Goldman Sachs Set to Share its Trading Secrets on GitHub

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Goldman Sachs Group, Inc., a United States-based multinational investment bank has announced plans to open-source its proprietary securities trading and risk management software in a bid to crowdsource new use cases and earn the loyalty of computer-driven traders, according to a Slashdot report on April 4, 2019.

Goldman Sachs Bares it All

Per sources close to the matter, investment banking giants, Goldman Sachs has revealed plans to release on GitHub some of the code it uses in pricing securities and analysis for how it manages market risks.

Notably, the bank has set aside $100,000 in annual funding to enable interested developers to explore its code and possibly build new applications with it.

If all goes as planned, everyone with a GitHub account will be able to tinker with the firm’s lines of codes; however, the resulting intellectual property will be entirely owned by Goldman Sachs.

“Goldman Sachs will shed some of its trademark secrecy and share its once closely guarded technology,” read the report.

Goldman Sachs is looking to tread the same paths with Silicon Valley tech firms such as Google and Facebook which have significantly improved their businesses by open-sourcing their technology.

Through this bold step, Goldman Sachs hopes to get new use cases for its technology and “earn the loyalty of computer-driven ‘quant’ traders” who have now stormed the investment ecosystem.

Marquee Live on GitHub

Reportedly, before the global financial crisis of 2008, Goldman Sachs’ proprietary trading engine called SecDB, forged the firm’s traders into the smartest professionals on Wall Street and it is even credited with enabling Goldman to cushion the effect of the financial meltdown better than its competitors.

However, due to a postcrisis blanket ban on proprietary trading systems, Goldman Sachs has since turned SecDB into a web application called Marquee, which has now attracted roughly 13,000 users, including its employees and clients.

With Marquee set to go live on GitHub, users will be able to interact directly with its data feeds, pricing engines and more.

It’s worth noting that Goldman Sachs’ new move may be a sign of greater things to come, as the firm has been showing interest in the decentralized world of blockchain technology of late.

In August 2018, BTCManager informed that Goldman Sachs had participated in the Series B funding round of blockchain startup, Axoni, as part of broader plans to deploy blockchain solutions in the traditional finance industry.

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