Cboe to migrate corporate data and analytics to Snowflake’s cloud

Rick Steves

Cboe Global Markets will be using data cloud company Snowflake to migrate its corporate data and analytics from on-premises systems to the cloud.

This is a milestone move for Cboe as it aims to transform its data and analytics infrastructure into a modern cloud architecture, bringing speed, scalability, and efficiency to the company’s handling of its internal, proprietary data and analytics.

The exchange group chose the Snowflake Data Cloud platform because it provides a more scalable and efficient platform for centralizing, integrating, and analyzing Cboe’s proprietary data.

The engagement with Snowflake is part of its ongoing global cloud strategy. In November 2021, Cboe launched Cboe Global Cloud, a real-time, cloud-based market data streaming service that aims to optimize the efficiency and delivery of Cboe’s data services for market participants globally.

Opportunity to create new data products and services

Migrating to the cloud also enhances operational performance and capabilities to enable rapid analytics both internally and for customers.

Snowflake can operate across different infrastructure cloud providers and regions as a single cloud, which will help enable Cboe to employ additional tools to its existing data sets, expanding the way it aggregates and mines its data.

Cboe also plans to utilize Snowflake as a security data lake to unify data for efficient detection and response and other cybersecurity use cases.

Additionally, the migration to Snowflake’s Data Cloud creates the opportunity for Cboe to potentially create new data products and services, while expanding data access for market participants through Snowflake’s cloud capabilities and unique distribution channels, such as Snowflake’s Secure Data Sharing.

Highly flexible and scalable Data Cloud platform

Eileen Smith, Senior Vice President, Data and Analytics, Cboe Global Markets, said: “Cboe will leverage Snowflake to accelerate our cloud migration journey and modernize how we manage and utilize our proprietary corporate data and analytics for our benefit and that of our customers. Snowflake offers a highly flexible and scalable Data Cloud platform that will enable our teams to handle increasing amounts of data with greater speed and efficiency, improving our capabilities for managing, mining, and analyzing that data internally across our global business and sharing those insights with our customers. We look forward to the many expected benefits that Snowflake will provide.”

Rinesh Patel, Global Industry GTM Lead, Financial Services, Snowflake, commented: “The successful financial services companies of tomorrow know that they need to provide a seamless data experience. The work Cboe is doing to modernize their data and analytics infrastructure and deliver faster, better insights to their internal teams and clients is a model for how the financial services industry must modernize, deliver on a more customer-centric model of operation and take advantage of the data monetization opportunities that exist in financial services.”

Read this next

Digital Assets

Kraken exits Middle East, closes UAE office

Digital currency exchange Kraken will close down its operations in Abu Dhabi, UAE and lay off the majority of its team focused on the Middle East and North Africa.

Industry News

CFTC comments on ION Cleared Derivatives issues after Russian-linked hack

“The ongoing issue is impacting some clearing members’ ability to provide the CFTC with timely and accurate data. As this incident unfolded, it became clear that the submission of data that is required by registrants will be delayed until the trading issues are resolved.”

Industry News

FCA took down 14 times more misleading ads in 2022 thanks to technology

The FCA has made significant improvements to the digital tools it uses to find problem firms and misleading adverts. These improvements have enabled it to work through a much larger number of cases compared with 2021.

Executive Moves

HKEX appoints ex-Goldman Sachs Matthew Cheong to lead platform’s focus on derivatives

“He has worked for a number of the world’s leading investment banks and his experience will be invaluable to HKEX as we continue to enhance our derivatives product offerings and build on our innovative and robust platform business, connecting capital with opportunities.”

Digital Assets

Zodia Custody and SBI Digital Asset Holdings launch JV for crypto asset custodian in Japan

“Zodia Custody is both proud and excited to be working with SBI DAH to help set up SBI Zodia Custody; the first tier 1 crypto asset custodian for institutions in Japan.”

Digital Assets

Paxos opens R&D center in Israel to focus on transaction signing and crypto custody security

“Paxos is looking to expand its team in Israel in 2023 and beyond, giving engineers the opportunity to work on cutting-edge financial products and shape the future of the global economy.”

Executive Moves

Stash appoints Liza Landsman as CEO to further grow investing app

Stash is an investing and banking app with over 2 million active subscribers. Its subscription plans start at just $3 a month, and offer a range of products including investing, banking, education, and advice.

Institutional FX

Invast Global ramps up its offering with 10 soft commodity CFDs

Sydney-based prime-of-prime provider Invast Global has expanded its offering with the addition of ten soft commodity CFDs, which increases their index and commodity CFD offering to 35 instruments.

Retail FX

FF Simple and Smart Trades says Goodbye to CySEC authorization

The Cyprus Securities and Exchange Commission (CySEC) confirmed that it has wholly withdrawn the Cyprus Investment Firm (CIF) licenses of FF Simple and Smart Trades Investment Services Ltd.

<