What would happen to low latency trading if exchanges moved to the cloud? A thought experiment on the winners, losers and new players in a cloud-driven stock, fx and commodity-trading world A small UK stock exchange called Aquis hosts their matching engine in the cloud. Crypto exchanges are all cloud-based too. What if the NYSE, CME and others followed? I doubt in the foreseeable future this would become the norm, but let’s think about how HFTs would adapt, and how small-time traders could benef...