A naukri.com initiative
Insider
1M
232
Image Credit: Insider
The secretive world of Wall Street technology is opening up like never before
- Finance firms have been shedding their conservative notions toward open source over the past few years, growing to become contributors to open source, not just consumers.
- In 2024, financial services workers contributed more than 750,000 commits, or changes, to GitHub, one of the main platforms for hosting open-source projects.
- One of the main upsides to leveraging open source is cost efficiency: sharing the burden of development while freeing up engineers to work on other tasks.
- The rise of open source in cloud-native development is helping banks to speed up integrations and share data more easily with clients.
- Companies are also open-sourcing platforms that were originally developed internally, from JPMorgan's design platform, Salt, to Morgan Stanley's Morphir platform and Citigroup's GitProxy risk and controls tool.
- Blackstone is building an open-source library for its portfolio companies in the realm of data management, data engineering, and generative AI, with the aim of giving portfolio firms a head start on the engineering legwork and allowing the companies to pivot engineers to focus on more meaningful work.
- Open source comes with risks, including licensing and the possibility for people to try to sneak in bad code that could lead to far-reaching cyberattacks.
- Finance firms are even looking to bring the open-source approach to the latest technology frontier on Wall Street: AI.
- The budding rivalry between DeepSeek and OpenAI has thrown a spotlight on open-source models versus proprietary approaches.
- The Fintech Open Source Foundation (FINOS) has launched an AI readiness group that's designed to create a collaborative environment to develop frameworks and policies around generative AI. Companies such as Citi, Morgan Stanley, and the London Stock Exchange have joined the effort.
Read Full Article
14 Likes
For uninterrupted reading, download the app