Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today announced it is leveraging Snowflake, the Data Cloud company, to migrate its corporate data and analytics from on-premises systems to the cloud.
The adoption of Snowflake’s Data Cloud will help transform Cboe’s data and analytics infrastructure into a modern cloud architecture, bringing speed, scalability, and efficiency to the company’s handling of its internal, proprietary data and analytics.
The flexible and highly scalable Snowflake Data Cloud platform, which can operate across different infrastructure cloud providers and regions as a single cloud, will help enable Cboe to employ additional tools to its existing data sets, expanding the way it aggregates and mines its data. Ultimately, this is expected to improve Cboe’s capabilities in the ways it can analyze data, and derive rapid analytics to provide intelligence both internally and for customers.
“Cboe will leverage Snowflake to accelerate our cloud migration journey and modernize how we manage and utilize our proprietary corporate data and analytics for our benefit and that of our customers,” said Eileen Smith, Senior Vice President, Data and Analytics, Cboe Global Markets. “Snowflake offers a highly flexible and scalable Data Cloud platform that will enable our teams to handle increasing amounts of data with greater speed and efficiency, improving our capabilities for managing, mining, and analyzing that data internally across our global business and sharing those insights with our customers. We look forward to the many expected benefits that Snowflake will provide.”
Cboe also plans to utilize Snowflake as a security data lake to unify data for efficient detection and response and other cybersecurity use cases. Additionally, the migration to Snowflake’s Data Cloud creates the opportunity for Cboe to potentially create new data products and services, while expanding data access for market participants through Snowflake’s cloud capabilities and unique distribution channels, such as Snowflake’s Secure Data Sharing.
“The successful financial services companies of tomorrow know that they need to provide a seamless data experience,” said Rinesh Patel, Global Industry GTM Lead, Financial Services, Snowflake. “The work Cboe is doing to modernize their data and analytics infrastructure and deliver faster, better insights to their internal teams and clients is a model for how the financial services industry must modernize, deliver on a more customer-centric model of operation and take advantage of the data monetization opportunities that exist in financial services.”
Cboe continues to move toward more cloud-based solutions and the engagement with Snowflake is part of its ongoing global cloud strategy.
In November 2021, in a separate initiative, Cboe launched Cboe Global Cloud, a new real-time, cloud-based market data streaming service that aims to optimize the efficiency and delivery of Cboe's data services for market participants globally. Cboe Global Cloud is designed to enable customers to directly access real-time Cboe data from multiple locations around the world with as little as an internet connection. In addition, Cboe Global Cloud helps bring Cboe's wide array of real-time data products together onto a unified platform, providing customers a simple and efficient way to receive a variety of real-time data via a single access point. For more information, visit the Cboe Global Cloud website.