We all knew big data was going to be big, and today it has revolutionized the way information is stored, accessed, analyzed and managed, while helping countless industries deal with the long standing challenges of leveraging the information the data provides. We see evidence of this in every industry with one of the innovative front-runners in big data being financial services where big data is transforming processes within companies and organizations, and in turn, changing the industry as a whole.
Every day, Financial Industry Regulatory Authority (FINRA) protects the world’s investors and maintains its commitment to preserving market integrity. This means regulating almost 4,000 securities firms, and over 640,000 brokers and traders, and monitoring for any signs of impropriety or market manipulation. In 2014 the data collected and curated led to a total of 1,397 disciplinary actions, $134 million in fines and more than 700 fraud and insider trading cases referred to the SEC and other agencies for litigation and/or prosecution.
The organization manages nearly one petabyte of data – managing and processing such a staggering amount of structured and unstructured data takes both coordination and ample processing power. FINRA is constantly surveying new flexible cloud technologies so to manage its big data, and create the most advanced surveillance programs to prevent any emerging market-manipulation attempts. After much consideration, FINRA deployed Cloudera as the platform to progressively build a graph database based on up to 50 billion daily market events, while also providing perimeter secure access to that data for analysts. Now the search query responses have gone from taking hours to taking seconds, and the organization has much more room when it comes to peak workloads and expansion.
Here are just a few ways that Cloudera Enterprise has helped FINRA, and can help you too:
Brian T. Horowitz breaks down these seven ways cloud computing provides flexibility for companies such as FINRA when managing big data, in this article: http://dell.to/1GQGVt4