David Kirkpatrick

July 2, 2009

Cloud computing and Wall Street

Looks like IT tight budgets at financial firms are the rubber and cloud computing is the new road.

From the link:

Can new technology initiatives help pull Wall Street out of the danger zone? A new survey released by IBM and Securities Industry and Financial Markets Association (SIFMA) finds that IT budgets are tight on Wall Street, but things are loosening up, and there’s going to be plenty of demand for new technology initiatives in the near future as firms on the Street look to “transformational” solutions to help better manage risk.

The survey of more than 350 Wall Street IT professionals found a “significant” increase in interest in new technologies and computing models, in particular cloud computing, as firms seek to overcome budgetary restrictions and skills shortages. Almost half of the respondents now see cloud computing as a disruptive force.

The past year has seen marked growth interest in cloud computing. The number of respondents predicting that cloud computing would force significant business change more than doubled (from 21% in 2008 to 46% in 2009), making it the top disruptive technology, ahead of operational risk modeling and mobile technologies.

Major initiatives underway at most Wall Street firms include enhancing electronic trading tools (69%), improving data capacity and bandwidth (58%), and improving technology framework and infrastructure
(58%). It can be assumed that the last item includes SOA efforts.

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