Wall Street continues to move to the public cloud

All big Wall Street players like JPMorgan, Citadel, Point72 continue to move to the public cloud. As INSIDER puts it, “who they are and what they do is now more important than ever.” While the business case is not evident, even if the move to the cloud is just break-even, elasticity, the ecosystem, and innovation are key drivers for moving to the public cloud. Not to mention that with today’s supply chain challenges, probably the only option to access some infrastructure quickly. And most likely the only way to continue to compete in the future. For those still skeptical about security, I wonder what makes them believe on-prem is safer? Who can compete with the USD 20 billion and USD 10 billion Microsoft and Google will respectively spend on security over the next five years?

And Wall Street is not alone in moving to the public cloud. Microsoft and the London Stock Exchange Group have just signed a new deal, where Microsoft will buy a GBP 1.5 bn stack of the LSEG, LSEG is committed to spending GBP 2.3 bn at Microsoft, and both will leverage advanced technologies like machine learning and native Azure solutions to improve LSEG’s data and analytics capabilities. And more. This follows similar partnerships between Google and CME, and AWS and Nasdaq.