NASDAQ to Move Broker Records into the Cloud
by The Compliance Exchange on September 25, 2012
The operator of three national stock exchanges said it is launching two online services that will store regulatory records for customers at Amazon Web Services data centers.
NASDAQ is called its new cloud computing platform FinQloud. The first two services are named R3, for Regulatory Records Retention and SSR, for Self Service Reporting to the Securities and Exchange Commission.
The cloud services, NASDAQ said, are intended to substantially reduce “cost and complexity’’ of meeting regulatory reporting demands, particularly SEC Rule 17a-4, which allows broker-dealers to employ, under certain conditions, electronic storage media to keep permanent records of trades.
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