Open Source software has been at the heart of modern financial institutions and capital markets for several years. The Open Source model for developing software is now also taking root in the Financial sector thanks in part to the OpenMAMA collaborative effort run under the auspices of the Linux Foundation.
OpenMAMA is an effort to build an open source implementation of the MAMA ( Agnostic Messaging API) that financial services companies use for passing data across messaging applications. OpenMAMA was first announced in 2011. The OpenMAMA project includes big names in the financial services sector such as Bank of America, Merrill Lynch, J.P. Morgan and NYSE Technologies, among others.