Cboe Global Markets is working with Snowflake to migrate its corporate data and analytics from on-premises systems to the cloud. The adoption of Snowflake’s data cloud continues Cboe’s journey to cloud and is expected to transform the company’s data and analytics infrastructure into a modern cloud architecture, bringing speed, scalability, and efficiency to its handling of internal, proprietary data and analytics.
The Snowflake platform will also enable Cboe to add additional tools to its existing data sets, expanding the way it aggregates and mines its data. This is expected to improve the company’s capability to analyse data and derive rapid analytics that provide intelligence both internally and for external customers.
Cboe’s engagement with Snowflake is part of the company’s ongoing global cloud strategy, and follows a separate November 2021 initiative that saw the release of Cboe Global Cloud, a real-time, cloud-based market data streaming service that aims to optimise the efficiency and delivery of Cboe data services to market participants globally.
Commenting on the company’s work with Snowflake, Eileen Smith, senior vice president, data and analytics, at Cboe Global Markets, says: “Cboe will leverage Snowflake to accelerate our cloud migration journey and modernise how we manage and use our proprietary corporate data and analytics for our benefit and that of our customers.”
The migration to the Snowflake platform also offers Cboe the potential to create new data products and services, while expanding data access for market participants through Snowflake’s cloud capabilities and distribution channels, such as Secure Data Sharing. Additionally, Cboe plans to use Snowflake as a security data lake to unify data for efficient problem detection and response, and other cybersecurity use cases.
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