Nasdaq, Inc. (Nasdaq: NDAQ) and Bolsa Electrónica de Chile (BEC) have announced an agreement through which BEC will upgrade its current on-premise Nasdaq trading technology to Nasdaq’s SaaS-based Marketplace Services Platform, with the aim to move its operations to the cloud by the end of 2024. As an early adopter of a full cloud migration strategy in Latin America, BEC will be able to meet the evolving requirements of its growing business and client base.
The agreement between Nasdaq and BEC builds on a decade-long partnership between the two companies. The partnership also represents the latest step in Nasdaq’s mission to modernise the global market infrastructure. This includes migrating markets into cloud environments and broader ecosystem transformation.
Through Nasdaq’s Marketplace Services Platform, BEC and other exchanges around the world retain the functionality, resiliency, and availability offered by Nasdaq’s on-premise technology, with the added benefits of enhanced scalability and agility that cloud-enabled environments provide.
“At Bolsa Electrónica, we are motivated to promote the Chilean capital market. We want the different actors that participate in this ecosystem to operate in a safe, agile, transparent and sustainable way. The possibility of operating through the cloud points in that direction,” said Juan Carlos Spencer, CEO of Bolsa Electrónica de Chile.
“We are happy to do it together with our strategic partner Nasdaq and its technology. Especially as it provides greater resiliency and efficiency. Today more than ever it is necessary to have robust and secure platforms that help the integration of stock exchanges at the national level and with other markets in the world,” he added.
Transforming speed and scale
“The expansion of Nasdaq’s partnership with BEC demonstrates the deep trust and credibility that we have established with our clients. We look forward to the expanded role Nasdaq will play in supporting BEC’s adoption of a SaaS model. It will be foundational to their ability to innovate and differentiate at speed and scale,” said Roland Chai, EVP and head of marketplace technology Nasdaq.
“We are honoured that BEC has chosen us to help manage the next phase of their transformation. Working alongside them as we advance their journey to the cloud is very exciting,” concluded Chai.
Recent research from Celent shows that capital markets firms are turning to cloud technology more than ever before to create more stable, cheaper and safer infrastructure. Celent finds that most capital markets firms (67 per cent) expect that by 2024 they will be either ‘cloud first’. This means new applications are built as cloud-native, or will have fully adopted cloud technology.
BEC’s migration to Nasdaq’s SaaS-based matching service is expected in late 2024.
Speaking exclusively to The Fintech Times, Chai added:
“Nasdaq’s partnership with BEC follows the successful migration of the first US Options market. This demonstrates our long-term commitment to supporting our market infrastructure clients globally in their cloud journey.
“Across the industry and across the world, we’re seeing financial markets increasingly leverage cloud technology and edge computing. They provide added agility, scalability and resiliency, ultimately allowing for a more efficient, secure and adaptable investor experience.
“BEC’s move to our SaaS-based Marketplace Services Platform is yet another step in this direction for international markets. We believe that these types of innovations are fundamental in capital markets over the next decade. This is in order to grow investor and institutional liquidity.”