Strangers in a Strange Land, Open Source in Financial Services

@symphonyoss

symphony.foundation

Strangers in a Strange LandOpen Source in Financial Services

Peter Monks

VP of Technology

@symphonyosssymphony.foundation

1. The Symphony Software Foundation

2. The Open Source developer landscape

3. The FinServ developer landscape

4. How we can bring these communities together?

Agenda

@symphonyosssymphony.foundation

● Fosters the open ecosystem of

the Symphony platform

▸ Symphony is a chat /

messaging platform for

regulated industries

(specifically investment

banking)

● As a result, we work almost

exclusively with large FinServ &

FinTech firms

Overview of the Foundation

@symphonyosssymphony.foundation

Our CommunityBy The Numbers

~50 Open Source Projects

300+ Active Contributors

4 Active Working Groups

27 Member Organizations

2 Individual Members

@symphonyosssymphony.foundation

Open Source Developer Landscape

@symphonyosssymphony.foundation

Open Source Developer Landscape● Do you rely on one or more of these kinds of services to do your job?

● Would you be able to do your job without access to any of them?

@symphonyosssymphony.foundation

Open Source Developer Landscape● Do you rely on one or more of these kinds of services to do your job?

● Would you be able to do your job without access to any of them?

● That’s the environment most FinServ developers work in!

@symphonyosssymphony.foundation

To understand why this is, we mustfirst understand the Financial Services

industry more generally.

@symphonyosssymphony.foundation

● Trading is increasingly

automated

▸ Confers competitive advantage

● Low latency and high

throughput are key

▸ Market transactions routinely

complete in < 10ms

▸ This is bumping into physics

(e.g. light travels a mere 1900

miles in that time!)

FinServ is a real time business

@symphonyosssymphony.foundation

● Financial Services has always

been highly regulated

● But since 2009 (GFC) regulation

has markedly increased

● Society has decided that

unregulated banking (and the

boom / bust cycles that that

creates) is unacceptable

Highly regulated

@symphonyosssymphony.foundation

● FinServ is fundamentally an

information business

● Preventing information (data,

intellectual property) loss is

therefore a paramount priority

Information loss is a primary risk

@symphonyosssymphony.foundation

● As a result of this, surveillance of

employee activity is ubiquitous

▸ This helps ensure compliance

with both regulations and

policies

Note: this is not a secret or in any way nefarious - all

firm employees are fully briefed on their firm’s

surveillance policies when they join.

Ubiquitous surveillance

@symphonyosssymphony.foundation

● Locked down development environments

● Internet services are blocked by default

▸ Exceptions involve bureaucratic approval processes

● All internet access is surveilled

▸ IP & DLP analysis

▸ Fraud, collusion, bribery detection

● Compliance violations are often a fireable offense

Financial Services Developer Landscape

@symphonyosssymphony.foundation

● Locked down development environments

● Internet services are blocked by default

▸ Exceptions involve bureaucratic approval processes

● All internet access is surveilled

▸ IP & DLP analysis

▸ Fraud, collusion, bribery detection

● Compliance violations are often a fireable offense

● As a result, firm employees:

▸ rarely have access to open source infrastructure

▸ are reserved when in those arenas

Financial Services Developer Landscape

@symphonyosssymphony.foundation

This is at odds with mostopen source communities!

@symphonyosssymphony.foundation

Strangers in a Strange Land?

So where does this leave the open

source movement?

Is there really an opportunity to

engage and embrace FinServ

developers?

@symphonyosssymphony.foundation

Absolutely!

@symphonyosssymphony.foundation

Absolutely!

In fact the banks themselvesare driving this change!

@symphonyosssymphony.foundation

● Because they understand that:

▸ software is key to competing in an information industry

▸ open source is a key engine of software innovation

■ They clearly see this when:

● they compete for talent with Research Triangle, Silicon Valley, Silicon Alley, Silicon

Roundabout, Silicon Hills, etc.

● they interact with (more agile) FinTech startups

● their developers lose productivity by reinventing wheels

● Banks employ 10,000s of highly skilled developers

▸ These developers are increasingly from the “GitHub Generation”, who

grew up with Open Source as a given

▸ We want this massive community to fully participate in open source!

Banks are driving this change

@symphonyosssymphony.foundation

● Be aware and tolerant of FinServ developer traits

● Make your projects FinServ friendly

▸ Consider surveillance requirements

▸ Implement security standards (e.g. SAML)

● Be patient!

▸ This is cultural change, and that’s never fast!

● Help us out!

▸ This has become a major focus for us, and it’s not Symphony-specific!

▸ In typical open source fashion, we are very keen to pool our efforts!

How you can help

@symphonyosssymphony.foundation

What is the Foundation doing?

@symphonyosssymphony.foundation

Open Source Readiness Program

Value

FrictionLegal

IP ownership, inbound & outbound

licensing, …

Cultural

Transparency, inclusiveness,

conduct, …

Technical

OSS Supply chain, DevOps Workflows

Why Open Source?

Strategic value of OSS -innovation, talent, …

What toOpen Source?

OSS commercialization tactics, open core “value line”, …

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Business Units / IT

@symphonyosssymphony.foundation

Business, legal & compliance peace of mind

High fidelity developer experience

Open Developer PlatformA trusted sandbox for open source inter-firm collaboration

FREE for all open source contributors! info.symphony.foundation/open-developer-platform

Symphony(REST API)

Symphony(Extension API)

Symphony(Integrations Bridge)

Plexus Add Your APIAdd Your

DataDev

Biz

Code hosting

(GitHub)

Continuous Integration

(Travis CI)

Security, Quality, IP Compliance

(WhiteSource, SonarQube, Coverity)

Cloud Continuous

Delivery(OpenShift)

Artifact Publishing

(Maven central, npm, NuGet, PyPi, Clojars)

@symphonyosssymphony.foundation

Open Source Readiness Working GroupDesktop Containers

(Minuet, SymphonyElectron, ContainerJS, …)

Desktop Container

WG

API WG

Extension API

Symphony Platform

REST APIs

Integrations(SFDC, Zapier, JIRA, GitHub, …)

Apps(RFQ, Angular, …)

App SamplesIntegration Bridge

Bots(HelpDesk, Vote, Unfurl,

…)

Clients(Java, .NET, Python, JS, Clojure …)

Swagger API Spec

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Plexus

Legend

Proprietary

Working Group

Open Source

@symphonyosssymphony.foundation

Nov 8, 2017@ BNY MellonNew York, NY

Featuring speakers from:● JP Morgan● IHS Markit● Goldman Sachs● Google● Morgan Stanley● Deutsche Bank● The Linux Foundation● GitHub● NodeSource● RedHat

Open source collaboration will power the next wave of innovation in financial services.

What’s your open source strategy?

opensourcestrategyforum.org

Leave your business card at booth #66 to be in the running for free tickets!

Thanks!

@symphonyoss

symphony.foundationBooth #66