The Linux Foundation has announced that FINOS has started a new open source project, Legend, a data management and governance platform contributed by Goldman Sachs:
The Fintech Open Source Foundation (“FINOS“), together with platinum member Goldman Sachs (GS), today announced the launch of Legend, Goldman’s flagship data management and data governance platform. Developed internally and used by both engineers and non-engineers alike across all divisions of the bank, the source code for five of the platforms’ modules have today been made available as open source within FINOS.
Today’s launch comes on the heels of the completion of a six-month pilot in which other leading investment banks, such as Deutsche Bank, Morgan Stanley and RBC Capital Markets, used a shared version of Legend, hosted on FINOS infrastructure in the public cloud, to prototype interbank collaborative data modeling and standardization, in particular to build extensions to the Common Domain Model (CDM), developed by the International Swaps and Derivatives Association (ISDA). This shared environment is now, starting today, generally available for industry participants to use and build models collaboratively. With the Legend code now available as open source, organizations may also launch and operate their own instances. The components open-sourced today allow any individual and organization across any industry to harness the power of Goldman Sachs’ internal data platform for their own data management and governance needs as well as contribute to the open code base.
“Legend provides both engineers and non-engineers a single platform that allows everyone at Goldman Sachs to develop data-centric applications and data-driven insights,” said Atte Lahtiranta, chief technology officer at Goldman Sachs. “The platform allows us to serve our clients better, automate some of the most difficult data governance challenges, as well as provide self-service tools to democratize data and analytics. We anticipate that the broad adoption of Legend will bring real, tangible value for our clients as well as greater standardization and efficiency across the entire financial services ecosystem.”