By Geertjan on May 19, 2013
Gaia Transparence is a software vendor specialized in financial markets. It is a pioneer in the open source community for financial markets. The Gaia Transparence team is building an open source solution for the finance industry based on the NetBeans Platform.
The Gaia Transparence open source financial platform will address new regulatory requirements, including central counterparty (CCP) margining, credit value adjustment (CVA), Markets in Financial Instruments Directive revision (MIFID2), and Basle3.
On the open source motivations of the team, Benjamin Frerejean (Director of R&D) explains the following:
A key benefit of open source is "transparency". As the source code is available, it can easily be audited by either users or auditors. Along with Gaia Transparence turnkey applications, we deliver "generic trades", "positions", and underlying objects. Users pilot the development and share all the specific instance types, while user group members can mutualize enhancement costs.
We, the Gaia Transparence team, believe that open source is the solution for financial institutions to cope with the challenges they are faced with since the 2008 crunch. On the one hand, the market needs to regain "trust", whilst on the other the new regulatory environment imposes new trading standards and reporting. IT budgets are tight in this time of crisis. Trust can only be gained with transparency and standardization. Open source is transparent by nature. Open source solutions become standards when the community is active. By enabling mutualization of development costs, open source solutions help contain IT budgets. The rapid acceptance of the open source CDS pricer published by ISDA in April 2009, as part of the "Big Bang" initiative, proves the market is ready.