ERP Insights >> Magazine  >> June - 2015 issue

Why Open Source Is a Game Changer for the Financial Technology Industry

Author : Kunal Nandwani, Founder, CEO, uTrade Solutions Private Ltd
Thursday, June 11, 2015

Kunal Nandwani, Founder, CEO, uTrade Solutions Private Ltd

Founded in 2011, uTrade Solutions is an open source financial trading technology company providing multi-asset trading platforms, order & risk management systems, low latency infrastructure with algorithms, pre and post trade analytics, and data analytics products worldwide.

Open Source software has taken the world by storm over the last two decades or so. The term "open source" refers to something that can be modified because its design is publicly accessible. While it originated in the context of computer software development, today the term "open source" designates a set of values—what we call the open source way. Open source projects, products, or initiatives are those that embrace and celebrate open exchange, collaborative participation, rapid prototyping, transparency, meritocracy, and community development.

However, domain specific application software in the open source world is not very popular. Things are slowly moving into this direction, but there is a lot of progress to be made. Also, this may be the next big thing in the open source world, where one would see new companies release mainstream application products which are open source, with an "Open Core" business model and giving the traditional vendor companies a run for their money with their quality, feature set and rapid innovation. Making a product open source leads to more set of eyes looking at the code, thus enabling more peer review of the code and probably, leading to faster fixing of defects as well.

Here are the key benefits of Open Source Software:

  • Quality – Open Source leads to more high quality-products or libraries. For example: Boost libraries for C++ is a very high quality peer-reviewed cross-platform C++ library.