Euronet, the pan-European stock exchange and market infrastructure, is opting not to use foreign cloud companies like Amazon, Microsoft, or Google, to migrate its critical services, citing regulatory concerns.
The
organization emphasized that it does not want strategic applications
“to be stored and operated by the data centers of companies which have
decision-making centers outside the EU.”
- Nasdaq
and the London Stock Exchange Group have partnered with U.S. cloud
computing giants, and the Deutsche Boerse has just announced a
partnership with Google, unlike European companies.
- Euronext’s
chief executive Stephane Boujnah claims that the pan-European exchange
only relies on a cloud provider to store its historical data, not
real-time data and current market operations.
- The Bank for International Settlements General Manager Agustin Carstens recently delivered a speech,
calling for “a regulatory rethink” and “a new path to follow” regarding
the regulation of big tech companies in financial services.
- The EU has echoed this sentiment with its enactment of the Digital Operational Resilience Act (DORA),
which requires EU financial firms relying on cloud computing to
demonstrate their recovery method in the event of a cyberattack.
