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