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“Legend is an impressive technology with great potential for improving industry efficiency,” said Stephen Goldbaum, an executive director at FINOS platinum member Morgan Stanley, which participated in the Legend Pilot. Legend provides a concrete path towards greater collaboration and data standardization which will benefit all market participants, large and small.”
“A leader in our foundation from day one, Goldman Sachs shares this vision. “Financial services firms have much to gain from open source adoption as the potential for its use to reduce financial burdens and needless complexity is nearly unlimited,” said Gabriele Columbro, executive director of FINOS.
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“The choice of a new holistic name, Legend, reflects our vision of a singular platform to serve as a critical guide-a legend-for Goldman’s internal data strategy, whether building data services for the full lifecycle of a trade or more easily servicing client and regulatory requests,” added Pierre De Belen, head architect of the Legend platform. The Legend platform and language were together known as “Alloy” and “PURE” internally within the bank.
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We believe this new data platform is so powerful and important that we are making it available to our clients and the world fully open and free of charge as an open source platform through FINOS.” “Over the last seven years, Goldman Sachs has been developing, in the form of the Legend platform, a new way to provide fast, easy, secure access to our information-for revenue generation, better client service, operational efficiency and regulatory compliance.
“Information is the lifeblood of financial services, but it is becoming increasingly more difficult to ensure you have accurate, complete and timely information,” said Neema Raphael, chief data officer and head of data engineering at Goldman Sachs. 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.” “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 democratize data and analytics. “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,” said Atte Lahtiranta, chief technology officer at Goldman Sachs.
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The components open-sourced today allow any individual and organization across any industry to harness the power of Goldman Sachs’ internal data platform for their own data management and governance needs as well as contribute to the open code base.
With the Legend code now available as open source, organizations may also launch and operate their own instances. This shared environment is now, starting today, generally available for industry participants to use and build models collaboratively. Today’s 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, hosted on FINOS infrastructure in the public cloud, to prototype interbank collaborative data modeling and standardization, in particular to build extensions to the Common Domain Model (CDM), developed by the International Swaps and Derivatives Association (ISDA). Developed internally and used by both engineers and non-engineers alike across all divisions of the bank, the source code for five of the platforms’ modules have today been made available as open source within FINOS. Octo/ The Fintech Open Source Foundation (“ FINOS“), together with platinum member Goldman Sachs (GS), today announced the launch of Legend, Goldman’s flagship data management and data governance platform.
Open Sourced Codebase Contribution Addresses Data Efficiency and Governance Challenges in the Financial Services Industry
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