Tanuja Randery

The announcement marks an extension of LSEG and AWS’ multi-year collaboration and will see the exchange migrate its internal systems to the cloud. 

The move is also expected to improve the exchange’s strength and security during client interactions and provide faster and more accurate risk analysis to LSEG’s risk intelligence division by incorporating generative AI platform, Amazon Bedrock.  

Daniel Maguire, group head of markets at LSEG, said: “Our ongoing collaboration with AWS is an important part of the group’s cloud strategy. LSEG’s role as a leading global market infrastructure and data provider means that operational resilience is the foundation of everything we do – and cloud services are the cornerstone of our approach.” 

LSEG clients will be able to continue using historical, quantitative FTSE Russell indices through AWS, which is expected to address challenges of time-to-insight and operational costs by allowing for deep access to market trends and patterns.  

“AWS has deep expertise in meeting the unique needs of financial markets participants around the world, and we are excited about the opportunity to scale our work with LSEG,” said Tanuja Randery, AWS EMEA managing director. 

Read more – LSEG and Murex expand connectivity via AWS to improve real time cloud data services 

The partnership between LSEG and AWS has been ongoing since 2017, when the exchange began migrating some of its workloads to the provider, with the aim of modernising its infrastructure and increasing efficiency. 

In May 2023, LSEG used AWS to expand its connectivity with capital markets trading and risk solutions provider, Murex, and enhance real time data services for clients. The move allowed Murex’s MX.3 platform to be integrated with LSEG’s Real-Time – Optimized (RTO) cloud-based data solution when hosted on AWS.  

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Nicolas Breteau

A key element of the multifaceted agreement is the acceleration of the development of TP ICAP’s flagship digital platform, Fusion.

The cloud-based platform is designed to improve TP ICAP’s ability to serve clients throughout the transaction lifecycle.

The development will see 45 AWS professional services engineers working alongside TP ICAP’s technology teams to co-develop the Fusion platform.

With the use of data analytics and generative AI to enhance developers’ productivity, the two firms added that this agreement seeks to enhance new product development times, improve scalability, and increase TP ICAP’s IT workload on AWS Cloud to more than 80%.

Read more: In conversation with… AWS’s John Kain

“This strategic collaboration with AWS positions TP ICAP as a leader in digital transformation within our industry. We will be able to develop new functionality, faster, to enhance our electronic platform, Fusion,” said Nicolas Breteau, group CEO at TP ICAP.

“And by equipping our teams with AI expertise and tools, we will further strengthen our ability to develop new solutions, execute at scale, and better serve our clients.”

Read more: TP ICAP bolsters regional operations with new Dubai office

Elsewhere, AWS will help TP ICAP establish an AI and Innovation Lab to accelerate and scale AI-driven solutions.

This lab will complement TP ICAP’s existing projects to date, such as automating regulatory governance reviews with Amazon Bedrock and creating a chatbot to automate client engagement analysis and generate actionable insights.

“TP ICAP’s “All in on Cloud” strategy aims to migrate over 80% of its technology infrastructure to AWS by the end of 2026. This will reduce TP ICAP’s reliance on physical data centres and legacy systems, delivering millions in annual savings and cutting carbon emissions,” said Tanuja Randery, VP and managing director of AWS EMEA.  

“And with the establishment of its AI and Innovation Lab, TP ICAP is also investing in training, equipping its workforce with capabilities and skills in developing advanced AI-driven solutions.”

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AWS Marketplace is a digital catalogue with software listings from software and data vendors that helps find, test, buy and deploy products that run on AWS.

The BMLL Data Lab is a data science research sandbox which co-locates data and computes in an AWS cloud environment, offering access to full-depth order book data, enabling users to conduct analysis easily using historical Level 3, 2 and 1 data across equities, ETFs, and global futures.

Cloud adoption has seen increased focus over the last few years across the capital markets industry. Exchanges and trading venues have been in the forefront of this adoption, with expectations that they will have a knock-on effect to promote increased adoption from other participants in the longer term.

Read more: In conversation with… AWS’s John Kain

Mutual clients of BMLL and AWS have access to infrastructure and implementation services behind software and granular historical data, empowering clients with improved scalability, accelerated time to market and secure remote access.

“AWS has been our cloud computing partner for over a decade due to its unparalleled scalability and resilience. This collaboration brings significant benefits to BMLL’s clients,” said Paul Humphrey, chief executive of BMLL.

“By leveraging AWS, BMLL ingests, curates and stores large-scale data sets and generates analytics at speed and scale. Our AWS-native infrastructure allows our clients to conduct highly complex computations quickly and efficiently within their private accounts.”

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Exchanges—like all financial market infrastructure—are critically important, especially within the capital markets space where they tie together the financial services community. Demonstrating the ability to run these systems in AWS, accelerates innovation for the industry as a whole. Our partnerships, like the one we built with Nasdaq over the last decade, highlight that a variety of exchange workloads—everything from the reporting, index calculations, surveillance, and market data distribution, all the way to the mission critical functions—can run on AWS.

Nasdaq continues to work closely with AWS to advance the modernisation of markets by driving innovation in the underlying infrastructure that power markets to deliver enhanced performance, transparency, security, resiliency, and integrity. Together, Nasdaq and AWS are transforming what’s possible for capital markets and delivering on a commitment to create an interconnected future—one that is safer and stronger for everyone, in the cloud.

Are capital markets participants prepared for this shift [to the cloud]?  

Given the level of adoption we continue to see across the industry it’s surprising to hear the perception that there’s any reticence. Capital markets firms from virtually every component of the trade lifecycle have been leveraging AWS for over a decade to power their important workloads. Additionally, if you look at every segment of the capital markets space—from the financial data driving investment decisions to the analytics needed for investment research and trading—you see firms accessing data and market intelligence on AWS.

Firms like Bloomberg and FactSet are delivering real-time data directly to customers on AWS. Dating back to 2018, AQR spoke at AWS re:Invent about using AWS Batch to develop investment signals. More recently, firms like QRT and Bridgewater have talked how they’re using the latest AWS technologies to drive the analytics for their own trading and investment strategies.

AWS also powers trading platforms for activities among various market participants, ranging from retail investors trading using an online brokerage like Robinhood to Fidelity, which migrated their Asset Management equity trading platform to AWS last year. As noted earlier, Nasdaq runs regulated exchanges on AWS, but there are many other liquidity venues like Coinbase, running on AWS, or Broadridge LTX, which has its fixed income trading platform on AWS. Additionally, customers use AWS to process the volumes of data that support capital markets, including market surveillance, like the NYSE does for their own exchange or what FINRA’s Consolidated Audit Trail does for the broader U.S. markets. The OCC has also announced they are modernising their clearing, risk management and data management applications on AWS.  

Is there a readiness gap across the capital markets industry for cloud adoption/migration?

Given how much capital markets infrastructure can and does run on the cloud, there are very few workloads that we haven’t seen migrate. The workloads with more complex migrations tend to be heavily latency sensitive for regulated markets, but even those can run on AWS.

In these cases, instead of strictly using the public cloud, there are often investments in hybrid infrastructure that enables a mix of on-premise deployments with AWS. This approach is indicative of the work our team has done with Nasdaq to build a custom version of our Amazon Outposts, which made it possible for us to support their workloads without disruption.

How does the capital markets landscape continue to evolve with greater cloud adoption?  

Increasingly, as more critical capabilities or building blocks fundamental to financial services run on AWS, we see our customers have a greater ability to build applications more quickly, leveraging the infrastructure that capital markets rely on today but delivered natively in cloud with improved security and resilience. That level of accessibility will enable even greater innovation and experimentation by reducing the technical and financial undifferentiated heavy lifting across the industry.

Already, we’re seeing examples like B-PIPE, Bloomberg’s real-time market data feed globally available through AWS, which can be spun up in minutes as opposed to the weeks it takes with on-premises infrastructure. There’s also Fusion by J.P. Morgan, which is a solution for institutional investors that seamlessly integrates and combines data from multiple sources into a single model to deliver the benefits of scale and reduced costs while more easily unlocking timely analysis and insights.

What are the key benefits of the cloud for capital markets participants?

With the need for capital markets participants to manage periods of market volatility, having the ability to scale up a technology platform when there is demand unlocks new business potential by eliminating the possibility of over or under investing in infrastructure. Cloud adoption in the capital markets space creates greater efficiency and operational flexibility enabling better business cost management as opposed to requiring large upfront capital investments.

Capital markets is a global business, and having the ability to leverage AWS’s global infrastructure allows our customer to explore new markets and products more quickly and with lower financial risks. Customers have the ability to quickly respond to increased demand while taking advantage of the enhanced reliability and security that AWS provides as part of its services.  

In addition to the cost efficiency and resiliency that our customers experience, they also can expect a lower impact on their environmental footprint.

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The completed migration will allow LTX to leverage the security and scale of AWS cloud services alongside allowing the firm to better optimise its data science processes.

The move will enable clients to make better informed corporate bond trading decisions based on transparency and real-time insights.

“By moving its trading platform and critical business applications to AWS, LTX can bring even more intelligence and improved functionality for corporate bond traders in an environment where security and resiliency are the highest priority,” said Scott Mullins, managing director, Worldwide Financial Services at AWS. 

“As LTX and AWS continue working together, we will modernise e-trading technology while providing increased privacy, agility and scalability for LTX clients.”

Improved machine learning monitoring and scalability will be able to be leveraged by LTX and its platform data to securely create more robust datasets.

In addition, the migration will enable LTX to offer more advanced analysis of its Liquidity Cloud – the LTX network of anonymous real-time buy- and sell-side indications of interest.

LTX stated that it will enhance its pricing, dealer selection, client recommendation, and similar bonds functionalities, better helping buy-side investors and dealers to make smarter trading decisions.   

“LTX is committed to offering innovative e-trading technology that facilitates transparency and liquidity discovery,” said Jim Kwiatkowski, CEO of LTX. 

“By migrating to AWS, LTX can leverage the scalability of the cloud to continue to deliver enhanced data and execution capabilities to our clients.”

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AWS will be used by Jefferies as its primary cloud infrastructure provider and its core business systems, internal and customer-facing applications, IT resources and companywide data will be moved to AWS.

The partnership will allow Jefferies to improve the speed, quality, and the types of digital services it can provide to clients and employees, as well as enabling development, operational efficiencies, and cost savings.

The platform will also be utilised to automate existing processes and workflows, develop new products and improve existing services provided by Jefferies. 

“By shifting from an application development to an application assembly and integration model, as well as distributing cloud services firmwide, we will not only modernise our technology, we will drive business innovation,” said Vikram Dewan, chief information officer at Jefferies.

Jefferies and AWS have worked collaboratively for several years and with this extended agreement, Jefferies plans to make cloud-native platforms the foundation for over 90% of new modernised workloads at the firm over the next four years.

AWS has seen cloud adoption from various firms over the last the year, including  Nasdaq, which partnered with AWS to migrate its North American markets to cloud using a solution co-designed by the two firms.

Similarly, BMO Financial Group partnered with AWS in June last year to drive the cloud transformation of its banking platforms and to develop cloud-based digital financial services applications.

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Nasdaq’s US options market, Nasdaq MRX, will be the first market to be transferred onto AWS using AWS Outposts, a co-designed edge computing solution which was created specifically to develop infrastructure.

Nasdaq confirmed that it planned to incorporate AWS Outpost directly into its core network to offer ultra-low-latency edge compute capabilities via its New Jersey primary data centre, making it the first-ever private AWS Local Zone for the capital markets.

Additional North American markets will be transferred to AWS over time, Nasdaq said, and the multi-year partnership is expected to generate infrastructure that can then be used by other participants and market operators looking to make the same transition.

“This landmark partnership with AWS seeks to power a truly cloud-based market infrastructure that is more resilient, scalable, and accessible for all market participants,” said Adena Friedman, president and chief executive at Nasdaq.

“For over a decade, Nasdaq has used the elasticity and high security of AWS to deliver client-driven solutions. Our innovative, new collaboration with AWS creates a bridge to the future for our markets and represents the next major step forward in Nasdaq’s cloud journey.”

Nasdaq will also develop “viable cloud choices that include public-cloud and hybrid models” in partnership with AWS for clients of the markets operator that rely on it for infrastructure across trading, clearing, settlement, and surveillance including exchanges, the sell-side, clearing houses, central securities depositories, and regulators.

The partnership is the second major cloud-based deal to be signed in the last few weeks after CME Group also signed a 10-year agreement with Google which saw the cloud provider invest $1 billion into the exchange operator.

Outside of the market operator space, several other market participants including BMO Financial Group, Morgan Stanley and Deutsche Bank have all signed cloud deals in the last year.

Most recent was Goldman Sachs which announced earlier this week that it had signed a deal with Amazon Web Services. Seen first on CNBC, the investment bank has partnered with AWS to launch GS Financial Cloud for Data which gives hedge funds and asset managers access to its market data and software tools.

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The trio confirmed that they had been successful in developing the proof of concept, which showed that running matching and messaging in the cloud is a viable option.  

Complex exchange architecture and operations worked as efficiently in the cloud as in physical data centres, the project proved. It produced a cloud-native exchange that had low latency and minimal ‘jitter’ in consistency while using multicasting technology, which is used to transmit data to a group of destinations simultaneously.

“The cloud-enabled marketplace we created has easy-to-manage infrastructure that is scalable and highly performant and would reduce the reliance on a data centre footprint and corresponding infrastructure and network overheads,” said Adrian Ip, director of Aquis Technologies. “This opens up a range of new possibilities for Aquis and for the whole exchange sector.” 

Market participants have been making moves to transition trading activity to the cloud with AWS in recent months. Most recently in October, Trading technology provider Itiviti confirmed it would be transferring its entire platform to the cloud using a hybrid private-public strategy with AWS.  

“We are excited by the results of the Aquis proof of concept with SGX, which defines a path to free customers from maintaining legacy on-premises infrastructure and implementing complex workarounds to run multicast workloads in the cloud,” said Mayumi Hiramatsu, vice president of EC2 networking at AWS.  

“With native support for multicast, AWS Transit Gateway makes it easy for Aquis to deploy trading applications that require multicast messaging while having the ability to monitor, manage, and scale multicast configurations for hundreds of receivers.”

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TraditionDATA, the data arm of interdealer broker Tradition, has made its interest rate swap and foreign exchange data products available on the Amazon Web Services (AWS) Exchange cloud platform.

The range of products available on AWS Exchange include Tradition’s global alternate risk-free rate (RFR) package including SONIA, ESTR, SOFR, and AMERIBOR.    

SONIA, ESTR, SOFR, and AMERIBOR are considered best practice as alternative reference rates to Libor as it is phased out, following years of controversy and manipulation shrouding the benchmark.    

The development is part of the broker’s longstanding partnership with the AWS Exchange which Tradition was a launch partner of in 2019.   

“By distributing our data through a cloud-native managed service, subscribers of all types from all corners of the globe can quickly discover and leverage the most relevant financial market data to power their applications and inform decisions,” said Scott Fitzpatrick, head of TraditionDATA.     

“As our customers work through market changes, such as the transition away from Libor, they need access to the most relevant and timely data that is easy to consume and use. AWS Data Exchange was a natural channel for our data business and we look forward to building on this relationship in the coming years.”  

The news follows TraditionDATA integrating the US dollar alternative reference rate AMERIBOR into its product suite in September as the firm continued to support participants transitioning from the Libor benchmark.    

TraditionDATA said it would be publishing spreads between AMERIBOR, SOFR, and the Effective Fed Funds Rate (EFFR) from September via vendors including Refinitiv and Bloomberg, as well as through its own global reference rate data feeds. 

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The partnership will see Crux Informatics’ data validation and operations infrastructure deployed to scale the onboarding process for data providers and the management of data on the AWS Data Exchange cloud platform.

“The engagement enables customers of AWS Data Exchange to immediately benefit from the infrastructure, operational services, and data supplier partnerships we’ve built,” said Crux Informatics chief executive, Philip Brittan.

“Customers now have access to more data from our world-class platform that enables automated ingestion, validation, and delivery of thousands of datasets, in almost any format, from hundreds of sources,” Brittan added. “We maintain the pipelines so data suppliers who are integrated with Crux can automatically deliver their data via AWS Data Exchange to AWS customers, enhancing the experience of working with data in AWS.”

Crux Informatics added that the collaboration will also give data providers easier access to consumer audiences on AWS Data Exchange, and Crux will onboard the data providers and build pipelines into the platform. 

“By taking care of onboarding, validation, and reliable operation of data products, Crux allows our data providers to accelerate distribution and scale operational efficiency,” said Samantha Gibson, global lead for financial services for AWS Data Exchange at AWS. “AWS customers will also benefit from well-defined metadata and operational data, enabling them to accelerate their understanding and use of various datasets.”

Backed by major institutions including Goldman Sachs, Two Sigma, and Citi, Crux Informatics has recently partnered with exchange operators Euronext and SIX Group to deliver market data services and relieve data management processes for market participants.

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