The financial and insurance sector is heavily regulated. A new directive, called IFRS 17, is going to be issued in the beginning of year 2022. The directive requires comprehensive reporting about individual financial instruments from financial institutions. From a technical point of view, it means storing and processing huge amounts of time series data. An effective and affordable solutions are required to address the problem. In this thesis, we compare one relational and four NoSQL databases. The databases are compared according to different criteria that correspond to the nature of the problem. The implementation of TimescaleDB proves to be an extremely reliable and effective solution for querying over huge time series. It can also be distributed across multiple servers and provides fast querying.
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