OpenGamma, creators of the first open-source analytics and risk management platform for the financial services industry, today announced availability of the OpenGamma Platform 2.0. The enhanced platform offers advanced stress testing capabilities, performance improvements, and extended asset-class functionality across listed products and credit derivatives.
Market volatility and regulatory pressures continue to challenge financial services firms as they grapple with legacy technology, shrinking IT budgets, and large amounts of data required for risk management and analytics. Financial services firms must adapt risk management techniques quickly as a response to decreasing margins and new regulatory standards, in particular, the updating of risk scenarios for stress testing to meet Dodd-Frank, EMIR, and Basel capital requirements.
The OpenGamma Platform offers unparalleled support and real-time availability of critical trading and risk analytics required by front-office traders, quants, portfolio managers and risk professionals. As an open source alternative to traditional risk management solutions, the platform provides the flexibility needed to address the rapidly changing financial landscape with cost-effective, transparent risk technology. Users can access the platform through their favorite languages and tools such as R, MATLAB, Excel, or in-house interfaces.
Some of the key enhancements in the OpenGamma Platform 2.0 include:
- Enhanced Stress Testing Capabilities: The OpenGamma Platform has always allowed programmers and “power users” to perform customized stress testing. However, the enhancements in the 2.0 Platform make this even easier. More advanced stress testing is achieved using a new Groovy-script-based stress testing domain-specific language (DSL), allowing for more advanced user-defined scenarios.
- Increased Support for Listed Products and Credit Derivatives: Support for credit derivative products such as single-name and index CDS and CDS Options. Improved support for high-volume listed futures and options, including FX and commodities.
- Improved Memory and Performance: Trading volumes are increasing as all markets, including OTC, go electronic. The platform contains numerous performance improvements and offers better performance and memory management for the larger and faster-changing portfolios common to electronic and other large-volume markets.
- Java 7 and Maven Support: The platform has transitioned to Java 7 to provide clients with a higher level of performance, efficiency, and security. With migration to Maven, the build automation tool, end users will benefit from improved build times, decreased reliance on source code builds, and significantly simplified set-up of their Eclipse workspace to work with OpenGamma source code.
“Firms today must invest in robust and comprehensive risk management systems to ensure they keep pace with market structure changes and regulatory mandates,” said Mas Nakachi, CEO of OpenGamma. “The OpenGamma Platform 2.0 offers an open, seamless solution that encompasses the benefits and tools that were offered in Version 1.0, with key enhancements that reflect new market challenges. With Version 2.0, the financial services industry gains the customization and flexibility needed to tackle new stress testing mandates and efficiently adapt to new risk system requirements. We remain dedicated to changing how financial services firms interact with technology through open source, empowering the industry to efficiently address ongoing trading and risk challenges.”
“The ongoing transformation of the OTC derivatives market structure, coupled with broader regulatory impacts and increased market uncertainty, is driving the need for more comprehensive, accurate and timely risk measurement,” said E. Paul Rowady, Jr., Senior Analyst at TABB Group. “This landscape requires that most market actors pursue real-time situational awareness right now – all the better if while maximizing potential for future interoperability.”
OpenGamma’s open architecture is supported by a growing community of developers and integration partners, and clients have access to comprehensive support services, from public, community-driven forums to confidential support and consulting services.