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

Markit Migrates EDM Users to Amazon Web Services Cloud

Subscribe to our newsletter

The migration of Markit’s enterprise data management (EDM) solution to the Amazon Web Services (AWS) cloud has attracted six clients since it went live last April. The clients are split between North America and Europe and range from asset managers to third-party application providers using the company’s platform.

Markit has been offering managed services using its own server farms for some time and decided to move to the AWS cloud after reviewing the security, accessibility and technology of its software assets and conferring with Markit EDM users already using the AWS cloud independently. As well as EDM, the company has migrated its thinkFolio front-office trade order management platform and Wall Street Office outsourced mid and back-office services to the AWS cloud.

The move is designed to optimise the performance and scalability of Markit’s products, as well as speed up time to market and provide clients with a flexible solution. Spiros Giannaros, managing director and global head of Markit EDM, explains: “The difference between using a private cloud and AWS is that we can leverage Amazon’s huge investment in technology, data access and security. AWS provides infrastructure-as-a-service and we provide software-as-a-service, including a technical service that helps clients size their EDM requirements and then manages and upgrades the application and integrates all necessary data on their behalf. The benefits for clients are cost savings and increased operational efficiency, including improved time to market and the ability to scale capacity up or down quickly.”

Giannaros also describes potential gains emanating from the flexibility provided by AWS and Markit EDM, perhaps the implementation of a hybrid cloud and on-premise system to meet specific client needs, or use of the cloud as a temporary development environment before migrating a solution back into a firm’s production environment.

Andrew Eisen, managing director, cloud strategy, enterprise software at Markit, comments: “Our industry faces many dynamic challenges. This partnership with AWS will enable us to be more creative in finding solutions to challenges faced by our customers.”

While Markit’s initial users of EDM in the AWS cloud are all new clients and the company will continue to sell on-premise EDM solutions, Giannaros expects some existing clients to transition to EDM in the cloud, perhaps during a version upgrade or as a result of a hardware refresh, and also expects more prospects to join them.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: The time is now for buy-side firms to re-evaluate their approach to data management

Increased cost pressures, rising volumes of data, and the challenges of legacy systems are pushing buy-side firms to re-evaluate current approaches to data management. The aim is cost-effective, optimised data management that can provide flexibility and scalability, support various data types including ESG data, and ensure headroom for development in line with business objectives. Achieving...

BLOG

Making the Case for Master Data Management

Master data management (MDM) is not a new concept for capital markets participants, but it can be an effective approach to data management when financial institutions face rising costs of ingesting, holding and using data, or when they restructure. Its benefits include streamlining workflows, reducing input error, lowering costs and unlocking the full value of...

EVENT

TradingTech Briefing New York

TradingTech Insight Briefing New York will explore how trading firms are innovating and leveraging technology as a differentiator in today’s cloud and digital based environment.

GUIDE

The Reference Data Utility Handbook

The potential of a reference data utility model has been discussed for many years, and while early implementations failed to gain traction, the model has now come of age as financial institutions look for new data management models that can solve the challenges of operational cost reduction, improved data quality and regulatory compliance. The multi-tenanted...