In an effort to speed up e-business connectivity in the investment banking markets, Dresdner Kleinwort Wasserstein has released the source code for a middleware interface that has been used in over 40 mission-critical trading applications.
The New York-based division of Dresdner Bank claims it is the first investment bank to open source its inhouse-developed software.
Conor Killeen, managing director, DrKW says this is the first in a series of key technology announcements that will be made by the bank during 2001. "To fulfill our role as ‘trusted advisors’ to a worldwide client base, it is imperative that we tangibly demonstrate the kind of industry leadership others just talk about," he says.
The openadaptor software was developed by DrKW for the rapid and often code-free integration of any system to any other system, enabling the complete supply chain, plus internal systems, to be integrated while allowing access to the Web. It has been used successfully in over 40 projects since 1998, claims the bank. Specifically, the product was used to deploy the company’s global equities derivative trading system.
The source code to openadaptor will be released freely to the open source community says Al-Noor Ramji, chief information officer at DrKW. "We need to reduce the cost of doing business for our clients, which is not a simple problem to solve," he says. "We therefore have to take fundamentally important steps such as speeding up connectivity for all our clients even at the so-called expense of helping our competitors. Since all our clients are sophisticated users of Investment Banks, they use multiple providers. So enabling our clients to interact on the Web with anyone they choose will not only increase market transparency and liquidity; it will reduce costs and increase business for all."
DrKW in association with CollabNet has created a Web site, openadaptor.org, which will host the source code and open source co-development project for the openadaptor community. The site will serve as the coordination point for the development and testing of the software by providing discussion forums, software engineering tools, certified releases and bug tracking.
Bill Portelli, CollabNet president and CEO. "By using CollabNet's SourceCast platform, both the financial and IT developer communities are now able to collaborate on new features and enhancements for the openadaptor technology."
The openadaptor software is written 100% in Java and supports financial and IT industry standards including: XML (eXstensible Markup Language), JMS (Java Messaging Service), JDBC (Java Database Connectivity), RMI (Remote Method Invocation). It also has components that interface with a number of third-party products such as Tibco and IBM MQSeries. The source code license is modelled after the MIT X license; it allows free use of the source code in any open source or proprietary application.