February 08, 2013, 11:20 AM — In the financial industry, software is largely considered a trade secret. Speed is everything in the trading environment - so how an application performs can make or break competitive advantage. But there is a delicate balance of giving back to the open source community while also maintaining competitive advantage and trade secrets. I encourage the financial industry to continue to find that balance, investing and supporting open source projects that can help the industry overall.
Culture Shift as Open Source Proves its Worth
Over its many years of existence, open source software has evolved from rudimentary, buggy code to be one of the most cost-effective, stable and high-quality source code options available. Even the hyper-competitive financial industry has found it impossible to resist the draw of open source software. According to one Accenture survey, about 60 percent of financial services firms in the US, UK and Ireland are committed to and using open source software.