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NASDAQ is a Cloud Denier in its Core Business Model: Raj Chowdhury

PayBito CEO Raj Chowdhury has raised concerns about NASDAQ’s lack of interest in upgrading its brokerage models. The absence of cloud integration is impeding the progressive transformation of global brokerage services. This leads to increasing financial exclusion, limiting equal access to broker-dealer services. Chowdhury proposed a viable alternative citing the Brokerage as a Service (BaaS) cloud brokerage model. 

Backdated Architecture in the Age of the Internet

Chowdhury identified several limitations. The drawbacks include:

  • Absence of Brokerage as a Service (BaaS) and Quick Sign-up

NASDAQ’s on-premises exchange broker model is not a cloud-based SaaS solution. As a result, intermediaries need to host platforms consisting of complex components and server hosting, which is time-consuming and expensive.

  • Promotes Financial Exclusion

The NASDAQ membership registration is discriminative, restricting retail brokers. The eligibility criteria also limit the establishment of a new business. 

  • Time and Cost Constraints

NASDAQ’s backdated broker model incurs high installation costs, ranging anywhere between $5000, to $500,000. The registration process needs to be more hassle-free for brokers, with enlistment taking at least six months. 

  • Transparency Issues and Discriminatory Bias

Global exchanges like NASDAQ have paid heavy fines many times for market manipulation and unethical transactions. The indicted institutional traders were fined but not removed from membership. Biases exist for registered institutions, even those engaged in insider trading and other illicit activities.

BaaS-Ruption: Innovations to Transform a Generation

The PayBito Chief stated, “Remodeling and democratizing brokerage as a service architecture (BaaS) transforms the global financial landscape, serving countless buyers and sellers while empowering intermediaries.”

To address these limitations, Chowdhury recommended the following: 

  • Cloud Integrated Brokerage Services

Cloud technology facilitates instant brokerage access at affordable prices. PayBito’s BaaS fosters cloud integration as well as integration of other disruptive technologies to make brokerage viable for the retail sector. 

  • Making Brokerage Inclusive and Scalable 

It is essential for promoting financial inclusion. Exchanges updating their brokerage models to democratize service accessibility need to remove intermittent complexity- coding, technical integrations, or server hosting, from the process. 

  • Rapid Registration and Affordable Comprehensive Pricing

The PayBito platform completes registration within three minutes, with pricing made more affordable and transparent using a comprehensive monthly fee of $49.99. 

  • Transparency Through Technology

Incorporating blockchain technology into brokerage architecture enhances transparency and accountability. Swift transaction processing also benefits clients in obtaining optimal business deals. Comprehensive pricing models ensure that cost and execution policies are easily understood.

  • Democratizing Brokerage

Enabling the democratization of brokerage services can serve as a solution to combat the unscrupulous practices of institutional investors. This move promotes equitable treatment, transparency, and regulation, effectively reducing the chances of financial crises. Empowering retail investors with access to real-time market data and AI-driven insights can curtail insider trading. Additionally, creating more competition will act as a deterrent to market manipulation, thereby increasing scrutiny and oversight.

Wrapping Up

The suffocation of human needs by inequality and bias gives birth to disruption. The NASDAQ has prioritized institutional brokers, leaving retail intermediaries and new entrants behind. To achieve the next wave of progress, integrating cloud technology is vital for democratizing brokerage services. Platforms can also leverage modern technology for societal benefits, such as the Brokering World Hunger Away movement that aims to combat child hunger. Similar initiatives driven by a strong commitment to social responsibility will pave the way for a more sustainable future.


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