Deutsche Bank has put over 150,000 lines of code from its proprietary platform Autobahn into the public domain so that trading applications from different providers can use it as a shared foundation and work seamlessly with each other. The code will also be integrated into the Symphony collaboration platform.
The move is Deutsche Bank’s first contribution to open source technology, in which firms provide public access to computer code so that other programmers can suggest improvements and new ways of using it, for example to provide new services. The bank says it “marks a further step in the bank’s strategy of modernising, simplifying and standardising its technology”.
Deutsche previously founded The Lodestone Foundation in 2013 to incorporate Open Source technology into its electronic business, and the latest code, known as Plexus Interop, is designed to connect thousands of different applications from across the financial services industry, enabling banks and clients’ systems to talk to each other. Currently, many market participants use multiple applications for data, news and trading that work independently of each other.
Deutsche says that feedback from clients suggested that they were keen to use a standard platform for trading applications that was not the proprietary solution of a single provider. “Deutsche Bank reviewed the commercial products available in the market and decided to create a solution when none of them fulfilled its needs,” the bnak says.
Peter Wharton-Hood, COO of the Corporate & Investment Bank at Deutsche Bank, says, “We want to be a leader in open source technology in the banking sector. By making this code publicly available, we aim to create a common industry standard that will deliver a faster and more convenient service to clients, strengthen controls and reduce costs.”
David Gurle, founder and CEO of Symphony, adds, “We are thrilled to be working with Deutsche Bank on the integration of this open source solution with Symphony. Plexus Interop represents the largest outside contribution to the Symphony Software Foundation since its founding, and underscores the power of the community and our strong partnership with Deutsche Bank.”