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The Financial Clouds Review

Author

Listed:
  • Victor Chang

    (Aston University, UK)

  • Chung-Sheng Li

    (PwC, San Jose, CA)

  • David De Roure

    (University of Oxford, UK)

  • Gary Wills

    (University of Southampton, UK)

  • Robert John Walters

    (University of Southampton, UK)

  • Clinton Chee

    (Commonwealth Bank, Australia)

Abstract

This paper demonstrates financial enterprise portability, which involves moving entire application services from desktops to clouds and between different clouds, and is transparent to users who can work as if on their familiar systems. To demonstrate portability, reviews for several financial models are studied, where Monte Carlo Methods (MCM) and Black Scholes Model (BSM) are chosen. A special technique in MCM, Least Square Methods, is used to reduce errors while performing accurate calculations. Simulations for MCM are performed on different types of Clouds. Benchmark and experimental results are presented for discussion. 3D Black Scholes are used to explain the impacts and added values for risk analysis. Implications for banking are also discussed, as well as ways to track risks in order to improve accuracy. A conceptual Cloud platform is used to explain the contributions in Financial Software as a Service (FSaaS) and the IBM Fined Grained Security Framework. This study demonstrates portability, speed, accuracy, and reliability of applications in the clouds, while demonstrating portability for FSaaS and the Cloud Computing Business Framework (CCBF).

Suggested Citation

  • Victor Chang & Chung-Sheng Li & David De Roure & Gary Wills & Robert John Walters & Clinton Chee, 2011. "The Financial Clouds Review," International Journal of Cloud Applications and Computing (IJCAC), IGI Global, vol. 1(2), pages 41-63, April.
    • Handle: RePEc:igg:jcac00:v:1:y:2011:i:2:p:41-63
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    Cited by:

    1. Chang, Victor & Walters, Robert John & Wills, Gary, 2013. "The development that leads to the Cloud Computing Business Framework," International Journal of Information Management, Elsevier, vol. 33(3), pages 524-538.

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