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Goldman Sachs data governance code goes live on Finos

Goldman Sachs data governance code goes live on Finos

The Fintech Open Source Foundation (Finos) has launched Legend, a flagship data management and data governance platform from Goldman Sachs, following pilot implementations with a host of international banks.

The launch comes on the heels of the completion of a six-month pilot in which other leading investment banks, such as Deutsche Bank, Morgan Stanley and RBC Capital Markets, used a shared version of Legend to build extensions to the Common Domain Model (CDM), developed by the International Swaps and Derivatives Association (Isda).

Seven-years in development and used by both engineers and non-engineers alike across all divisions of Goldman Sachs, the source code for five of the platforms’ modules has now been made available for industry participants to use and build models collaboratively.

“Legend provides both engineers and non-engineers a single platform that allows everyone at Goldman Sachs to develop data-centric applications and data-driven insights,” says Atte Lahtiranta, chief technology officer at Goldman Sachs. “The platform allows us to serve our clients better, automate some of the most difficult data governance challenges, as well as provide self-service tools to democratise data and analytics. We anticipate that the broad adoption of Legend will bring real, tangible value for our clients as well as greater standardization and efficiency across the entire financial services ecosystem.”

Finos has enabled codebase contributions from both buy- and sell-side firms and counts 33 major financial institutions, fintechs and technology consultancies as part of its membership.

In the past five months, organisations like Citi, Deutsche Bank and Morgan Stanley have contributed internal code to Finos, providing a foundation for collaboration and extensions contributed by Finos members.

“Legend is an impressive technology with great potential for improving industry efficiency,” says Stephen Goldbaum, an executive director at Finos platinum member Morgan Stanley, which participated in the Legend Pilot. “We see tremendous potential for synergies between Legend and our own Morphir project, also open-sourced through Finos, just last month. These contributions together validate the Finos model of bringing industry competitors together to solve industry challenges.”

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