BCC Brings Market Data to the Private Cloud with Beeks Group
Financial services mission critical workloads, like real-time streaming market data, are they ready for the cloud? This depends very much on several factors such as regulatory requirements, security, and data transit costs, just to name a few. At BCC Group, we leave the decisions regarding cloud up to our clients who know their business best. Because the ONE Platform runs in containers, we are neutral regarding public, private or hybrid cloud.
In this article we would like to focus on private cloud. Let’s start by defining private cloud. According to Beeks Group, a private cloud environment is one that is single tenant and has no shared resources with other users. Private environments offer all the flexibility and agility of the cloud and is built upon dedicated hardware and network infrastructure. Contrast this with the public cloud, which offers economies of scale through shared resources over the internet, where entities of all shapes, sizes, purposes, and objectives are consolidated. Public cloud is typically extremely cost effective to access but it does contain a few caution flags of which financial sector businesses need be aware of:
- Regulations – Local and regional legislation and jurisdictional requirements insist that organizations know where their data resides at all times. This is easily addressed in the private cloud with capabilities such as postcodes to track where data is stored.
- Workload Control – Addressing spikes in activity is a major concern with public cloud. Private cloud eliminates these concerns because the resources are entirely at the disposal of the single tenant.
- Mission Critical Performance – Common to capital markets, trading and investment managers have little tolerance when it comes to latency. Private cloud can provides latency guarantees.
- Security & Data Sovereignty – This subject goes well beyond data or privacy, which are both key. Knowing exactly where data is stored is available in the private cloud. An event like a power outage makes this even more important.
- Data Transit Costs – Data ingress and egress from a public cloud environment has the risk of outpacing the savings projected with cloud. In contrast, private cloud implementations incur no costs associated with transfer of data.
- Replicability – Financial services firms expect the same platform functionality wherever they are participating. Private cloud environments have the advantage of offering consistent and replicable functionality, security, and performance regardless of location in the world.
Part of this private cloud initiative is Solace. Solace’s real-time event driven architecture provides the necessary middleware to transmit and deliver mission critical data in the cloud.
In conclusion, if you are considering cloud for your mission critical workload, given the advancement in this space in the past few years, we strongly support this decision. All industries have adopted cloud as the standard, but financial services are just getting started due to the issues raised in the bullets above. With private cloud, you will likely get a few more hours of sleep each night knowing that your workload is running in a dedicated environment.
Please reach out Alexander Gonzalez Evans at BCC Group or Karen Eden at Beeks Group if you want to learn more about the partnership between our two companies.