A new Open Source foundation will probably change the face of the entire Capital Markets industry IT working model (sourcing, costs, time to market...). Its name? The Lodestone foundation.
The foundation will focus on delivering shared implementations of core services that Banks find themselves implementing time and time again. For example the foundation could deliver enterprise grade reference data platforms, market data platforms, OMSs, algorithm containers, trade repositories, grids for risk, pricing, etc. Some of those services could even be offered as a shared infrastructure, on the cloud.
The idea: to reverse the trend of innovation within the banking industry, by attracting some of the top worldwide class experts you can find in technology today in an open source foundation dedicated to work on common financial blocks, and sponsored by some of the major actors of the Capital Market industry.
I bet that once the first tier-one sponsors names will be published, it will motivate lots of other financial actors (in order to have the opportunity to influence and participate with the foundation workgroups).
Check yourself the concepts with the nice sliderocket introduction of the Lodestone foundation during the latest Euromoney conference in London, and the Lodestone foundation web site (beta version).
Thanks to my friend Olivier, for having shared with me this amazing initiative.