Markit says its move to embrace cloud will cut costs and improve efficiency

Markit says its move to embrace cloud will cut costs and improve efficiency

Financial information services firm Markit has begun using Amazon Web Services, in a deal the firm says will optimise the performance and scaling capabilities of Markit products and services including enterprise data management, thinkFolio, WSO, indices and processing.

“By embracing AWS’ services, we are extending our capabilities across divisions. Markit is taking a leadership role in how the financial services industry can leverage the cloud to create a step change in innovation. Our industry faces many dynamic challenges and this new partnership will enable us to be more creative in finding solutions to challenges faced by our customers,” said Andrew Eisen, managing director, cloud strategy, enterprise software at Markit.

“Markit’s migration of applications to AWS demonstrates the growing importance of data-driven decision making, increased risk management, accelerated go-to-market speed, and improved automation in financial services,” added Scott Mullins, head of worldwide financial services business development, Amazon Web Services. “Organisations like Markit benefit from the cloud’s global scale, cost efficiencies, and world-class security—all of which are also enjoyed by their customers.”

A number of Markit EDM and WSO customers across North America and Europe are currently live on Markit’s new hosted managed service.

Markit has also been active in the swaps market, where it recently launched a new service for the cross currency swaps market together with foreign exchange settlement service CLS in November.