OpenGamma, creators of the first open-source analytics and risk management platform for the financial services industry, today announced availability of the OpenGamma Platform 1.0.
The OpenGamma Platform offers a completely open architecture to deliver unprecedented transparency and improve the quality, accuracy and real-time availability of the critical trading and risk analytics required by today's front-office traders, quants and risk managers. Users have the freedom to quickly customize the platform, integrate with existing legacy systems and applications, and modify source code in real-time, allowing firms to tailor system performance, maximize IT resources and significantly reduce costs.
Market participants today are faced with mounting data and risk management challenges due to exploding data volumes and shifting regulatory mandates, but they are often constrained by shrinking budgets and in-house technology expertise. Buy-side firms in particular need fast access to ad-hoc and pre-trade analysis, live risk and analytics, and batch and overnight risk reporting in a platform that can easily integrate with legacy data sources, financial analytics libraries, trading systems and multiple market data feeds.
The OpenGamma Platform offers a robust and flexible open-source alternative to traditional homegrown or proprietary analytics and risk management solutions. It features a Universal Calculation Engine for extensive real-time and batch risk management computations, a built-in library of cutting-edge analytics, and extensive market data support and trade data management capabilities to enhance any modern trading and analytics application. OpenGamma's open architecture is reinforced by a strong community of developers, and clients have access to comprehensive support services, from public, community-driven forums to confidential support and tailored consulting services.
OpenGamma has been guided by the industry expertise of the OpenGamma Quantitative Advisory Board. Member Andrew Rennie, Consulting Partner at Apollinax and former global head of analytics at Merrill Lynch contributed to the development process, bringing market oversight to OpenGamma Platform 1.0. Rennie guided both the analytics library and advanced trading and risk use cases. "I was drawn to OpenGamma since the market was lacking an analytics library or risk platform that met my requirements," said Rennie. "In delivering OpenGamma Platform 1.0, we are closer to establishing the future standard for quantitative finance."
OpenGamma's 1.0 platform offers a wealth of new features and enhancements, including:
• Open-source Bloomberg module: Newly open module gives anyone with a valid Bloomberg terminal or Server API instance the ability to directly access Bloomberg data from within the OpenGamma Platform. The module also automatically loads reference data for exchange-traded securities and includes time series loading and updating capabilities as well as real-time streaming data support.
• Enhanced visualization capabilities: Upgraded Web User Interface (WebUI) gives users the ability to visualize market and trade data from multiple live sources and integrate security time series data into security views. The WebUI also includes several back-end enhancements designed to improve system performance and streamline the end-user experience.
• R integration module: Support for R further empowers the platform's analytics capabilities and allows users to execute completely custom scenarios controlled from R. The module also empowers users to manipulate market data at various levels and create custom securities and portfolios.
• Customizable database masters: Expanded database functionality covers new asset classes, including inflation products, equity variance swaps, FX futures and digital FX options, and allows users to customize metadata on portfolios, positions, trades and securities.
"Buy-side firms are constantly searching for new methods to deploy critical technology, particularly as they face pressure to optimize performance and reduce costs while increasing returns. Risk management and analytics applications are more important than ever in today's compliance-focused market, but these types of solutions can be costly and cumbersome," said Rik Turner, senior analyst, Ovum. "Open-source technologies can deliver significant cost savings and performance improvements, and are now gaining a firmer foothold in the financial markets as risk managers, traders and quants demand access to powerful yet cost-effective risk analytics tools."
"Today's financial services landscape is increasingly complex and unpredictable, and firms must contend with industry-wide calls for greater accountability and transparency. Global hedge funds and asset managers need open, customizable solutions that can easily evolve with the market," said Kirk Wylie, Founder and CEO of OpenGamma. "We created the OpenGamma Platform to be radically open and inspire a new way for financial services firms to interact with their technology as they develop the analytic applications their traders and risk managers urgently need. Version 1.0 takes this one step further to truly give users the best of both worlds: a stable, customizable vendor-supported solution to handle complex calculations, ensure compliance and cement competitive advantage - all with the source code they need at their fingertips."