In May 2020, real-time Nasdaq quotations were officially incorporated into CITIC SECURITIES, a stock trading app that is owned and operated by CITIC Securities. Through this integration, shareholders can use the CITIC SECURITIES app to query real-time quotations on the American stock market. CITIC Securities was able to incorporate Nasdaq quotations into its app by using Alibaba Cloud CloudQuotation. After internal processes were complete, CITIC Securities took only two weeks to obtain preliminary technologies from Alibaba Cloud.
Alibaba Cloud CloudQuotation is designed to make global capital markets more transparent. It provides different levels of information based on customer groups. CloudQuotation is the first of many Alibaba Cloud services geared towards the exchange markets, with services for the futures and securities exchanges planned for the future.
So far, CloudQuotation is available in Alibaba Cloud's 69 zones that reside in 23 regions around the world, and provides various services including news, financial reports, and historical quotations. Compared with traditional stock quotation providers, CloudQuotation integrates services and technologies to provide more detailed quotations in just milliseconds. Another key differentiator of CloudQuotation is the global network architecture of Alibaba Cloud.
CloudQuotation provides personalized services and a standardized delivery mode to meet the requirements for flexibly customized services. Securities firms can complete applications, use data, and integrate SDKs on a single user interface. This way, shareholders can place orders with a few simple steps and enjoy different user experience.
"CloudQuotation simplifies infrastructure construction for business customers and effectively saves costs in time and labor. We can focus more on the design and optimization of app features and improve user experience for our customers," as quoted by a director of the wealth management committee of CITIC Securities.
Compared with its competitors, CITIC Securities is taking the lead in internationalization. As early as 2013, CITIC Securities purchased CLSA Ltd. to expand its international business. The branches of CITIC Securities now cover 15 countries and regions across the UK, the US, Australia, and Southeast Asia.
Due to the demand for globalized management and the expansion of investment markets, financial institutions need to obtain access to more and more exchanges and request more extensive quotation services. Financial institutions urgently need elasticity to respond to changing market demands. Elasticity is required not only for the physical infrastructure but also in managing quotations from exchanges.
For example, CITIC Securities has four demands for global data. First, the data of global stock markets, including the quotations of major stock markets such as Hong Kong, the US, Japan, and Europe. Second, the quotations of derivatives such as major global futures. Third, the product data of major global financial markets. Fourth, information services in global financial markets at a lowered cost.
The provision of the preceding data is tedious and costly. In mainland China, no third-party organizations can immediately fulfill these data requirements. However, as the financial industry adopts more cloud technologies, these issues are being resolved. Globally, a growing number of traditional large-scale enterprises and financial institutions are migrating applications that require auto scaling and high-concurrency computing to the cloud. This way, cloud-based applications complement applications that are deployed in data centers to maximize resource usage and return on investment.
CITIC Securities also adopts cloud computing to accelerate its digital transformation. After extensive market surveys and investigations, CITIC Securities selected Alibaba Cloud as its cloud partner. The greatest advantage of cloud services is convenience. Alibaba Cloud is an outstanding provider known for its reliable services and timeliness. The capabilities of Alibaba Cloud greatly reduced costs in labor and communication for CITIC Securities. As quoted by a director of the wealth management committee of CITIC Securities, "Alibaba Cloud is a great choice for improving efficiency and reducing costs."
CloudQuotation is an industry-leading product and aggregates basic quotations from exchanges around the world. It provides quotations on the American stock market by cooperating with Nasdaq, and delivers end-to-end quotation services for global financial institutions and Internet enterprises. Learn more about CloudQuotation by visiting https://www.alibabacloud.com/product/cloudquotation
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