Goldman Sachs To Open Source Its Software

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Goldman Sachs wants to give away some of its most valuable software. The investment bank spent countless hours over 14 years developing a platform called Alloy to help it access and analyze the growing set of financial databases being created across the firm. Now Goldman is taking the unusual step of making that program, as well as the language underlying it, available to the rest of Wall Street for free as open-source software in collaboration with a nonprofit called Finos.

The software and language “have grown to become critical tools within our firm across the trade lifecycle that help us price, assess and evaluate risk, clear transactions, and perform regulatory reporting,” said Neema Raphael, co-chief data officer at Goldman.

[Source: CNBC]