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Financial Market IT goes “Open Source”

Gaia Transparence announces the creation of the first open source software platform for financial trade and position management.

OSS for financial markets
The firm says it believes that open source is the solution for financial institutions in order to cope with the challenges they have faced since the 2008 crunch. On one hand, the market needs to regain “trust” whilst the new regulatory environment imposes new trading standards and reporting. On the other hand IT budgets are tight in this time of crisis.

What Gaia brings
A key benefit of open source is “transparency”. As the source code is available it can easily be audited by the users or auditors. Gaia Transparence will release free “Generic trades”, “Positions” and underlying objects. The users can then pilot the development and share all the specific instance types. User group members can mutualize enhancement costs.

Is the market ready?
When asked if banks are ready for open source, Emmanuel Nusimovici, CEO underlines the rapid acceptance of the open source CDS pricer published by ISDA in April 2009 as part of the “Big Bang” initiative.

Benjamin Frerejean, head of R&D, emphasizes that “open source” requires high quality standards. As the source code is open, no shortcuts can be taken.

This initiative comes at a time when the market needs to build standards. What can be more normalized than an open source platform?