After Delay, OpenGamma Releases Risk and Analytics Platform

UK-based open-source analytics and risk management platform vendor OpenGamma has announced the delayed release of OpenGamma Platform 1.0. The platform's open architecture is intended to deliver transparency and improve the quality, accuracy and real-time availability of trading and risk analytics. Users can customize the platform, integrate with existing legacy systems and applications, and modify source code in real time.

The platform features a universal calculation engine for real-time and batch risk management computations, a built-in library of analytics, and market data support and trade data management. It offers an open-source Bloomberg module that gives anyone with a valid Bloomberg terminal or Server API instance the ability to directly access Bloomberg data from within the OpenGamma Platform. The module also automatically loads reference data for exchange-traded securities and includes time series loading and updating capabilities as well as real-time streaming data support.

OpenGamma delayed the release of version 1.0 following Bloomberg's decision to open-source its data-distribution application programming interface (API), in order to include its Bloomberg module with the platform, OpenGamma CEO Kirk Wylie tells sibling publication Inside Market Data.

There is also an expanded database functionality that covers new asset classes, including inflation products, equity variance swaps, foreign exchange (FX) futures and digital FX options, and allows users to customize metadata on portfolios, positions, trades and securities.

"Buy-side firms are searching for new methods to deploy critical technology, particularly as they face pressure to optimize performance and reduce costs while increasing returns," says Rik Turner, senior analyst at Ovum. "Risk management and analytics applications are more important than ever in today's compliance-focused market, but these types of solutions can be costly and cumbersome. Open-source technologies can deliver significant cost savings and performance improvements, and are now gaining a firmer foothold in the financial markets as risk managers, traders and quants demand access to powerful yet cost-effective risk analytics tools."