The first two FinQloud services are Regulatory Record Retention (R3) and Self Service Reporting (SSR).
Regulatory Record Retention
Regulatory Record Retention (R3) is expected to be available in the coming months and will provide a storage solution for broker-dealers to allow them to meet the record archival and retrieval requirements (including Write Once Read Many, or WORM) specified by U.S. Securities and Exchange Commission Rule 17A-4 at a cost that is up to 80% lower than current non-cloud solutions. All data will be stored in encrypted form using keys that are generated and stored on a separate hardware device.
Let’s take a more detailed look at the way that R3 intends to meet each of the requirements set forth in Rule 17A-4:
Indexing – R3 plans to record and log key properties of each customer file as it is stored. It will use this data to build a comprehensive database that supports management, identification, and retrieval of stored data.
Audit – R3 expects to provide detailed access logs for all system activity for every file. Complete history of each file, from receipt, through storage, retrieval, and disposal (at the end of the file’s useful life) is available.
Data Quality – R3 is being designed to compute and store a checksum for each file as part of the upload process. It then plans to regularly compare the stored checksum against a freshly computed checksum to ensure that the file has not been altered or compromised.
Search & Retrieval – R3 customers will be able to view, search, and download files, along with index and audit information through a secure, streamlined user interface.
Self Service Reporting
FinQloud’s Self Service Reporting (SSR) gives broker-dealers the power to run fast, on-demand queries and value-added analysis on their stored trade data. It is able to process large data sets quickly and efficiently in response to specific, user-generated queries.
SSR allows broker-dealers to store all of their trade data in one location, and to mine it for patterns, trends, and insights. It also includes templates for standardized push-button reports.
The largest broker-dealers have data demands that are measured in petabytes. SSR takes advantage of FinQloud’s scalability to support analysis of large datasets using the most demanding queries.
Here is a simple block diagram to help you to understand how R3 works in conjunction with your data center, NASDAQ’s data center, and AWS: