CloudEx - a fair-access financial exchange in the cloud.

Financial exchanges have begun a move from on-premise and custom-engineered datacenters to the public cloud, accelerated by a rush of new investors, the rise of remote work, cost savings from the cloud, and the desire for more resilient infrastructure. While the promise of the cloud is enticing, the cloud's varying network latencies can lead to market unfairness: orders can be processed out of sequence, and market data can be disseminated to market participants at incorrect times due to varying latencies between participants and the exchange. We present CloudEx, a fair-access cloud exchange, which leverages high-precision software clock synchronization to compensate for noisy network conditions in the public cloud. We also discuss refinements to the CloudEx design that were informed by lessons learned from deploying CloudEx in two academic courses and conclude by outlining future research directions.