In the Depository Trust & Clearing Corporation (DTCC) whitepaper, “Moving Financial Market Infrastructure to the Cloud,” DTCC asserts that the capabilities, resiliency and security of services provided by cloud vendors has surpassed on- premise capabilities.
As a result, DTCC will evaluate opportunities to strategically expand the use of the cloud more broadly across its external services and applications where it makes sense, with a goal of leveraging cloud capabilities to reduce risk and cost and improve the resiliency and security of DTCC’s systems.
DTCC recognizes that understanding and market acceptance of significant technology changes require industry-wide communication and open discussion. The white paper provides DTCC’s views on the benefits of the public cloud platform and discusses the relevant regulatory guidance and requirements to utilize cloud vendors and the related policy implications.
Historically, many market infrastructures built, maintained and housed technology in proprietary data centers. Today, the cost and value of cloud computing technologies is challenging long-standing justifications for provisioning and/or sustaining individually owned and managed data centers.
The white paper highlights that cloud operations have become so robust and sophisticated that many of the biggest companies cannot achieve the scale of some of the large cloud vendors with respect to performance, security, cost and scale.