CNBC recently reported that "Goldman Sachs' spent 14 years developing a platform called Alloy to help it access and analyze the growing set of financial databases being created across the firm. Now Goldman is taking the unusual step of making that program, as well as the language underlying it, available to the rest of Wall Street for free as open-source software in collaboration with a nonprofit called FINOS."
"Goldman is taking the unusual step of making its data modeling program Alloy, as well as the language underlying it, available to the rest of Wall Street for free as open-source software.
By giving it away, Goldman hopes to reduce its own costs when dealing with trading counterparties among banks and asset managers and compliance requests from regulators.
'We’re using Alloy because it radically reduces the cost of wrangling disparate datasets and disparate sources of data together' said Goldman’s co-chief data officer, Jeff Wecker.
Gabriele Columbro, executive director of Finos, said he believed the step by Goldman would have a 'far-reaching impact' on the financial industry."