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

University fuels NextCloud's improved monitoring

Encouraged by a potential customer - a large, German university - the German start-up company NextCloud has improved the resource monitoring capabilities of its eponymous cloud services solution, which it makes available as open source software. The improved monitoring should help users scale their implementation, decide how to balance work loads and alerting them to potential capacity issues. NextCloud’s monitoring capabilities can easily be combined with OpenNMS, an open source network monitoring and management solution. Read more

Linux Kernel Developers on 25 Years of Linux

One of the key accomplishments of Linux over the past 25 years has been the “professionalization” of open source. What started as a small passion project for creator Linus Torvalds in 1991, now runs most of modern society -- creating billions of dollars in economic value and bringing companies from diverse industries across the world to work on the technology together. Hundreds of companies employ thousands of developers to contribute code to the Linux kernel. It’s a common codebase that they have built diverse products and businesses on and that they therefore have a vested interest in maintaining and improving over the long term. The legacy of Linux, in other words, is a whole new way of doing business that’s based on collaboration, said Jim Zemlin, Executive Director of The Linux Foundation said this week in his keynote at LinuxCon in Toronto. Read more

Car manufacturers cooperate to build the car of the future

Automotive Grade Linux (AGL) is a project of the Linux Foundation dedicated to creating open source software solutions for the automobile industry. It also leverages the ten billion dollar investment in the Linux kernel. The work of the AGL project enables software developers to keep pace with the demands of customers and manufacturers in this rapidly changing space, while encouraging collaboration. Walt Miner is the community manager for Automotive Grade Linux, and he spoke at LinuxCon in Toronto recently on how Automotive Grade Linux is changing the way automotive manufacturers develop software. He worked for Motorola Automotive, Continental Automotive, and Montevista Automotive program, and saw lots of original equipment manufacturers (OEMs) like Ford, Honda, Jaguar Land Rover, Mazda, Mitsubishi, Nissan, Subaru and Toyota in action over the years. Read more

Torvalds at LinuxCon: The Highlights and the Lowlights

On Wednesday, when Linus Torvalds was interviewed as the opening keynote of the day at LinuxCon 2016, Linux was a day short of its 25th birthday. Interviewer Dirk Hohndel of VMware pointed out that in the famous announcement of the operating system posted by Torvalds 25 years earlier, he had said that the OS “wasn’t portable,” yet today it supports more hardware architectures than any other operating system. Torvalds also wrote, “it probably never will support anything other than AT-harddisks.” Read more