Future of commodities trading safe in the Cloud
Dubai, April 8, 2014
The Cloud is unquestionably the future for energy and commodities trade and risk management (E/CTRM) solutions. But the pace with which it is getting there is impressive, said a report.
Even very large trading firms are now embracing the Cloud as earlier concerns over security are allayed, according to findings from a new industry round table conducted by analyst and research firm Commodity Technology Advisory (ComTech) ) which was revealed by vendor Aspect Enterprise Solutions.
The Cloud has started increasingly replacing the on-premises software model once preferred by trading companies. The change is being driven by a sluggish global economy that favors lower cost, cloud-based alternatives, said the report.
On the report, Aspect’s vice president of EMEA sales Yags Savania stated that the Cloud technology’s much faster return on investment would be the catalyst for widespread adoption.
“Over time return on investment is realized far quicker in cloud models and I believe this will ultimately push the market to [the] Cloud,” said Savania, who was among the vendors’ representatives taking part in the ComTech round table.
He also cited Cloud solutions’ speed of implementation, ease of integration, centralized vendor support and inherent any-device mobility as important factors in their increasing acceptance.
But during the debate it was the issue of security that came up the most together with concerns from some users that data was at risk or that trades could be open to unwarranted scrutiny.
“The perception was that the cloud is insecure. [But] it has been shown that the cloud can be just as private and secure as the traditional model,” stated Savania, adding that service level agreements offered an ideal way to guarantee security.
“The customer should really think about their preferred vendor’s security procedures, ownership of data [and] access security. These elements should be clearly defined in the SLA,” he added.-TradeArabia News Service