Google Cloud has signed a series of deals with financial institutions that could signal further use of cloud technology by firms facing onerous transaction reporting requirements.

The biggest of these deals involves market maker Citadel Securities which is working with Google Cloud on developing the next-generation of its quantitative research technology platform.

Citadel employs hundreds of quantitative researchers who build models based on the US$400 billion daily trades executed by the market maker.

According to a statement, the new platform will enable Citadel’s researchers to profile performance, monitor efficiency and increase its research productivity and price-performance ratio.

Citadel had originally built an on-premise data centre and used high-performance, custom-built hardware to run its data-heavy simulations.

But it will now use Google Cloud for its data and algorithm testing due to the growing workloads for its research teams and the added complexity of research techniques.

According to the statement, Citadel can now run more than a million cores concurrently, enabling hundreds of quantitative researchers to run jobs in parallel.

“This means researchers’ jobs aren’t sitting in a queue, and everything runs as it is submitted, creating faster time-to-insights and increasing productivity,” reads the statement. “Single workloads that once took many hours now take seconds to complete.”

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