US cloud services not for us, says Euronext boss • The Register

Pan-European inventory alternate Euronext says worries about information sovereignty and compliance means it won’t observe rivals into signing contracts with US public cloud megacorps.

Simply yesterday, Deutsche Börse AG inked a decade-long settlement with Google as its “most popular” cloud for the following decade, which has echoes of its earlier cope with CME Group, the world’s largest monetary derivatives alternate.

Nasdaq is working with AWS, and the London Inventory Alternate went all in with Microsoft late final 12 months.

Nevertheless, Euronext – which makes use of a cloud biz to retailer historic information – reckons its personal outlook mirrors that of monetary regulators. The inventory alternate’s chairman Stephane Boujnah informed Reuters:

“One of many the reason why we’re cautious about using datacenters of Microsoft, Google and Amazon for crucial elements of what we do is as a result of our core supervisors and regulators are themselves very cautious.”

He added: “When it comes bought strategic purposes akin to real-time information and operations of the market, we don’t eat them to be saved and operated by the datacenters of corporations which have decision-making facilities exterior the EU, and bodily infrastructure exterior the EU.”

The European Banking Authority filed recommendations on outsourcing to cloud service providers in late 2017. These handle information safety, location of information and information processing; entry and audit rights; chain outsourcing; and exit methods. They have been designed to let monetary establishments use the cloud whereas managing perceived threat.

Legal professionals at Pinsent Mason said in September that termination and exit of a contract, subcontracting, and audit rights stay potential pitfalls.

Worldwide alternate Deutsche Börse AG says that in addition to operating the Digital Asset Enterprise Platform on Google’s servers, its contract is meant to assist it pace up growth of the D7 digital securities platform, and the duo plan to collectively construct a knowledge mesh for information distribution.

Theodor Weimer, CEO on the alternate, mentioned in an earnings name this week: “Tokenization and digitization are crucial traits for us, and we began to put the inspiration to develop into new asset courses and repair choices with various totally different initiatives. This will probably be accelerated by the strategic partnership with Google Cloud.”

Weimer added: “We’re concentrating on a public cloud publicity of round 70 %, seven-zero %, over time. As well as, we will probably be launching joint initiatives to speed up the event of latest and progressive platforms.”

Weimar mentioned sure features of its enterprise would stay primarily based by itself servers. “Low latency buying and selling and studying methods will stay on-premises.”

The topic of information sovereignty is a sticky one for native cloud suppliers in Europe, however US rivals actually seem like successful the race for customized: US cloud titans account for almost three-quarters of cloud spending in the region.

Not everyone seems to be pleased with the way in which that enterprise is being gained, actually within the case of Microsoft, as a number of complaints about anti-competitive behavior in opposition to Redmond at the moment are within the fingers of EU regulators. ®