Financial Technologies Group has joined hands with Microsoft Corporation for providing its software ODIN and other applications on cloud computing, an Internet-based IT delivery model.

Developed by Microsoft, it helps access software without the need to download or install it on a local server. Financial Technologies will leverage Windows Azure and SQL Azure to enable the tie-up.

Windows Azure is Microsoft's operating system for the cloud which offers a simple, reliable, and powerful platform for developing, hosting and delivery of cloud-based software in a pay-for-use business model. SQL Azure is the world's first next generation cloud database that allows developers build business applications on the cloud that requires relational database capability.

ODIN, the flagship product of FT, has been the preferred trading platform for over 830 leading brokerage houses which together command 80 per cent market share. The software enables stock market participants to stay connected with the market through secure encrypted channel on real time basis to view market quotes, positions and transactions.

Software access

Applications on the cloud are accessible through the browser and can be rented or subscribed on a metered basis, against the traditional software delivery model of licensing the software for use.

The advantage of the cloud computing model helps in reducing cost barriers to financial markets. It also helps drive financial inclusion in the global economy, particularly in fast-growing economies like Asia to Africa.

Mr Miten Mehta, Director, FT Group, said, “This is a step ahead of existing offerings in the market as virtual machines are being assigned as needed and charged purely on usage taking away all capacity planning challenges.”

Mr Ravi Venkatesan, Chairman, Microsoft India, said India was poised for strong growth and a robust financial ecosystem was critical for overall progress. “The new economic opportunity requires us to find quick roadmaps in key areas like inclusive growth, microfinance and financial operational excellence,” he added.

Mr Jignesh Shah, Chairman and Group CEO, FT Group, said, “Infrastructure is the key enabler for growth. Technology-centric financial exchanges are instrumental in changing the contours of ‘exchange trading' in emerging, but fast-growing, economies from Asia to Africa and have the impending ability to transform economies and empower lives. Financial markets, especially regulated exchanges, are envisaged to play a critical role in developing fast-growing economies.”

Related Topics
comment COMMENT NOW