Open source software for modern financial institutions and capital markets has taken off over the last several years. But the OpenMAMA project takes a different approach to software development.
The effort has been considered a noble approach to collaborative development of an Open Source (News - Alert) model for building software for the financial services sector. The open source implementation of MAMA (Middle Agnostic Messaging API) by NYSE Technologies includes big names in the financial services sector like J.P Morgan and Bank of America – and it’s just getting started.
Announced just one year ago, OpenMAMA continues to standardize and simplify MAMA APIs to promote interoperability, especially among Linux users. Open source is the defacto approach to building standard technology now and in the future, and the only way to make it a standard is for it to be open –and the only way to be open is to be open source.
On its site, OpenMAMA acknowledged that its efforts to open source will no doubt be met with skepticism and suspicion. But by choosing the Linux Foundation (News - Alert), OpenMAMA will be truly free and open source software (FOSS) and “bring both credibility in the open source community, as well as a neutral home for the OpenMAMA project.”
In its one-year milestone, the project continues to show progress and commercial implementations. Linux vendor Red Hat, for example, has actively participated in the OpenMAMA effort by working on the AMQP implementation and providing an AMQP bridge.
Red Hat Enterprise has been the operating system of choice for the NYSE since 2008, and the NYSE is planning to take the OpenMAMA initiative even further with the launch of the OpenMAMA Enterprise Edition, expected to provide an open, vendor-neutral integration layer for middleware messaging.
These efforts will surely help drive innovation, value and quality through collaboration on the NYSE Technologies Open Platform.
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