So SAP HANA SP06 has the ability to federate content via Remote Data access to run SELECT against ODBC data sources for Sybase ASE and IQ, Teradata and Hadoop Hive. This is the functionality you appear to be describing. In SP07 of HANA we expect this functionality to be extended.
MSSQL doesn't have an equivalent federation engine, but if you have Enterprise Edition then there is the DTS or SSIS package, which allows you to connect to ODBC sources and extract data. You could use SSIS to extract data from HANA into MSSQL.
I don't believe there is a way to do data federation with MSSQL - apart from using their native data federation feature across multiple MSSQL servers.
http://technet.microsoft.com/en-us/library/ms190429(v=sql.105).aspx
John
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