The Fintech Open Source Foundation (FINOS), the financial services umbrella of the Linux Foundation, announces the addition of Fidelity Investments as its newest buy-side member joining the foundation’s growing community of leading asset managers, hedge funds, and financial services firms. Fidelity’s membership represents a continued recognition of the value in open source standards, projects, and initiatives for the entire financial services ecosystem.

Following the memberships of Wellington Management and Point72, FINOS’ community has seen an increase in representation from buy-side firms, as a strong recognition of the value of FINOS open projects in cross-constituency industry-wide collaboration.

“The growing commitment from institutions, such as Fidelity, to the acceleration of open source adoption marks another key milestone for the FINOS community”, said Gabriele Columbro, Executive Director of FINOS and General Manager of The Linux Foundation Europe. “We have seen a significant draw in interest from buy-side firms in the last year on projects such as FDC3, which has subsequently led to further engagement from the sell-side to collaborate through open source. We look forward to growing foundational open source standards and principles across the industry, and establishing open source as a key component across all facets of the financial services industry.”

The value for buy-side firms in participating in industry-wide, open collaboration stems not only from infrastructure mutualization and a connected cloud journey, but also from core open source standards like FDC3 and the Common Domain Model (CDM) that drive cross-industry interoperability.

“Open source software development and a culture of continuous learning are key pillars in enabling the delivery of secure, stable, and scalable solutions in a rapidly changing environment,” stated Joe Frazier, Head of Cloud and Platform Engineering at Fidelity Investments. “We are thrilled to join the Fintech Open Source Foundation and actively contribute to and collaborate with the community on new and existing projects that will safely and securely accelerate the delivery of software applications across financial services.”

The continued growth of organizations throughout the industry engaging in open source software (OSS), both in FINOS and upstream projects in the Linux Foundation, speaks to the widespread development of talent and designated open source leadership – an essential component in establishing concrete and tangible value across the industry through open source.

Kim Prado, Chair of the FINOS Governing Board and CIO, US Capital Markets, I&CB and Office of the COO at BMO, remarked, “We’re thrilled to have Fidelity Investments join the FINOS community as the latest buy-side member. Their dedication to open source adoption and cooperative efforts bolsters our objective of promoting innovation and compatibility within the financial services arena. Fidelity’s knowledge and perspective will be crucial as we continue to build an open source backbone connecting top-tier asset managers, hedge funds, and financial services companies. Together, we will champion open standards, projects, and initiatives that deliver an unprecedented level of cross-industry interoperability.”

Source: FINOS