Open-Source Risk Management Platform Provider OpenGamma Releases Upgrade In Light of Dodd-Frank Regulations

Open-source Analytics and Risk Management platform provider OpenGamma today announced its second release in the form of a platform upgrade.

The enhanced platform offers advanced stress testing capabilities, performance improvements, and extended asset-class functionality across listed products and credit derivatives.

Last year, OpenGamma secured a further round of funding to the tune of $15 million, and recruited ex-ICAP executive Mark Beeston.

Market volatility and regulatory pressures continue to challenge financial services firms as they grapple with legacy technology, shrinking IT budgets, and large amounts of data required for risk management and analytics.

Compliance A Priority As Rules Evolve

Financial services firms must adapt risk management techniques quickly as a response to decreasing margins and new regulatory standards, in particular, the updating of risk scenarios for stress testing to meet Dodd-Frank, EMIR, and Basel capital requirements.

The OpenGamma Platform offers support and real-time availability of critical trading and risk analytics required by front-office traders, quants, portfolio managers and risk professionals.

As an open source alternative to traditional risk management solutions, the platform is intended to provide the flexibility needed to address the rapidly changing financial landscape with cost-effective, transparent risk technology.

Users can access the platform through their favorite languages and tools such as R, MATLAB, Excel, or in-house interfaces.

“Firms today must invest in robust and comprehensive risk management systems to ensure they keep pace with market structure changes and regulatory mandates," stated the firm’s CEO Mas Nakachi, on behalf of OpenGamma.

"The OpenGamma Platform 2.0 offers an open, seamless solution that encompasses the benefits and tools that were offered in Version 1.0, with key enhancements that reflect new market challenges.

“With Version 2.0, the financial services industry gains the customization and flexibility needed to tackle new stress testing mandates and efficiently adapt to new risk system requirements.”

“We remain dedicated to changing how financial services firms interact with technology through open source, empowering the industry to efficiently address ongoing trading and risk challenges" concluded Mr. Makachi.

"The ongoing transformation of the OTC derivatives market structure, coupled with broader regulatory impacts and increased market uncertainty, is driving the need for more comprehensive, accurate and timely risk measurement," stated E. Paul Rowady, Jr., Senior Analyst at TABB Group.

"This landscape requires that most market actors pursue real-time situational awareness right now - all the better if while maximizing potential for future interoperability."