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DTCC Moves Wall Street's Core to the Cloud
15 Apr
Summary
- DTCC is transferring its main systems to the cloud by decade's end.
- Amazon Web Services is assisting DTCC with this cloud migration.
- This move aims for greater flexibility, scalability, and resilience.
Depository Trust & Clearing Corp. (DTCC), the central firm for US stock trade clearing, is embarking on a significant transformation by moving its core systems to the cloud. This phased migration, slated for completion by the end of the decade, is being executed with the support of Amazon Web Services (AWS).
The initiative focuses on enhancing DTCC's infrastructure for future market demands, aiming for increased flexibility, nimbleness, and adaptability. This strategic shift follows an 'no-objection' letter from the Securities and Exchange Commission, permitting DTCC to host a portion of its systems on the public cloud.
DTCC's cloud transition mirrors a wider trend among financial institutions. Competitors like CME Group Inc. are also adopting cloud solutions, with various firms partnering with providers such as Amazon, Microsoft, and Google to modernize their operations efficiently. DTCC has a decade-long relationship with AWS for non-core systems, and has also expanded its partnership with Microsoft for crypto operations.
