Looking to accelerate their investment in public cloud technologies, Capital markets firms plans to spend on off-premise computing from 30% of IT budgets last year to 47% by 2019.
As a part of the survey conducted by Thomson Reuters, about 90% of the 250 250 buy and sell-side institutions interviewed expect to be using the public cloud for the majority of their market data needs in less than four years.
Brennan Carley, global head of enterprise proposition & product for the Financial & Risk business at Thomson Reuters, says: “The cloud offers a powerful set of tools for the financial community to manage their data needs, and opens up new opportunities to combine public and proprietary data at massive scale with tools like AI and machine learning to solve any number of problems. Financial firms of all sizes can be more agile and innovative using the cloud, as they test investment strategies and enter new markets more quickly.”
