The pace of change to cloud services has been gathering for some time and is now accelerating. In research commissioned by Integral, a Palo Alto, California headquartered cloud-based eFX technology provider, nearly all respondents believed that the cloud would be used in their workflows in the next five years.
The research was conducted by FX Markets on behalf of Integral between September last year and January. It surveyed 94 heads of FX trading and senior FX managers in banks and buyside institutions around the globe. It found that 69 per cent of respondents expect their FX trading flows to be either entirely in the cloud or to use a hybrid of cloud and on-premise solutions within five years.” The report found that 45 per cent of respondents were not using the cloud at all at present and this figure would dramatically reduce to only 2% within five years. Speaking to e-Forex, Integral’s chief revenue officer Vikas Srivastava commented, “Respondents signalled the expected shift to cloud is driven by lower cost of technology, ease of integration, ability to customize, and accessibility for distributed workforces. Looking ahead, we expect that the increased use of cloud will help market participants of all shapes and sizes perform their FX functions on a daily basis cheaper and more efficiently with necessary access to sophisticated workflow.”
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