s not cloud per se that will enable the business, but rather the business’ use of cloud that is crucial. “It wasn’t Da Vinci’s paintbrush that made him special, was it?” Hazlitt quipped.
Touché, Mr. Hazlitt.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
Startup helps buy-side firms retain ‘control’ over analytics
ExeQution Analytics provides a structured and flexible analytics framework based on the q programming language that can be integrated with kdb+ platforms.
The IMD Wrap: With Bloomberg’s headset app, you’ll never look at data the same way again
Max recently wrote about new developments being added to Bloomberg Pro for Vision. Today he gives a more personal perspective on the new technology.
LSEG unveils Workspace Teams, other products of Microsoft deal
The exchange revealed new developments in the ongoing Workspace/Teams collaboration as it works with Big Tech to improve trader workflows.
IBM report finds ‘shadow’ data significant contributor to data breaches
As AI and cloud take on greater importance in the capital markets, firms need to consider their threat impact zones.
Bloomberg adds AI earnings summaries to Apple Vision Pro app
The vendor continues to add content and functionality to its Bloomberg Pro for Vision app, which sits at the convergence of spatial and mobile computing.
SS&C continues Blue Prism rollout, eyes other acquisition targets
The company is focusing on organic growth while keeping its eye on potential acquisitions.
CME: CFTC OKs clearing move to Google Cloud
The CFTC has given the Chicago-based exchange approval to run its clearing and settlement infrastructure on the Google Cloud Platform, while the exchange and vendor have extended their partnership to last until at least 2037.
Once a blockchain cheerleader, Axoni changes its playbook
The fintech, whose origins can be traced back to the genesis of capital markets’ complicated flirtation with DLT, has largely ditched the tech as the foundation of its data synchronization offering, opting for more familiar territory.