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[News] Free Software Penetrates the heart of the Financial Sector

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Developers Combine To Deliver Open Source Trading System 

,----[ Quote ]
| The solution, based on open source products from Ingres, Marketcetera, and 
| Pentaho, reportedly has many of the same features of competing solutions that 
| use proprietary software but will cost significantly less.   


Leading Open Source Companies Selected for First of Its Kind Trading Desk

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| Three leading commercial open source companies have been selected to deliver 
| a complete trading desk solution that gives the financial services industry a 
| way to automate a majority of business functions done by most trading desks 
| today. Ingres Corporation, a leading provider of open source database 
| management software and support services, announced today that it is part of 
| the solution created by dbConcert, a leading professional services firm 
| focused on delivering world-class implementations of open source software 
| solutions, that ensures all customers get exactly what they need for a 
| complete open source trading system. The solution, based entirely on open 
| source products from Ingres, Marketcetera, and Pentaho, allows organizations 
| to manage their business effectively and make better investment decisions – 
| all at a fraction of the cost of proprietary software vendor offerings.           



London Stock Exchange in denial over system outage

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| The LSE absolved its core TradElect platform from blame. The system, designed
| and built by Accenture, runs on HP ProLiant Servers and Microsoft .Net and
| SQL Server 2000 systems. Accenture declined to comment on Monday's events.
| The LSE said, "we won't discuss dealings with our individual suppliers".
| Bob McDowall, senior analyst at Tower Group, said sparse explanations
| provided by the LSE so far were “not very satisfactory”.


London Stock Exchange trading derailed by computer crash on frenzied day

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| Trading on the London Stock Exchange has been halted after a computer system
| failed on one of the most frantic days of trading so far this year.
| FTSE 100: trading on the London Stock Exchange halted after computer systems
| failed
| In an embarrassment for the LSE, the exchange said that no orders can be
| entered or executions of those trades occur. The LSE plans to bring back
| trading in a “controlled way’’, but couldn't say how long that will take.


London Stock Exchange blames outage on Infolect

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| The outage hit shortly before close of trading and forced the exchange
| to extend its closing auction by a hour and a half, from 4.30pm until
| 6pm. Even so it was reported that that some traders left for the day
| with trades unexecuted
| Infolect was launched two years ago in place of the exchange’s London
| Market Information Link platform. It uses Microsoft .net technology and
| a SQL Server database


NYSE Euronext banks on Red Hat

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| If anyone out there persists in believing that Linux isn't ready for serious
| prime time, NYSE Euronext's dependence on Red Hat should finally lay that
| silly notion to rest. As announced, the New York Stock Exchange Euronext
| dumped its proprietary UNIX heritage (AIX, HP UX, Solaris) for the freedom,
| flexibility, and performance of Linux.


Linux steps up to power NZ Stock Exchange

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| The New Zealand Stock Exchange is moving to a Linux platform for its
| settlement and clearing system, replacing its existing HP NonStop platform
| and applications in order to reduce cost and increase flexibility.


HP Linux servers bolster NYSE trading app

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| "We favor Linux for what we do. We don't want to be beholden to any one
| [hardware or software] supplier, even if it is very good. We want the freedom
| to be vendor-independent, so Linux was a good choice," said Rubinow.


Microsoft is the world's biggest cause of zombie remailers

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| In China, it would take about one and one-half years wages (for the
| average Chinese) to buy a legitimate copy of Windows Vista. If you
| could find it here.
| Microsoft is the biggest cause of zombie remailers in the world,
| because they make noises, but do not do anything to address the
| real digital inequities in the world.


Pump and dump spam comes to Europe

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| Earlier this month, the US Securities and Exchange Commission
| (SEC) had suspended trading in 35 companies that were found to
| be commonly referenced in pump-and-dump stock email campaigns.


SEC goes after stock spammers, hackers

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| The SEC action to freeze the assets is the third filed in as many
| months involving market manipulation schemes conducted through
| online account intrusions. In the past the SEC has also taken
| action against individuals who allegedly broke into financial
| news Web sites or news release services.
| [...]
| "When spam clogs our mailboxes, it's annoying. When it rips
| off investors, it's illegal and destructive," SEC Chairman
| Christopher Cox said in a statement.



Mainframe Linux at SHARE

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| Everyone is already using Linux somewhere, Elliott said, but there are still
| people who are afraid to put their mission-critical applications on it for
| fear that it is not robust enough.


Open source and mission critical: The Linux application server landscape

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| In 2005, Michael Dortch, executive editor and director of IT infrastructure
| management strategies at the Robert Frances Group, penned a report comparing
| Linux application server total cost of ownership (TCO) with Microsoft's
| Windows and Sun Microsystems' Solaris. In that report, Linux won handily,
| prompting Dortch to recommend that all IT managers at least give the Linux
| application server a serious look for mission-critical data center tasks.
| [...]
| What a lot of our clients are finding today, however, is that, with Linux and
| open source application servers, the wisdom of the crowd has solved those
| standards-based problems. And because the management tools are freely
| available and malleable, they find that the big sell was "cheap and free" but
| is now "What will complete my processes faster?" Open source used to be
| inexpensive and free, but now IT is finding value [in it] because it's more
| responsive and responsive.


Forrester: Open source is everywhere, and increasingly used for
mission-critical applications

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| Forrester just issued an insightful report on the increasing adoption
| of open source in the enterprise. The verdict? Open source is everywhere,
| and taking an ever-increasing piece of the enterprise pie


Open Source Slowly Gains Momentum on Wall Street

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| Customers may be comfortable using Linux for infrastructure-type
| systems but less so for business software, said Monica Kumar,
| senior director of product manager for Linux and open-source
| software at Oracle.


Linux Crossing Threshold to Real Mission Critical Computing

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| ...Linux developers are steadily chipping away at the most
| significant functional gaps that limited its suitability for
| these workloads in the past, allowing it to progress far beyond the
| "edge of network" domain where it has traditionally thrived. The
| impressive wins by Novell and Red Hat prove that user perceptions
| about Linux's limitations are gradually crumbling as well.


Linux goes to Wall Street, puts on a show

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| "The Financial Services firms are leading the enterprise adoption of
| open source technology, including Linux," says Zachary. "By watching
| the consumption patterns of these firms, open source vendors can
| gain a good understanding of the types of products and services
| that are commercially viable.
| [...]
| "We see a growing role for open source software beyond Linux in
| financial services companies and that's why many companies are
| expanding the governance policies and procedures around using
| open source software."


Next Gen, Mission-Critical Apps To Be Deployed on Linux Says Report

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| By now it should be obvious to even the most casual industry observers
| that Linux operating systems - and open source-based software in general -
| have reached critical marketplace mass. Recent Linux deals and
| announcements by Oracle and Microsoft have only reinforced the "open
| source is enterprise-grade" message that IBM, Unisys and other "Master
| Brand" hardware, software and services vendors have been preaching for
| years. In short, open source, especially Linux, is becoming "legitimized"
| by the major vendors for enterprise environments, and user executives
| are more than happy to believe them.


CIO study finds Linux ready for prime-time

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| The company predicts a steep rise: only 18 percent of businesses
| will be using Linux in business-critical roles by the end of 2007.
| "Linux operating systems - and open source-based software in general
| - have reached critical marketplace mass," said the study's authors,
| Bruce Guptill and Bill McNee of Saugatuck Research.

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