The Australian Securities Exchange (ASX) has named Google Cloud as its preferred cloud partner, aiming to enhance product innovation in analytics and data. ASX plans to utilize Google Cloud’s data and analytics technologies to derive actionable insights for its member firms through the exchange’s data science platform, DataSphere.
Dan Chesterman, Group Executive for Technology and Data and Chief Information Officer at ASX, stated, “We operate critical infrastructure that underpins both the Australian and New Zealand financial markets, so having access to best-in-class technology is essential. Our collaboration with Google Cloud allows us to make data and insights accessible within a flexible and scalable framework, facilitating the faster introduction of new products and services to the market.”
The exchange is currently developing new products that leverage its debt, equities, and futures market data, while also exploring collaborative opportunities with Google Cloud on product development initiatives.
This shift to Google Cloud, with support from implementation partner Servian, is part of a broader business and technology transformation at ASX. The exchange is working on renewing several core platforms, decreasing the average age of its core equity market technologies from over 20 years to less than five years.
ASX has encountered challenges in its recent technology transformation efforts. Last year, the Australian Securities and Investment Commission imposed new restrictions after a problematic technology upgrade in November 2020 caused a day-long trading halt. Additionally, a four-hour outage in March this year disrupted trading in the futures markets. Ongoing delays surround the exchange’s blockchain-based post-trade network, initially scheduled for launch in April 2021, with expectations now pushing toward late 2024.
For more insights on industry innovations, consider the inaugural Financial Cloud Summit, which took place on 2 March 2023. Additional information and registration details can be found on the event page here.