Here's why financial market data is moving to the cloud - Business Insider

Crypto trading platform Skew is among the first customers to use CME Group’s new cloud data platform.Finding a market price used to mean tilting your head up to a big chalkboard hanging over a trading floor. Perhaps runners developed the first Application Program Interfaces back in the 1800s when they donned fur sleeves to prevent any accidental erasure of the precious info.

Especially for firms who may not have the need, expertise, or the budget for on-site infrastructure, servers, or data storage, there is a growing interest in cloud-based market data solutions."This is an inflection point," said Bill Bierds, president of the software house BCC Group, in a"I think you are going to see a lot more acceleration into the cloud and market data is just one area that is ripe and ready to go.

"Now, more than ever, we know many market participants are looking for solutions that enable greater flexibility. Our collaboration with Google Cloud has made it easier for our clients to access the data they need from anywhere with an internet connection."Large institutions aren't the only ones levitating to the cloud.

Skew offers both trading and analytics and provides an institutional-grade overview of crypto derivatives markets, with over 100 charts on futures and options and historical data. Noat and Daniel Cullender, Skew's chief technology officer, also highlighted the importance of the cloud for speedy execution and the ability to quickly deliver their services to customers. Startups need to move fast to build viable services for customers, an ability cloud services allow. From their first conversation with CME Group, Skew was onboarded and using Smart Stream within just six weeks.

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