Europe’s Markets Watchdog: Prove You Can Exit the Cloud

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Europe’s markets regulator has warned financial markets participants not to become “overly reliant” on their cloud services providers — and urged them to furnish evidence of a clearly tested cloud exit strategy.

The comments came in a draft 29-page European Securities and Markets Authority (ESMA), consultation paper published today (June 3, 2020).

This sets out cloud guidelines for trading firms, designed to help them “identify, address and monitor” the risks ESMA sees with with “outsourcing” production applications or any other services to the cloud.

ESMA Paper Follows

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