About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

AFME Proposes 14 Recommendations to Advance Adoption of Public Cloud Computing in Capital Markets

Subscribe to our newsletter

The Association for Financial Markets in Europe (AFME) has published a paper setting out 14 recommendations to help realise the full potential of public cloud computing across the capital markets industry. The recommendations for banks, cloud providers, regulators, and the industry as a whole aim to increase the transparency and collaboration required to build further confidence, trust and capability in public cloud.

While the use of public cloud technology is expected to expand significantly across all areas of the capital markets value chain, with AFME members identifying the key benefits being greater business agility and innovation, improved cost management and efficiency, and enhanced client experience and service offerings, barriers remain. These are identified as legacy IT complexity, security implications, regulatory concerns, a lack of standardisation in cloud provider services, and long-term considerations on concentration risk.

Key use cases of public cloud identified in the paper include improving resiliency through back up and archiving of data, capacity bursting to support resource intensive processes, running sophisticated data analytics, and supporting innovation projects.

Given the benefits of, and barriers to, public cloud adoption, the paper reports that banks are still at an early stage of public cloud adoption. Over two-thirds of AFME members involved in discussions estimated that only 1-10% of their bank’s current workload is using some level of public cloud.

James Kemp, managing director, head of technology and operations at AFME, says: “The use of public cloud in financial services offers significant opportunities and benefits for all parties. However, to realise these and increase adoption it is vital that the whole industry continues to collaborate. This includes ensuring that knowledge, skills, security and risks are appropriately assessed and identified throughout this long-term transformation.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: The challenges and potential of data marketplaces

Data is the lifeblood of capital markets. It is also a valuable commodity providing financial institutions with additional insight when gathered in an internal data marketplace, or packaged and sold externally to other institutions. While the theory is sound, the practice of setting up a data marketplace can be challenging. Internally, vast amounts of data...

BLOG

Join Data Management Summit London to Explore the Pros and Cons of Data Migration to Cloud

Data migration to the cloud must be business driven, based on strategy, and include an understanding of data relationships, access paths and potential performance. The benefits of getting it right can be significant to the business and help firms move away from legacy systems. The penalties of getting it wrong, particularly as a result of...

EVENT

Regulatory Reporting Briefing, London

RegTech Insight (from A-Team Group) is proud to announce the launch of its Regulatory Reporting Briefing taking place in London and focusing on: Preparing for the EMIR Re-Fit

GUIDE

Regulatory Data Handbook 2020/2021 – Eighth Edition

This eighth edition of A-Team Group’s Regulatory Data Handbook is a ‘must-have’ for capital markets participants during this period of unprecedented change. Available free of charge, it profiles every regulation that impacts capital markets data management practices giving you: A detailed overview of each regulation with key dates, data and data management implications, links to...