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@symphonyoss
symphony.foundation
Strangers in a Strange Land
Open Source in Financial Services
Peter Monks
VP of Technology
@symphonyosssymphony.foundation
1. The Symphony Software Foundation
2. The Open Source developer landscape
3. The FinServ ...
@symphonyosssymphony.foundation
● Fosters the open ecosystem of
the Symphony platform
▸ Symphony is a chat /
messaging pla...
@symphonyosssymphony.foundation
Our Community
By The Numbers
~50 Open Source Projects
300+ Active Contributors
4 Active Wo...
@symphonyosssymphony.foundation
Open Source Developer Landscape
@symphonyosssymphony.foundation
Open Source Developer Landscape
● Do you rely on one or more of these kinds of services to...
@symphonyosssymphony.foundation
Open Source Developer Landscape
● Do you rely on one or more of these kinds of services to...
@symphonyosssymphony.foundation
To understand why this is, we must
first understand the Financial Services
industry more g...
@symphonyosssymphony.foundation
● Trading is increasingly
automated
▸ Confers competitive advantage
● Low latency and high...
@symphonyosssymphony.foundation
● Financial Services has always
been highly regulated
● But since 2009 (GFC) regulation
ha...
@symphonyosssymphony.foundation
● FinServ is fundamentally an
information business
● Preventing information (data,
intelle...
@symphonyosssymphony.foundation
● As a result of this, surveillance of
employee activity is ubiquitous
▸ This helps ensure...
@symphonyosssymphony.foundation
● Locked down development environments
● Internet services are blocked by default
▸ Except...
@symphonyosssymphony.foundation
● Locked down development environments
● Internet services are blocked by default
▸ Except...
@symphonyosssymphony.foundation
This is at odds with most
open source communities!
@symphonyosssymphony.foundation
Strangers in a Strange Land?
So where does this leave the open
source movement?
Is there r...
@symphonyosssymphony.foundation
Absolutely!
@symphonyosssymphony.foundation
Absolutely!
In fact the banks themselves
are driving this change!
@symphonyosssymphony.foundation
● Because they understand that:
▸ software is key to competing in an information industry
...
@symphonyosssymphony.foundation
● Be aware and tolerant of FinServ developer traits
● Make your projects FinServ friendly
...
@symphonyosssymphony.foundation
What is the Foundation doing?
@symphonyosssymphony.foundation
Open Source Readiness Program
Value
Friction
Legal
IP ownership,
inbound & outbound
licens...
@symphonyosssymphony.foundation
Business, legal & compliance peace of mind
High fidelity developer experience
Open Develop...
@symphonyosssymphony.foundation
Open Source Readiness Working Group
Desktop Containers
(Minuet, SymphonyElectron, Containe...
@symphonyosssymphony.foundation
Nov 8, 2017
@ BNY Mellon
New York, NY
Featuring speakers from:
● JP Morgan
● IHS Markit
● ...
Thanks!
@symphonyoss
symphony.foundation
Booth #66
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Strangers in a Strange Land, Open Source in Financial Services

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By Peter Monks, VP of Technology at Symphony Software Foundation, as presented at All Things Open 2017.

Published in: Technology
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Strangers in a Strange Land, Open Source in Financial Services

  1. 1. @symphonyoss symphony.foundation Strangers in a Strange Land Open Source in Financial Services Peter Monks VP of Technology
  2. 2. @symphonyosssymphony.foundation 1. The Symphony Software Foundation 2. The Open Source developer landscape 3. The FinServ developer landscape 4. How we can bring these communities together? Agenda
  3. 3. @symphonyosssymphony.foundation ● Fosters the open ecosystem of the Symphony platform ▸ Symphony is a chat / messaging platform for regulated industries (specifically investment banking) ● As a result, we work almost exclusively with large FinServ & FinTech firms Overview of the Foundation
  4. 4. @symphonyosssymphony.foundation Our Community By The Numbers ~50 Open Source Projects 300+ Active Contributors 4 Active Working Groups 27 Member Organizations 2 Individual Members
  5. 5. @symphonyosssymphony.foundation Open Source Developer Landscape
  6. 6. @symphonyosssymphony.foundation Open Source Developer Landscape ● Do you rely on one or more of these kinds of services to do your job? ● Would you be able to do your job without access to any of them?
  7. 7. @symphonyosssymphony.foundation Open Source Developer Landscape ● Do you rely on one or more of these kinds of services to do your job? ● Would you be able to do your job without access to any of them? ● That’s the environment most FinServ developers work in!
  8. 8. @symphonyosssymphony.foundation To understand why this is, we must first understand the Financial Services industry more generally.
  9. 9. @symphonyosssymphony.foundation ● Trading is increasingly automated ▸ Confers competitive advantage ● Low latency and high throughput are key ▸ Market transactions routinely complete in < 10ms ▸ This is bumping into physics (e.g. light travels a mere 1900 miles in that time!) FinServ is a real time business
  10. 10. @symphonyosssymphony.foundation ● Financial Services has always been highly regulated ● But since 2009 (GFC) regulation has markedly increased ● Society has decided that unregulated banking (and the boom / bust cycles that that creates) is unacceptable Highly regulated
  11. 11. @symphonyosssymphony.foundation ● FinServ is fundamentally an information business ● Preventing information (data, intellectual property) loss is therefore a paramount priority Information loss is a primary risk
  12. 12. @symphonyosssymphony.foundation ● As a result of this, surveillance of employee activity is ubiquitous ▸ This helps ensure compliance with both regulations and policies Note: this is not a secret or in any way nefarious - all firm employees are fully briefed on their firm’s surveillance policies when they join. Ubiquitous surveillance
  13. 13. @symphonyosssymphony.foundation ● Locked down development environments ● Internet services are blocked by default ▸ Exceptions involve bureaucratic approval processes ● All internet access is surveilled ▸ IP & DLP analysis ▸ Fraud, collusion, bribery detection ● Compliance violations are often a fireable offense Financial Services Developer Landscape
  14. 14. @symphonyosssymphony.foundation ● Locked down development environments ● Internet services are blocked by default ▸ Exceptions involve bureaucratic approval processes ● All internet access is surveilled ▸ IP & DLP analysis ▸ Fraud, collusion, bribery detection ● Compliance violations are often a fireable offense ● As a result, firm employees: ▸ rarely have access to open source infrastructure ▸ are reserved when in those arenas Financial Services Developer Landscape
  15. 15. @symphonyosssymphony.foundation This is at odds with most open source communities!
  16. 16. @symphonyosssymphony.foundation Strangers in a Strange Land? So where does this leave the open source movement? Is there really an opportunity to engage and embrace FinServ developers?
  17. 17. @symphonyosssymphony.foundation Absolutely!
  18. 18. @symphonyosssymphony.foundation Absolutely! In fact the banks themselves are driving this change!
  19. 19. @symphonyosssymphony.foundation ● Because they understand that: ▸ software is key to competing in an information industry ▸ open source is a key engine of software innovation ■ They clearly see this when: ● they compete for talent with Research Triangle, Silicon Valley, Silicon Alley, Silicon Roundabout, Silicon Hills, etc. ● they interact with (more agile) FinTech startups ● their developers lose productivity by reinventing wheels ● Banks employ 10,000s of highly skilled developers ▸ These developers are increasingly from the “GitHub Generation”, who grew up with Open Source as a given ▸ We want this massive community to fully participate in open source! Banks are driving this change
  20. 20. @symphonyosssymphony.foundation ● Be aware and tolerant of FinServ developer traits ● Make your projects FinServ friendly ▸ Consider surveillance requirements ▸ Implement security standards (e.g. SAML) ● Be patient! ▸ This is cultural change, and that’s never fast! ● Help us out! ▸ This has become a major focus for us, and it’s not Symphony-specific! ▸ In typical open source fashion, we are very keen to pool our efforts! How you can help
  21. 21. @symphonyosssymphony.foundation What is the Foundation doing?
  22. 22. @symphonyosssymphony.foundation Open Source Readiness Program Value Friction Legal IP ownership, inbound & outbound licensing, … Cultural Transparency, inclusiveness, conduct, … Technical OSS Supply chain, DevOps Workflows Why Open Source? Strategic value of OSS - innovation, talent, … What to Open Source? OSS commercialization tactics, open core “value line”, … OpenSourceReadiness WorkingGroup OpenDeveloperPlatform Legal / Compliance / Security Business Units / IT
  23. 23. @symphonyosssymphony.foundation Business, legal & compliance peace of mind High fidelity developer experience Open Developer Platform A trusted sandbox for open source inter-firm collaboration FREE for all open source contributors! info.symphony.foundation/open-developer-platform Symphony (REST API) Symphony (Extension API) Symphony (Integrations Bridge) Plexus Add Your API Add Your Data Dev Biz Code hosting (GitHub) Continuous Integration (Travis CI) Security, Quality, IP Compliance (WhiteSource, SonarQube, Coverity) Cloud Continuous Delivery (OpenShift) Artifact Publishing (Maven central, npm, NuGet, PyPi, Clojars)
  24. 24. @symphonyosssymphony.foundation Open Source Readiness Working Group Desktop Containers (Minuet, SymphonyElectron, ContainerJS, …) Desktop Container WG API WG Extension API Symphony Platform REST APIs Integrations (SFDC, Zapier, JIRA, GitHub, …) Apps (RFQ, Angular, …) App SamplesIntegration Bridge Bots (HelpDesk, Vote, Unfurl, …) Clients (Java, .NET, Python, JS, Clojure …) Swagger API Spec FinancialObjects StandardizationWG OpenSourceReadinessWG Plexus Legend Proprietary Working Group Open Source
  25. 25. @symphonyosssymphony.foundation Nov 8, 2017 @ BNY Mellon New York, NY Featuring speakers from: ● JP Morgan ● IHS Markit ● Goldman Sachs ● Google ● Morgan Stanley ● Deutsche Bank ● The Linux Foundation ● GitHub ● NodeSource ● RedHat Open source collaboration will power the next wave of innovation in financial services. What’s your open source strategy? opensourcestrategyforum.org Leave your business card at booth #66 to be in the running for free tickets!
  26. 26. Thanks! @symphonyoss symphony.foundation Booth #66

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