Building Data Trust, Standardization & Interoperability: FINOS Morning Highlights
Daniel Paes of SBI Group opened the morning with a session on “Empowering Data Trust: Git-Friendly Governance with FINOS Legend.” He highlighted the challenges of modern data governance, such as data silos and inconsistent standards, and emphasized the importance of robust governance for regulatory compliance and data-driven decision-making. Paes presented the FINOS Common Domain Model (CDM), a standardized, machine-readable model for financial products and events, and discussed its integration with FDC3, a framework for interoperability between financial applications. The session also showcased the FINOS Legend platform, developed by Goldman Sachs, as a collaborative, open-source solution enabling agile, version-controlled data modeling-treating data like code to support rapid regulatory adaptation and scalable enterprise data management.
The focus on CDM continued with Tom Healey and Daniel Schwartz, who addressed the persistent data connectivity problems in capital markets. They explained how the proliferation of disparate data models and legacy systems causes operational inefficiencies, reconciliation breaks, and barriers to automation. The CDM, they noted, provides a standardized language and taxonomy, enabling seamless integration across trading, clearing, settlement, and reporting systems. By leveraging model-driven workflows and open-source standards, CDM accelerates the adoption of shared cloud services and reduces the need for custom development, fostering a more efficient and collaborative industry landscape.
Peter Smulovics of Morgan Stanley introduced TraderX, an open-source, cloud-native trading application designed as a practical demonstration of FINOS principles. TraderX offers a modular, accessible codebase that encourages cross-company collaboration and serves as a starting point for integrating and customizing financial systems. The application exemplifies how open APIs and microservices can drive innovation and transparency in financial technology.
The morning sessions also included Rob Moffat and Nick Kolba, who explored the significance of FDC3 for interoperability. Moffat discussed the necessity of making financial applications work together, while Kolba provided practical guidance on building agentic workflows using FDC3 intents. These sessions underscored FDC3’s role in simplifying integration and communication across the financial software ecosystem.
AI Innovation in Financial Services: From Governance to Hackathon Wins
After a midday break, the agenda shifted toward artificial intelligence and its governance. Diego Mastrioianni from Moody’s presented on the development of an open source GenAI Orchestrator platform, outlining the journey from proof of concept to production. Luca Borella, AI Program Manager at FINOS, followed with insights on contributing to the FINOS AI Governance Framework via GitHub, emphasizing the importance of collaborative standards in the rapidly evolving AI landscape.
Xiao-Yang Liu of Columbia University delved into benchmarking financial large language models (LLMs) through open collaborations, introducing tools like FinGPT and FinRL for financial generative pre-trained transformers and reinforcement learning. Liu highlighted the need for finance-specific AI benchmarks, given the unique requirements and challenges of the sector, and showcased the XBRL Agent for automating business reporting analysis.
Leigh Capili discussed the FINOS Common Cloud Controls (CCC) and their relevance to AI security, model governance, and compliance. Capili emphasized the value of shared cloud controls in managing the complexity and risks associated with AI deployment in financial services.
The day concluded with Mia Gougisha from DTCC, who presented highlights from the DTCC AI-Powered Hackathon. This collaborative initiative, supported by FINOS and Broadridge, brought together industry experts to develop innovative, open-source solutions for critical financial challenges. The hackathon underscored FINOS’s commitment to fostering industry-wide collaboration and open innovation, with all code contributed made available for future development.
Key Takeaways & How to Join the FINOS Community
Throughout the event, the centrality of FINOS frameworks - CDM, FDC3, Legend, and CCC - was evident, as was the growing importance of AI governance and open-source standards in shaping the future of financial technology. The day’s sessions demonstrated how open collaboration, shared frameworks, and transparent governance can accelerate innovation, reduce fragmentation, and build trust across the financial industry.
As the financial sector continues to navigate rapid technological change, participation in FINOS initiatives offers a unique opportunity to contribute to and benefit from a vibrant, collaborative community. Readers are encouraged to join FINOS, engage with its projects, and help drive the next wave of open-source innovation in finance.
Author: Vinod Goje - VP Engineering Manager, Bank of America