Wall Street looks to the cloud

25 June 2009

There is growing interest in cloud computing technologies among Wall Street professionals, new research shows.

A study conducted by IBM and the Securities Industry and Financial Markets Association (SIFMA) indicates that cloud computing is seen as an effective way to overcome increasing restraints on budgets.

Some 46 per cent of the 350 IT professionals on Wall Street surveyed said they believe cloud computing will force significant business change. This is an increase of some 25 percentage points from last year's survey.

General manager of IBM's financial services sector Ian Hurst said financial businesses must capitalize on cloud computing in order to allow them to better manage the data that is central to their business operations.

Doing so can aid the pace at which it can be turned into market insight, he added, noting that the use of mobile technologies can then quickly place the data with decisionmakers.

SIFMA earlier this month spoke in favour of new regulatory reform proposals put forward by the Obama administration, noting that the current financial problems rocking the market have revealed "serious flaws" in the regulatory system.

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