Cloud Computing: Google and Amazon Vie for Big Inroad Into Wall Street Data Trove

Grazed from Bloomberg. Author: Benjamin Bain.

Trying to understand what causes flash crashes is no longer just for financial regulators and Wall Street. It’s a big deal in Silicon Valley too. Since billions of dollars were quickly erased from U.S. stocks in May 2010, the U.S. Securities and Exchange Commission has been trying to create a massive repository that would track stock and options trading from exchanges and broker-dealers on a daily basis.

That way regulators could quickly go back and find clues to what caused a market interruption. The lack of progress was highlighted last August when the Dow Jones Industrial Average dropped 1,100 points in the first few minutes of trading, sending regulators scrambling once again to figure out what went wrong...

Technology giants like Google parent Alphabet Inc. and Amazon.com Inc. are jumping at the chance to help build the storage for the exchanges via their cloud services. That’s intensified resistance by Wall Street, since the new database, known as the Consolidated Audit Trail, or CAT, could include personal information such as names and addresses from more than 100 million customer accounts. Brokers and banks are worried about everything from data breaches to technology firms making one of their biggest inroads yet into the financial world...

Read more from the source @ http://www.bloomberg.com/news/articles/2016-08-30/google-and-amazon-vie-for-big-inroad-into-wall-street-data-trove