Options IT to use IBM for Private Cloud Computing

Options IT announced it selected IBM’s BladeCenter platform to deliver private cloud computing to buy-side and sell-side firms, a system it said will reduce the time to market for new trading strategies.

Options IT added in a statement that the new offering will enable hedge funds, proprietary trading operations, or trading desks within investment banks, the ability to use plug and play software for their trading models through the Options PIPE platform.

“As the costs of managing the trading strategy have risen, we’ve seen a dramatic shift in the number of firms outsourcing the underlying technology infrastructure, management and market connectivity needed to run a competitive financial services business,” Options IT Chief Executive Nigel Kneafsey said in the statement.

“With the Options PIPE, clients can plug their applications into an existing private cloud infrastructure, pay only for the resources they use, and have the ability to move their strategies around the globe on-demand when the opportunities arise.”

IBM added that it projects the global cloud computing market to grow 28 percent in the next two years, up from $47 billion in 2008 to $126 billion in 2012.

As the Senior Editor of Advanced Trading, Justin Grant plays a key role in steering the magazine's coverage of the latest issues affecting the buy-side trading community. Since joining Advanced Trading in 2010, Grant's news analysis has touched on everything from the latest ... View Full Bio