BEC to Move Operations to the Cloud in 2024
NEW YORK and SANTIAGO, Chile, Jan. 05, 2023 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) and Bolsa Electrónica de Chile (BEC) today announced an agreement through which BEC will upgrade its current on-premise Nasdaq trading technology to Nasdaq’s SaaS-based Marketplace Services Platform, with the aim to move its operations to the cloud by the end of 2024. As an early adopter of a full cloud migration strategy in Latin America, BEC will be able to meet the evolving requirements of its growing business and client base.
The agreement builds on a decade-long partnership between the two companies. The partnership also represents the latest step in Nasdaq’s mission to modernize the global market infrastructure, including through migrating markets into cloud environments and broader ecosystem transformation. Through Nasdaq’s Marketplace Services Platform, BEC and other exchanges around the world retain the functionality, resiliency, and availability offered by Nasdaq’s on-premise technology, with the added benefits of enhanced scalability and agility that cloud-enabled environments provide.
“At Bolsa Electrónica, we are motivated to promote the Chilean capital market and that the different actors that participate in this ecosystem can operate in a safe, agile, transparent and sustainable way. The possibility of operating through the cloud points in that direction. We are happy to do it together with our strategic partner Nasdaq and its technology that provides greater resiliency and efficiency,” said Juan Carlos Spencer, CEO of Bolsa Electrónica de Chile. “Today more than ever it is necessary to have robust and secure platforms that help the integration of stock exchanges at the national level and with other markets in the world,” he added.
“The expansion of Nasdaq’s partnership with BEC demonstrates the deep trust and credibility that we have established with our clients. We look forward to the expanded role Nasdaq will play in supporting BEC’s adoption of a SaaS model, which will be foundational to their ability to innovate and differentiate at speed and scale,” said Roland Chai, EVP & Head of Marketplace Technology Nasdaq. “We are honored that BEC has chosen us to help manage the next phase of their transformation and we are excited to work alongside them as we advance their journey to the cloud.”
Recent research from Celent shows that capital markets firms are turning to cloud technology more than ever before to create more stable, cheaper and safer infrastructure. Celent finds that most capital markets firms (67%) expect that by 2024 they will be either “cloud first,” meaning new applications are built as cloud native, or will have fully adopted cloud technology.
BEC’s migration to Nasdaq’s SaaS-based matching service is expected in late 2024.
About La Bolsa Electrónica de Chile
Bolsa Electrónica de Chile (BEC) is one of the main players in the Chilean stock market. Through its online platforms -Bolsa Electrónica, Datatec and Bolsa de Productos-, it actively participates in the Chilean capital market, facilitating transactions carried out by banks, stockbrokers and public entities. In its 33-year history, BEC has distinguished itself by promoting state-of-the-art technology in its transactional platforms. For more information about the company and its services, visit us on LinkedIn and Twitter @Bolchile or at www.bolchile.com.
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software, and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.
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