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Open Source for Vertical Apps: Is Wall Street Ready?

Jun 09, 2011, 19:00 (0 Talkback[s])
(Other stories by Dan Woods)

"OpenGamma, a startup which has so far received two rounds of funding from Accel Partners and FirstMark Capital, is creating a open-source-based platform for trading and risk analytics software to support front office applications. Every single financial services firm has a huge portfolio of securities that must be closely observed and analyzed in as close to real time as possible. Many of the processes involved in gathering the data, summarizing it, analyzing it, and enhancing it with new data from a variety of standard sources are done in the same way. OpenGamma’s bet is that its platform can become the way that a large number of financial services firms run their front office and risk analysis processes.

"One challenge facing OpenGamma is that its software is in the middle area of the spectrum between proprietary software and infrastructure. OpenGamma is betting that the front office and risk analysis processes are now well-understood enough that it can capture the common aspects of these applications in its platform. Financial services companies can use OpenGamma instead of paying commercial vendors or developing their own custom software."

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