
BMO CIO: Open source boosts internal risk platform performance
The bank’s proprietary solution uses Apache Spark to calculate forward-looking loss scenarios in its loan portfolios.
Financial institutions have historically been wary of open-source technologies. These firms are closed systems, valuing secrecy and information security as a means of gaining an edge over the competition. Six or seven years ago, however, financial firms began to recognize that a lot of the innovation coming out of Silicon Valley was in the open-source world, and began to cautiously move toward open-source engineering.
One example of a financial institution openly embracing this movement is
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
This Week: Isda, Citco/Fenergo, Liquidnet & more
A summary of the latest financial technology news.
Large language models: Another AI wave has come—what could it bring?
Since the release of ChatGPT, excitement and hype have been abundant across industries for this form of generative AI. For capital markets, the wave of innovation that could result may be a few years away but it’s worth paying attention to—and being critical of.
Treasury traders remain wary about adopting algos
Yet proponents insist US government bond market is ‘ready for disruption’
AI proves helpful for banks facing new cash penalties for settlement failures
According to one report, banks have been hit with penalties of up to €5 million per month under new CSDR settlement rules. As a result, banks are turning to AI to help.
This Week: Euronext, STG/Alveo, Ice, Mizuho/Bloomberg & more
A summary of the latest financial technology news.
Waters Wavelength Podcast: SteelEye’s Matt Smith on eComms surveillance
SteelEye CEO Matt Smith talks on the podcast about the regulatory landscape for electronic and voice communications compliance.
Waters Wrap: For data managers, the new problems are the same as the old
While much attention has been given to cloud, AI, blockchain and other buzzwords, without a proper data foundation, those tools will not deliver the results that have been promised.
This Week: BNP/AccessFintech, Broadridge/Glue42, Omega/TNS and more
A summary of the latest financial technology news.