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Goldman Sachs Will Open-Source Some Of Its Trading Software (wsj.com)
According to the Wall Street Journal, Goldman Sachs is planning to release on GitHub some of the code that its traders and engineers use to price securities and analyze and manage risk. "The bank also is offering $100,000 in annual funding for engineers to build new applications using the bank's code," the report adds. "Goldman will own the resulting intellectual property, plus get an early look to invest in promising technology." From the report: It is Goldman's latest move to shed some of its trademark secrecy and share its once closely guarded technology. It is part of a broader shift at Wall Street firms to emulate Silicon Valley giants like Google and Facebook, which have opened up their technology to a community of enthusiastic developers. By letting outsiders tinker with its code, Goldman hopes to crowdsource new uses for it and earn the loyalty of computer-driven "quant" traders who have taken the investing world by storm.
Goldman's proprietary trading engine, known as SecDB, once made its traders the smartest on Wall Street. It is credited with helping the firm weather the 2008 financial meltdown better than rivals. But a postcrisis ban on proprietary trading has made it more valuable as a service offered to clients than an in-house moneymaker. Over the past five years, Goldman has been building SecDB's capabilities into a web application called Marquee, which now has about 13,000 users roughly split between Goldman employees and clients. The code coming to GitHub will allow users to interact directly with Marquee's data feeds, pricing engines and other tools.
Goldman's proprietary trading engine, known as SecDB, once made its traders the smartest on Wall Street. It is credited with helping the firm weather the 2008 financial meltdown better than rivals. But a postcrisis ban on proprietary trading has made it more valuable as a service offered to clients than an in-house moneymaker. Over the past five years, Goldman has been building SecDB's capabilities into a web application called Marquee, which now has about 13,000 users roughly split between Goldman employees and clients. The code coming to GitHub will allow users to interact directly with Marquee's data feeds, pricing engines and other tools.
GS was bailed out by the taxpayer to the tune of $14 billion. How "smart" is their "strategy"?
Even if they open-sourced their entire codebase, there's no way I could connect to the markets or wield influence the way that they do.
My understanding is they paid a lot of money 10-15 years ago to dig a tunnel from Chicago to New York city for the sole purpose of shaving a few ms off following the curvature of the earth. Not to mention they pay $$$ to co-locate their servers close to the NYSE servers, again to shave a few ms. Knowing this, how is knowing their algorithms going to do you any good?
Oh please, Goldman dudes, don't make me laugh. Anybody who can write the kind of stuff you hope for can easily pull down three times your entire reward budget in a year, at minimum. Nobody with the ability to write something worth real money is going to hand you copyright for that pittance.
When all you have is a hammer, every problem starts to look like a thumb.
Microseconds, not milliseconds.
When all you have is a hammer, every problem starts to look like a thumb.
It's easier than you think.
Interactive Brokers has an API.
The hard part is that this is like the ultimate in software challenges.
Bugs cost real money, be it increased commissions or uncontrolled losses.
If there's a way to set a max loss circuit breaker, I'd be all for it.
y'all should stop posting this crap unless they actually release the source code outside of Microsoft.
GENERATION 26: The first time you see this, copy it into your sig on any forum and add 1 to the generation.