Goldman Sachs announced earlier this month that it would release a suite of analytical tools to its clients.
Goldman has poured funding into these proprietary tools over the last several decades and the release of the tools to clients is unprecedented. The bank’s customers will soon have access to large databases that analyse market risk and growth.
Throughout the firm’s history, clients traditionally allowed Goldman to manage and customize all trading strategies. The new tools are designed to allow personal customization of the platform, enabling clients to build their own trading systems and make investments without help from Goldman.
Although clients will not be as dependent on the firm, Goldman believes it can strengthen its business connections by offering more powerful and robust trading options.
Chief Information Officer R. Martin Chavez, the head architect of the platform, said the inspiration for the release of the tools came from Silicon Valley. He noted that tech companies had pioneered the concept of open-source software and that the return on investment and technology spoke for itself.
Clients will soon be able to access Goldman’s open-source tools and contribute to an already large pool of resources through the firm’s web-based platform.
So far, the firm has released tools to aid money managers, pensions, hedge funds, and equities and fixed-income trading. In the future, the company plans to rollout even more of its proprietary software for open-source use.