Operators hasten migration to X-Cloud infrastructure
Capital market solutions providers have set May ending as target to migrate to Nigeria Stock Exchange (NSE) own X-Cloud infrastructure, a hosting platform aimed at improving processes at the exchange, Nigeria CommunicationsWeek has learnt.
X-Cloud infrastructure is a new line of business that the Nigeria Stock Exchange have introduced where they offer tier 111 data centre that involves hosting of stock brokers business solutions such as cloud integra among others that drives their business.
Amos Emmanuel, managing director, Programos Software, a major capital market solutions provider, said that though, there is no regulatory directive on deadline for the migration, operators have seen the need and benefits of the infrastructure.
“Every capital market solutions provider has been advised to migrate to X-Cloud hosting platform or use another hosting platform that is within the shores of Nigeria. In the entire analysis, it better for us to migrate. Before now, Programos was hosting our business solutions for the capital market brokers outside the country, because of this X-Cloud infrastructure we have to bring them back to the country, to this end, we are releasing them back to the remote companies in the USA by the end of this month,” he said.
He added that X-Cloud is that online service that will enable investors on the Nigeria Stock Exchange to be able to have a technology platform that gives 24X7 access to services as against the era when stock brokers were operating from a lock-up server in their offices or a server room that are shoot down after the day’s work.
“With X-Cloud infrastructure which offers 24hours service stock brokers’ business run continuously which gives them peace of mind to face their core business,” he said.
He explained that some of the advantages of the platform includes saving of foreign exchange “brokers solutions before now were being hosted in the United States, what this means is that data and processes were run from far remote countries interacting with the exchange here. This makes things a lot slower, but with X-Cloud there is low or nothing like data latency.
“It guarantee data sovereignty which means that Nigerian data resides in Nigeria as against keeping the country’s financial data outside of the country. These are the key benefits of X-Cloud host platform which means a lot of sense,” he noted.
Mohammed Rudman, managing director, Internet Exchange Point of Nigeria (IXPN), an advocate of keeping local content local commended the effort of NSE in X-Cloud which is aimed at keeping local content local.
“Since this system is geared towards hosting local content of the operators in the capital market local, it should be encourage and supported by players as it will save the country foreign exchange as well as create employment for Nigerians.”
He however, urged NSE and operators of the data centre to route their traffic through the Internet Exchange Point of Nigeria to ensure that local through are also made local.