Language Selection

English French German Italian Portuguese Spanish

Open Source Not For Financial Institutions? Bah Humbug

Filed under
OSS

I don't know how many of you have been following the Sergey Aleynikov-Goldman Sachs theft case. Aleynikov was arrested and charged with stealing the source code to Goldman Sachs' trading program. The prosecution claims he was going to use the code for his new employer. At trial it came out that most of the code Aleynikov stole was in fact open source code. Oops, there it is! The mighty Goldman Sachs is relying on open source code for its high frequency trading programs.

Putting aside the question of whether someone can "steal open source code", the fact that Goldman was even using open source code raised a lot of eyebrows. For many years the financial industry was seen as the last bastion resisting the open source barbarian onslaught. It was thought that open source was not secure enough, there was no accountability, it didn't give one institution and inherent advantage over another. But now it appears that Goldman is not the only one that uses open source on Wall Street and at other financial institutions.

While the financial meltdown shrinking IT budgets is an obvious reason for an increased open source emphasis (as this article points out), open source has been sneaking into the banking sector for longer than that.

rest here


Also:

One of the more interesting revelations to come out from the (imminently decided upon) Sergey Aleynikov trial is that Goldman Sachs' code may not even have been worth stealing.

Benjamin Goldberg, an associate professor in New York University's computer science department, testified that the code Aleynikov took contained "lots of open source software".

The use of open source technology within the investment banking industry is more common than you'd think.

A lot of investment banks are using open source software, but techies shouldn't worry




More in Tux Machines

Today in Techrights

Web Server Setup Series - Fix CWP Errors & Warnings To Improve Server Security

​Welcome to the second part of the web server setup series. In this part, I'll show you how to fix CWP (CentOS web panel) errors and warnings, create new user accounts, create hosting packages, and create FTP account. So let's start. Read
more

How To Make Good Use Of 'grep' Command

​Linux and UNIX systems come with a shell command known as ‘grep’. This simply looks for a specified text, or pattern, in a file or an entire directory. The most common usage is for quickly searching a file for occurrences of a pattern, which can be in plain text, or in the form of a regular expression. Here, the patterns used will be simple text rather than regular expressions. Read
more

Android Leftovers