Microsoft's Azure Cloud has been selected by the Luxembourg Stock Exchange, the first financial institution to move to the cloud at 100%
The Luxembourg Stock Exchange is the first financial institution in Luxembourg to move to the cloud, with the agreement of the CSSF and the support of Microsoft.
“We are proud to be the first financial institution in Luxembourg to migrate its entire central financial system to the cloud,” said Laurent Pulinckx, CIO at the Luxembourg Stock Exchange, in a blog post from Microsoft.
For a long time, the Commission de surveillance du secteur financier has forced financial institutions to keep their data in Luxembourg. “But when the CSSF was working on a circular to allow financial institutions to migrate their systems to the cloud, we had already been defining this migration in advance for some time. We had several options to choose from, but Microsoft was by far the most transparent in the way it managed security and incidents, which was a key factor for us as we thought about how to meet the requirements of the framework, as stipulated by the CSSF," Pulinckx said.
The contract allows the CSSF to carry out a full audit, even if the infrastructures are not domiciled in Luxembourg.
“Sustainable development is perhaps what best characterises the Luxembourg Stock Exchange, and we are closely following Microsoft's efforts to reduce the impact of companies on the environment,” said Pulinckx. “However, there are two other words that also define us. First, innovation. We want to be able to bring solutions to market faster than anyone else. And secondly, we want to be agile. Because, when you're small like us, agility is fundamental.”
This article was originally published in French on Paperjam.lu