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The cloud based delivery model for IT resources is revolutionizing the IT industry. Despite the marketing hype around “the cloud”, the paradigm itself is in a critical transition state from the laboratories to mass market. Many technical and business aspects of cloud computing need to mature before it is widely adopted for corporate use. For example, the inability to seamlessly burst between internal cloud and external cloud platforms, termed cloud bursting, is a significant shortcoming of current cloud solutions. Furthermore, the absence of a capability that would allow to broker between multiple cloud providers or to aggregate them into a composite service inhibits the free and open competition that would help the market mature. This paper describes the concepts of cloud bursting and cloud brokerage and discusses the open management and security issues associated with the two models. It also presents a possible architectural framework capable of powering the brokerage based cloud services that is currently being developed in the scope of OPTIMIS, an EU FP7 project.