Open Source in Finance Forum New York 2024

In this lightning fast keynote with LIVE demonstration, we will provide an example of enterprise application development, where DevSecOps embraces AI/ML and Large Language Models including: Backstage, Mistral, Kubernetes, Jupyter, KubeFlow, Python, Llama, Tekton, InstructLab, ArgoCD, Java, Granite, and much more.

Proprietary software feels like a safe bet until it isn't.

There is little doubt that GenAI will have an impact on almost every aspect of our business and personal lives. However, we are at an interesting juncture: models are becoming ever more powerful, with prototypes showing ever greater promise, but there remain significant challenges when it comes to the reality of putting this technology into practice. How do we take these astonishing experiments and turn them into something safe and reliable that can ultimately be trusted in the wild? Financial services has a fairly long history with AI and machine learning. However, its place within the industry is shifting. It is no longer the exclusive tool of Data Scientists. Rather it is a tool we are placing in the hands of our engineers, product owners, and, if we are to maximise the benefits, we should be putting it in everyone's hands. But to do-so safely, we need to educate people regarding the strengths and weaknesses, the risks and opportunities this technology presents. Within FINOS, we are forming an AI readiness group that tackles some of these challenges. This talk will take a deep dive, exploring the changes we need to make as AI rapidly becomes a standard tool in our armoury

FDC3 2.2 tightens several nuts and bolts in the FDC3 Standard, but more importantly, it brings long-awaited, cross-vendor support for FDC3 in Web Browsers. FDC3 2.2 allows applications to write to the open source @finos/fdc3 NPM module and connect to any Desktop Agent in the browser that conforms to the latest version of FDC3! In this presentation, we'll provide an overview of everything that's new in FDC3 2.2, background on the development of FDC3 for the Web by the community (including how we fixed some of the assumptions baked into FDC3), followed by a guide to getting your apps ready for it, live demos, updated conformance testing and more!

Demonstration of CLM from contract negotiation to execution, storage and use with transactions using industry standard data models. The use case explored is negotiation of CSAs then used to implement eligible collateral schedules digitally

As companies flock to implement generative AI tools, they are encountering new considerations and concerns, alongside rapidly emerging regulations (especially in already highly regulated industries). This keynote highlights how innovative makers of generative AI developer tools like GitHub Copilot are addressing key issues with their customers who seek to responsibly use and implement innovative AI solutions, while also anticipating the impacts of emerging regulation.

This keynote panel, framed by the release of AI Readiness's Governance Framework, will explore how innovation in artificial intelligence is shaping the financial services industry. The discussion will cover key issues such as cybersecurity, data privacy, and ethics, offering insights into the real-world challenges faced by buy-side and sell-side participants. The panel will focus on how organizations innovate their governance structures, manage intellectual property, and forge agreements with service providers. Additionally, it will examine how model risk management has evolved to cope with AI onboarding, emphasizing the balance between innovation and risk management to ensure responsible and effective AI adoption in finance.

Radius is a new Cloud Native Computing Foundation (CNCF) project. It is a cloud-native application platform that enables developers and platform engineers who support them to collaborate on delivering and managing cloud-native applications that follow corporate best practices for security, cost and operations by default. It supports deploying applications across private cloud, Amazon Web Services (AWS) and Microsoft Azure, with more cloud providers to come. This talk will show how easy it is to deploy and manage a popular open-source trading application, TraderX, to multi-cloud environments without requiring the developer to configure cloud-specific infrastructure. The session will also illustrate how Radius enables better collaboration across developers and operators through features like: the Radius application dashboard, which provides developers and operators a common graphical view of TraderX, as deployed across clouds and; Radius Recipes, which give TraderX developers self-serve access to cloud resources, such as SQL databases, while enabling operators to define and enforce best practices for security, cost and operations regarding how cloud resources are consumed.

The FINOS Common Cloud Controls (CCC) project has drawn cloud service providers and financial institutions together to define a common set of security and compliance controls for cloud services. In a related effort, the Compliant Financial Infrastructure (CFI) project automates compliance conformance and verification. Take a deep dive into recent controls and automation tools produced by the CCC and CFI projects to learn how you can dramatically reduce the cost of demonstrating compliance.

Join this panel discussion to explore how the financial industry is driving diversity in open source. Panelists will share their experiences and strategies for fostering an inclusive work environment, advancing DEI efforts, and advocating for social change. Attendees will gain insights on becoming effective allies, championing DEI initiatives in their own communities, and leveraging their identities for personal and professional growth, with the ultimate goal of inspiring a more diverse and equitable future in open source.

Demonstrates using two FINOS technologies to enable banking applications.

Most efforts to improve the security of the open source software supply chain revolve around finding and remediating vulnerabilities, and an entire industry has been built around vulnerability patch management. But there is another way to improve open source security outcomes proactively instead of waiting for vulnerabilities to appear: paying maintainers to ensure their projects follow secure software development practices. In this session, Donald Fischer, CEO, Tidelift, shares the results of a recent program where maintainers were paid recurring income to validate that their projects follow secure software development practices ( i.e. Open SSF Scorecards, NIST SSDF). Among other findings, this experiment resulted in projects improving their OpenSSF Scorecards scores by an average of 57%. Donald will also share data from a new open source maintainer survey showing what additional practices maintainers are willing to implement when they are paid for their work. He will also provide strategies financial services organizations interested in reducing supply chain risk from open source packages can use to make open source maintainers part of their security strategy.

Business Use Case: Mortgages & Flood Risk
In this presentation, we will demonstrate how to practically integrate physical risks such as flood, fire, and wind into the core systems and workflows of lenders. Our live user case will be on the impact of Flood Risk on Residential Mortgage lending, showcasing an end-to-end workflow that addresses this critical issue.
Key Objectives
Our session will explore core activities, including data and model sourcing, ingestion, normalisation, calibration, and end-user adoption. We'll explore how these processes can be applied to crucial tasks such as management and regulatory reporting, analysis for business decision-making, and risk and finance capital and solvency management.
Technical Challenges Solved
To solve this complex problem, we've addressed several major technical challenges. First, we've achieved Frictionless Data Integration by leveraging the work completed by OS-Climate members to manage data sourcing and curation through their Data Mesh initiative.
Next, we've ensured Frictionless Application Integration by delivering solutions that adhere to the
FDC3 (FINOS) desktop interoperability standard, accelerating end-user testing and adoption. We've also focused on Product Alignment and extension, integrating OS-Climate Functional Componentry with market-leading commercial offerings. Lastly, we've encouraged the use of Open and Commercial Components, promoting best-in-class commercial data and model products through open APIs and OS-Data contributions for enhanced end-user access.
Why It Matters
In recent decades, there has been a noticeable increase in the frequency and scale of damage to physical assets. Given that these assets represent one of the greatest stores of wealth globally, any potential degradation in their values could have serious economic consequences. This issue extends beyond individual firms, potentially affecting the viability of markets, challenging regulators, and impacting governments on a systemic level.
Advantages for Financial Institutions
By adopting our approach, financial services organisations can swiftly translate C-level strategic goals into tangible changes across business lines and group functions. This method offers substantial improvements in several key areas: dramatically reduced time to market, enhanced scalability of solutions, higher rates of end-user adoption, and significant reductions in both build and maintenance costs.
Financial institutions can position themselves at the forefront of industry innovation in addressing
the convergence of traditional and sustainable finance through physical risk integration. This
proactive stance enables them to effectively manage emerging challenges while capitalising on
new opportunities in an increasingly complex market landscape.

Listen to industry experts and active practitioners discussing the applicability of Quantum Computing for Financial Services along with Post Quantum Cryptography, the implications around open standardization, and where does this industry and topic leads us in the next 5 years.