State Street taps AWS and Microsoft for cloud and infrastructure solutions

Rick Steves

“By standardizing and simplifying our technology operating model, we will be able to more quickly deploy client environments and launch new products and services, while continuing to enhance the resiliency of our technology environment and our business operations.”

Amazon Web Services (AWS) and Microsoft have both become strategic providers of cloud and infrastructure solutions for State Street as the bank proceeds with its multi-year technology transformation journey.

State Street is currently consolidating its current network of segregated data center facilities to a more optimized data center footprint with fit-for-purpose designed and managed facilities.

To quickly deploy client environments and launch new products

The bank plans to transition its two core North American data centers to AWS, while also maintaining operations in these data centers for a period of time as its technology transformation journey continues to evolve. The data center transition provides a path for State Street to rapidly modernize the IT infrastructure layers that a pure public cloud strategy does not address.

State Street first deployed the Microsoft Azure cloud in December 2020 and will now expand its use as a platform for business applications to augment its technology infrastructure, standardize platforms, and accelerate technology development.

The AWS and Azure cloud architectures will allow clients to manage and access data in real-time across State Street tools and third-party services so that they can streamline their investment processes, while accelerating decision making.

Brian Franz, chief information officer of State Street Corporation, said: “Our objective is to continually enhance our client experience and technology solutions while driving efficiency and productivity across our organization. By standardizing and simplifying our technology operating model, we will be able to more quickly deploy client environments and launch new products and services, while continuing to enhance the resiliency of our technology environment and our business operations.”

State Street aims to modernize and standardize its technology infrastructure, leveraging automation and a combination of private cloud and public cloud capabilities.

State Street joined oneZero’s Ecosystem for its streams-based approach to liquidity

oneZero Financial Systems has recently added Cboe FX and State Street to the vast network of liquidity providers and venues within its EcoSystem. The fintech firm invested heavily into its institutional product function.

Now, State Street is utilizing both shared and tailored streams via direct relationships with their liquidity consumers. They will be able to send clients a customized, unique blend of liquidity, tapping into multiple streams that allow for individual pricing per client segment according to flow characteristics, as well as shared streams for scalability.

State Street’s Dan MacGregor stated that what caught the bank’s attention was oneZero’s streams-based approach to liquidity, which gave them confidence that oneZero would enable them to offer the drilled-down, customized liquidity that is central to positive trading outcomes.

Read this next

Inside View, Institutional FX

Time for brokers to add options trading as volumes explode on high volatility

“Usually, adding options to the typical CFDs and equities offering leads to fragmentation of the platform technology as many brokers will need additional back-end and front-end components, and that could be an important barrier for them. Apart from that, legal hassle and costs associated with proper licensing of market data could be a barrier at first. We are seeing this trend among market data vendors and exchanges to make it easier and more affordable.”

Metaverse Gaming NFT

GCEX’s DeFi education and prime brokerage offering available in DubaiVerse

“We are excited to be part of the developments of The Sandbox and to join other top players in the region, including our regulator, Dubai’s Virtual Asset Regulatory Authority (VARA), as part of the DubaiVerse. This is a great opportunity to bridge the gap between Web3 early adopters and GCEX clients, building a community around Web3 and digital assets.”

Digital Assets

Circle wants Fed to back USDC stablecoin after “very serious stress test” with collapse of SVB

The collapse of Silicon Valley Bank allegedly proves Circle’s point that there is a need for its USDC stablecoin to be backed by the U.S. Federal Reserve with its U.S. dollars held at the Fed.

Digital Assets

Google searches for Crypto.com and Gate.io exploded by 300% amid FTX collapse

“The findings emphasize the importance of staying on top of market trends and being able to pivot strategies quickly and also offer valuable insights into the current state of the market and the behavior of traders, providing investors with valuable information to make informed decisions about their investments.”

Institutional FX

iS Prime reports £35m turnover, £16.2 million pre-tax profits, £37 cash balances

“We have plans in place to evolve the business over the next year, driving further growth for both iS Prime and for our clients.”

Industry News

Clearwater taps BNP Paribas to combine investment accounting/reporting solutions with custody

“We invite asset owners to explore our powerful, game-changing solution that fully leverages our award-winning technology platform and BNP Paribas’ suite of custody activities. Together with BNP Paribas, we aim to extend this solution to our key core markets.”

Executive Moves

XS.com hires ex-iFX EXPO Andreea Ilies as Global Head of Events

“I believe in 2023, events, trade shows and seminars will be of significant importance in the finance sector as we push forward with a more social and personalized approach to doing business.”

Executive Moves

FlexTrade hires ex-Fidessa Rajiv Shah as Head of Sales EMEA for sell-side OEMS, FlexOMS

“It’s an exciting time to join FlexTrade. From a business perspective, the firm has a demonstrable track record in creating and growing long-standing customer relationships through first-class support and a client-first approach. Alongside this, the advanced capabilities of FlexOMS make it one of the most compelling offerings available within the OEMS space.”

Digital Assets

DWF Labs invests $20 Million in Synthetix, token trading volume triples

Global Web3 venture capital and market maker DWF Labs has pledged an investment of $20 million to spur development in the growing ecosystem of Synthetix, a derivatives liquidity protocol on Ethereum.

<