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"Driven by common industry pain points and unforeseen complications, capital markets firms have begun using open-source technology more widely."
A recent article in Waters Technology by Rebecca Natale breaks down how banks are turning more and more to open source in order to fundamentally remove "friction from trying to innovate in finance" ~ Alejandra Villagra, Global Head of Citi Velocity.
In a recent interview with Tony Babb of Fintech Focus TV, Gabriele Columbro, Executive Director of FINOS, talks about his passion for open-source and where the opportunity for his not-for-profit business came about. He also looks at the effect of the pandemic from his perspective out on the west coast and much more.
A recent article in Tearsheet by Zoe Murphy breaks down some of the main points of why FINOS has decided to join the Linux Foundation as an LF organization. FINOS Chair Alejandra Villagra of Citigroup, Dov Katz, FINOS Vice Chair of Morgan Stanley, Chris Wright, CTO of Red Hat, Jim Zemlin, ED of The Linux Foundation, and FINOS ED, Gabriele Columbro were all quoted.
Dear Community,
As the world responds to the unprecedented risk posed by COVID-19, our team is constantly monitoring the situation and adjusting our plans as needed, I wanted to reach out to you for two reasons, to outline our plans to respond to this situation and to describe how we are redesigning our operations to ensure our Community continues with its momentum.
In response to COVID-19, firstly we fully realized that the kind of in person interaction that often characterizes and cements open source Communities will simply not be possible over the foreseeable future. The safety of our Community and team will always be our first priority.
For this reason, over the course of the last two weeks we had to make the following difficult decisions:
In a recent interview with Global Finance Magazine, Alessandro Petroni, Head of Strategy & Solutions for Financial Services at Red Hat (a FINOS Gold Member), mentioned FINOS when asked about banks releasing proprietary software into the open source community.
The Financial Times' Richard Henderson recently reported that "Automation of trading has brought a new challenge of integrating disparate systems. Big banks and asset managers are grappling with a common problem: how to link the scores of computer programmes that dominate today’s markets." FINOS, as well as our members: Citi, Goldman Sachs, J.P. Morgan, Symphony, Wells Fargo, HSBC, OpenFin, ChartIQ, and Glue42 were all mentioned in the article.
TechCrunch recently reported that in the next decade, "fintech will become portable and ubiquitous as it moves to the background and centralizes into one place where our money is managed for us," and that with regards to open source, "basic financial services will become simple open-source protocols, lowering the barrier for any company to offer financial products to its customers."
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."
FINOS Director of Programs, Rob Underwood and Executive Director, Gabriele Columbro were recently interviewed by Markets Media about the announcement of Goldman Sachs' contributing an open source project to the Foundation.
FINOS and Executive Director Gabriele Columbro were recently featured in a Business Insider article about Wall Street's tech talent "truce" and the Goldman Sachs' open source contribution to the Foundation.
