Tessia Logo

SAN FRANCISCO, December 17, 2020 – The Open Mainframe Project (OMP), an open source initiative that enables collaboration across the mainframe community to develop shared tool sets and resources, today welcomes Tessia, a tool that automates and simplifies the installation, configuration and testing of Linux systems running on the Z platform, to its ecosystem. Additionally, HCL Technologies and Red Hat join the project to strengthen their commitment to open source mainframe technologies.

“Open Mainframe Project has experienced record growth this year in terms of membership and projects,” said John Mertic, Director of Program Management at the Linux Foundation. “We look forward to strengthening our role as the number one resource for programs that advance the technology and training for the mainframe, especially with new members HCL and Red Hat who will expand our leadership and expertise.”

OMP Projects Increase by 1500 Percent Since Launch

When Open Mainframe Project was launched in 2015 by The Linux Foundation, there was one open source project under its wing that helped advance mainframe technology. Today, OMP has become an umbrella project that is home to 16 different open source projects including a COBOL Working Group and a Zowe Conformance Program. This is a 1500 percent increase over time.

Today, Tessia joins ADE, Ambitus, ATOM, CBT Tape, COBOL Training Program, Feilong, GenevaERS, Mainframe Open Education, Mentorship, Polycephaly, Software Discovery Tool, TerseDecompress, Zowe and Zorow as projects led by the Open Mainframe community.

Tessia, an open source project for Z resource management and automated installation of Linux distribution, manages relationships between Z datacenter resources and allocates them to specific projects and users according to a role-based schema. Using these resources, Tessia can be included into existing pipelines  and with pre-release distributions and drive faster release cycles and adoption of new technologies. Additionally, it enables developers to effortlessly bring up their environments or try out new releases before migration. In general, the mission of the new project improves experience with Linux on Z, which in turn facilitates faster adoption of open source on Z platform.

The OMP Ecosystem Increases by 225 Percent

The Open Mainframe Project, which launched with 12 founding members, is now comprised of 41 business and academic organizations including the newest members HCL Technologies and Red Hat. HCL is a leading global technology company with three main businesses including IT and Business Services (ITBS), Engineering and R&D Services (ERS) and HCL Software. HCL Software develops IBM mainframe software products as an IBM IP Partner as well as developing HCL-branded mainframe software products.

Red Hat, which is now a subsidiary of OMP Platinum member IBM, has a long history of building and supporting products and solutions from open source projects and giving back to those communities.

The new members will collaborate on vendor-neutral open source projects with the mission of building community and adoption of open source on the mainframe. The project strives to build an inclusive community through investment in open source projects and programs, career development, and events that provide opportunities for the mainframe community to collaborate and create sustainability.

To celebrate its 5th anniversary, Open Mainframe Project hosted its inaugural Open Mainframe Summit event in September. More than 385 seasoned professionals, developers, students and leaders from 175 companies attended the virtual conference to share best practices, discuss hot topics, and network with like-minded individuals who are passionate about the mainframe industry. Learn more about the event and the audience statistics in this blog.

Momentum for Open Mainframe Projects

As an umbrella, the Open Mainframe Project hosts projects that expand training the next generation of mainframers or how modern mainframe technology integrates with existing systems. Through the vendor-neutral governance structure, OMP invites developers and members worldwide to participate in the open source community. The community’s passionate and talent has helped move several of the Open Mainframe Projects to important milestones including: 

Zowe, an open source software framework for the mainframe that strengthens integration with modern enterprise applications, has released version 1.17 with some notable features and enhancements. Learn more in the release notes.

Polycephaly, a set of Java and Groovy classes that enables building z/OS® source code files with Jenkins and Git, now offers developers an opportunity to choose their IDEs to use, including the popular Open Source Eclipse. Learn more in this blog.

The annual Open Mainframe Project Mentorship program, which has helped more than 40 students learn more and gain experience with Linux, open source, and mainframes, welcomed 11 new mentees in May. These mentees were paired with mentors from OMP member organizations such as IBM, Rocket Software, SUSE, Vicom Infinity, and Zoss Team LLC for four months and delivered a presentation at the Linux Foundation’s Open Source Summit Europe. The videos can be found here.

Students interested in participating in the 2021 Open Mainframe Project mentorship program can join a webinar on January 12th, 2021 at 10:00 am US Eastern Time to learn more about the program and projects participating. Register here for this webinar.

About the Open Mainframe Project

The Open Mainframe Project is intended to serve as a focal point for deployment and use of Linux and Open Source in a mainframe computing environment. With a vision of Open Source on the Mainframe as the standard for enterprise class systems and applications, the project’s mission is to build community and adoption of Open Source on the mainframe by eliminating barriers to Open Source adoption on the mainframe, demonstrating value of the mainframe on technical and business levels, and strengthening collaboration points and resources for the community to thrive. Learn more about the project at https://www.openmainframeproject.org.

About The Linux Foundation

The Linux Foundation is the organization of choice for the world’s top developers and companies to build ecosystems that accelerate open technology development and commercial adoption. Together with the worldwide open source community, it is solving the hardest technology problems by creating the largest shared technology investment in history. Founded in 2000, The Linux Foundation today provides tools, training and events to scale any open source project, which together deliver an economic impact not achievable by any one company. More information can be found at www.linuxfoundation.org.

The Linux Foundation has registered trademarks and uses trademarks. For a list of trademarks of The Linux Foundation, please see its trademark usage page: www.linuxfoundation.org/trademark-usage. Linux is a registered trademark of Linus Torvalds.

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Deutsche Bank, JPMorgan, ING, Alliance for Innovative Regulation (AIR) Contribute as Foundation Achieves Highest Monthly Commits in Its History

NEW YORK, NY / November 13, 2020 / At its annual, flagship Open Source Strategy Forum (OSSF) held virtually in conjunction with the Linux Foundation, FINOS (the Fintech Open Source Foundation), today announced the launch of its Open RegTech initiative, which aims to expand the successful open collaboration model built between financial institutions, fintech and technology firms to regulators and regtech companies. Additionally, FINOS announced a codebase contribution from Deutsche Bank of the Symphony Java Toolkit as well as the OpenMAMA project, which is led by JPMorgan, Deutsche Bank and several other FINOS members.

The announcement comes a day after FINOS announced six new members and also recorded the largest number of commits, the smallest unit of contribution, on its open source projects since its inception with a 40 percent growth with respect to the previous record.

“When we started the foundation two years ago, we couldn’t have predicted such a groundswell of support from the financial services industry for our community and are extremely proud of what we’ve accomplished,” said Gabriele Columbro, executive director, FINOS, whose mission is to foster adoption of open source, open standards, and collaborative software development practices in financial services. “This is just the beginning. By establishing an open source model for the regulatory community, building a strong project portfolio and adding active contributions from financial institutions, we have a unique opportunity to tackle other long-standing industry challenges.”

FINOS Board Approves Regulatory Special Interest Group (SIG) Led by ING and AIR
The FINOS board recently established the use of SIGs to bring together financial services stakeholders to define problem statements in specific areas that can be tackled through open source collaboration. Recognizing that efficiently defining and meeting financial services regulations is both critical and challenging, FINOS has created the “Regulation Innovation SIG”, led by AIR and supported by ING, for those interested in creating open source solutions for regulatory and compliance issues in financial services.

“The regulatory landscape is in need of a makeover, one that uses open source technology to help streamline regulatory interpretation and reporting through standardization and common approaches,” said Tosha Ellison, COO, FINOS and keynote speaker at OSSF. “FINOS believes that open source software and standards can change the way financial regulation is implemented, supervised and complied with, and is thrilled by the interest it has received from both regulators and the industry.”

“Global challenges need global solutions. That’s why at ING, we collaborate with others, both on existing platforms and on new ones we have yet to create,” said Ian Hollowbread, head of RegTech, ING Labs, ING. “Working together with open source communities, we can achieve greater coordination and bring standardization to regulatory processes to help proactively protect the financial services sector at large.”

OSSF keynote speaker Jo Ann Barefoot, CEO and co-founder of Alliance for Innovative Regulation (AIR) said: “As a former regulator, I know that agencies need to adopt a new, more coordinated approach that seeks to harmonize financial regulations and their implementation. The financial services industry and regulatory bodies have an opportunity to redesign the traditional regulatory framework using open source technology. We see great potential working with ING and FINOS to further that end.”

Deutsche Bank Contributes Open Source Symphony Java Toolkit

As industry adoption of the Symphony platform grows, and the use cases and trading scenarios for which it is being deployed expand, so too has the need grown to make Symphony’s capabilities available in what remains one of the most popular languages in financial services–Java.

A suite of libraries, which address common concerns around identity management, instance clustering, integration testing, “circle-of-trust” and building workflows, the Symphony Java Toolkit is now available through FINOS. Internally, these libraries have been deployed widely for delivering valuable client-focused functionality such as request-for-quote (RFQ), building orders, supporting chatbots and sharing axe information. Deutsche Bank will work with the community to continue building an open source, best-of-breed Java software stack that can be used by all Java developers working with Symphony.

“The Symphony Java Toolkit provides clients with an effective and powerful set of utilities to build Symphony solutions that drive their businesses forward,” said James Gibson, CIO of Deutsche Bank’s FIC Technology. “The toolkit makes it even easier for clients to connect with us, and other industry participants, to increase efficiencies, improve controls and create new opportunities for growth.”

“These libraries have been developed from the ground up within Deutsche Bank – they are interoperable together, are well documented, have been field-tested, with further modules and features added frequently,” said Rob Moffat, consultant at Deutsche Bank and the developer of this software. “The Symphony Java Toolkit follows in the footsteps of Plexus Interop and Waltz as the third collaborative project between Deutsche Bank and FINOS, all of which benefit from FINOS’ sound reputation within the open-source community and their impartial stewardship of projects within the finance industry.”

Deutsche Bank is already a leader in open source technology across the banking sector. This significant contribution to the community follows its Plexus Interop submission in 2017 that remains the largest outside open-source contribution to FINOS since its founding.

OpenMAMA Joins FINOS to Develop its Project for Market Data Sharing Across the Financial Service Industry
OpenMAMA‘s project maintainers include several FINOS members like JPMorgan, Deutsche Bank and Glue42, and was previously open sourced under the auspices of the Linux Foundation, and will now be consolidated under FINOS as the Linux Foundation wide umbrella for financial services collaboration. The project provides a high performance middleware agnostic messaging API that interfaces with a variety of message-oriented middleware systems. It provides a simplified way of sharing market data across investment banks, proprietary trading companies, hedge funds and data providers. It reduces the cost of ownership and time to market for these financial companies.

“We see significant value in Open MAMA becoming part of the FINOS open source ecosystem,” said Nigel Phelan, architecture lead for the market data services department within the Corporate and Investment Bank at JPMorgan Chase. “Open MAMA is strongly aligned with the FINOS community and its members, and we see a great opportunity to build upon our achievements to date.”

FINOS’s strong momentum is evidenced by a series of recently announced contributions in 2020, from members such as Goldman Sachs (Legend), Morgan Stanley (Morphir), Citi (DataHub) and Deutsche Bank (Waltz).

The announcement comes on the second day of FINOS’ Open Source Strategy Forum(OSSF), an annual conference recognizing leaders within the open source and financial services industry. The virtual conference will bring together experts for engaging conversations and breakout sessions on how to best leverage open source software to solve industry challenges.

Some notable keynotes include:

  • Open Remarks, Tosha Ellison, chief operating officer, FINOS
  • On the Importance of Securing the Open Source Supply Chain, Christopher Ferris, IBM fellow and CTO, Open Technology, IBM
  • FINOS Executive Director Gabriele Columbro in conversation with Neal Pawar, open source advocate and technology veteran
  • “The Future of Financial Regulation” featuring Jo Ann Barefoot and Matthew Van Buskirk, co-CEO, Hummingbird Regtech.
  • An interview with Dan Abramov, software engineer at Facebook, member of the React Core Team and co-author of Create React App

To check out sessions from today’s virtual conference, please visit: https://events.linuxfoundation.org/open-source-strategy-forum/program/schedule/.

About FINOS
FINOS (The Fintech Open Source Foundation) is a nonprofit whose mission is to foster adoption of open source, open standards and collaborative software development practices in financial services. It is the center for open source developers and the financial services industry to build new technology projects that have a lasting impact on business operations. As a regulatory compliant platform, the foundation enables developers from these competing organizations to collaborate on projects with a strong propensity for mutualization. It has enabled codebase contributions from both the buy- and sell-side firms and counts 33 major financial institutions, fintechs and technology consultancies as part of its membership. FINOS is also part of the Linux Foundation, the largest shared technology organization in the world.

Contact:
Jamie Kemp
+15164173975
jamie@calibercorporateadvisers.com

SOURCE: FINOS

Intel, SUSE and Diffblue Broaden Industry Representation in the Open Ecosystem for Financial Services; Associate Membership Provides Open Source On-Ramp for Nonprofits, Industry Consortia, Academic Institutions and Public Agencies

NEW YORK, NY / ACCESSWIRE / November 12, 2020 / Today, at its annual flagship conference, the Open Source Strategy Forum (OSSF), the Fintech Open Source Foundation (FINOS), announced three new corporate members – Intel and SUSE, joining as gold members, and Diffblue at the silver level. FINOS also announced today the launch of its Associate Member Program and three inaugural associate members, the Alliance for Innovative Regulation (AIR), InterWork Alliance(IWA), and the International Swaps and Derivatives Association (ISDA).

“From big tech to financial institutions, from regulators to fintech vendors, we are bringing together a community that is actively contributing valuable IP and sweat equity because it has now realized how the ‘open source way’ has the concrete potential to solve long standing challenges in this industry and beyond,” said Gabriele Columbro, executive director, FINOS.

These six new members further broaden industry representation across FINOS’ membership base, which now includes over 10 financial institutions and 20 technology vendors. Today’s announcement is also the latest example of accelerating growth in FINOS membership in the last year; with today’s announcement, the total count of FINOS members is now 38. “Our continued growth in members reflects the ongoing shift in financial services as more institutions embrace open collaboration to drive new business models, reduce costs, attract and retain talent, and gain competitive advantage,” remarked Tosha Ellison, FINOS Chief Operating Officer.

“Open source in financial services is a positive-sum game,” added Columbro. “Not only does it help industry consortia and regulators resolve important and complex issues at the crossroads of policy and technology, but it also provides technology and fintech companies with the ability to generate business opportunities through a commercial open source ecosystem, especially for those who will enjoy a first-mover advantage by engaging early in communities like FINOS.”

Technology Companies Join the Financial Open Source Movement

Intel is joining FINOS as a gold member. The company is an industry leader, creating world-changing technologies that enable global progress and enrich lives. Intel is also one of the largest software organizations in the world, and a leader in the development of open source technology.

“Intel technology can help banks unleash the power of data to deliver real-time insights and more value to their customers,” said Mike Blalock, general manager for the financial services industry at Intel. “As a strategic partner with FINOS, we will actively collaborate with the open source community to deliver leading-edge hardware and help bring this transformation to reality.”

SUSE, also joining FINOS as a gold member, is similarly an open source innovator. The world’s largest independent open source company, SUSE is a leader in enterprise Linux, edge computing and artificial intelligence. Its container and cloud platforms and software-defined infrastructure, enable businesses to create, deploy, and manage workloads.

“SUSE is passionate about open source innovation. We foster the potential to simplify complexities, modernize systems and accelerate discovery in banks and financial institutions,” said Alan Clark, who leads the SUSE Industry Standards and New Initiatives Program. “SUSE is proud to be a contributing member of FINOS and we will collaborate and address industry challenges around financial technologies, data modeling, machine learning, edge computing, hybrid cloud, security and containerization. Building on our FinTech experience and partnerships, SUSE will be an active member and guidepost for the FINOS community.”

A spin-out from Oxford University backed by Goldman Sachs, Diffblue is the creator of one of the world’s first AI for code solutions that automates writing unit tests and will join FINOS as a silver member. Its first product, Cover, writes Java unit regression tests that help software teams to find bugs sooner and so ship faster, with fewer defects. Its pioneering technology, developed by researchers from the University of Oxford, is based on reinforcement learning.

“We’re thrilled to be joining FINOS as a silver member so that we can collaborate more broadly with our financial services customers on open source projects that matter to them,” said Mathew Lodge, CEO of Diffblue. “As a commercial open source company, Diffblue’s Community Edition is free for open source projects so we will be contributing both better tests and tools as part of the community.”

New Associate Members Showcase FINOS’ Capabilities Beyond Traditional Financial Services

FINOS’ Associate Membership is for nonprofits, foundations and academic institutions with complementary missions to FINOS. These organizations can contribute to projects and bring attention to the numerous applications of open source technology, while FINOS provides its expertise and battle-tested open source governance to enable faster innovation in these adjacent communities.

As the regulatory landscape is ever changing, globally, AIR, a nonprofit dedicated to modernizing the financial regulatory system, will share its expertise with FINOS to drive open source solutions that standardize the way financial regulation is implemented and supervised.

“The mission of FINOS and the open source orientation of the FINOS community are an ideal complement to the work we do with financial regulators,” said David Ehrich, executive director, AIR.

ISDA is a trade association for participants in the global derivatives market, with more than 925 member firms in 75 countries. A key part of ISDA’s role is the development of standards and mutualized industry solutions for the derivatives market, including the Common Domain Model (CDM), which establishes a set of digital standards for trade events and processes. ISDA joins FINOS as an associate member, having recently participated in the successful pilot of Legend, the data platform contributed to FINOS by Goldman Sachs.

“The standards developed by ISDA are critical to derivatives workflows and, by extension, tons of fintech use cases,” said Rob Underwood, Chief Development Officer of FINOS. “In the pilot phase of Legend, extensions to the CDM were built using Legend. ISDA was central to Legend’s pilot and that overall open sourcing effort.”

“ISDA has long produced standards and definitions for the derivatives industry, and we have been working to digitize and distribute those standards in formats that work best for the fintech community. Engaging with fintech firms and providing those standards in open source should result in a rapid development of industry solutions and contribute to the transformation of financial markets,” said Ian Sloyan, Director, Market Infrastructure and Technology, ISDA.

IWA is a nonprofit, member-led organization creating platform-neutral specifications and trusted certification to define how digital token business processes can interwork regardless of location or market segment. Areas of expected collaboration include specifications for tokenizing institutional bond and equity instruments.

“World-scale adoption of standards is accelerated when those standards can be paired with open source reference implementations,” said Paul DiMarzio, executive director, IWA. “The IWA is excited to collaborate with FINOS to build pairings between FINOS open source projects and the IWA business working groups standardizing tokenized services for financial services.”

The announcement comes on the first day of OSSF, which is an annual conference recognizing leaders within the open source and financial services industry. The virtual event will bring together experts for engaging conversations and breakout sessions on how to best leverage open source software to solve industry challenges.

Some notable keynotes include:

  • Opening Remarks by FINOS Chair and Global Head Kim Prado – RBC and Dov Katz FINOS Chair, Morgan Stanley
  • Welcome and Opening Remarks – Gabriele Columbro, executive director, FINOS
  • “Open Sourcing Legend: The Flagship of Goldman Sachs’ Data Strategy — and Now Yours?” – Pierre de Belen, managing director, Goldman Sachs
  • “Innovation + Security = Innovation Joy: Stop Sacrificing Customer Experience for Security” – John Jeremiah, product marketing leader & DevOps evangelist, GitLab
  • “Quickly Deliver Modern Open Source Projects and Services with Modularity, the Enterprise Open Source Way” – Alessandro Petroni, global director and head, strategy financial services, Red Hat
  • Talks with Sarah Novotny, open source wonk, Azure Office of the CTO, Microsoft and Alejandra Villagra, managing director, Citi

To check out sessions from today’s virtual conference, please visit: https://events.linuxfoundation.org/open-source-strategy-forum/program/schedule/.

About FINOS

FINOS (The Fintech Open Source Foundation) is a nonprofit whose mission is to foster adoption of open source, open standards and collaborative software development practices in financial services. It is the center for open source developers and the financial services industry to build new technology projects that have a lasting impact on business operations. As a regulatory compliant platform, the foundation enables developers from these competing organizations to collaborate on projects with a strong propensity for mutualization. It has enabled codebase contributions from both the buy- and sell-side firms and counts 33 major financial institutions, fintechs and technology consultancies as part of its membership. FINOS is also part of the Linux Foundation, the largest shared technology organization in the world.

FOR MEDIA INQUIRIES PLEASE CONTACT:
Stephen Sumner
Caliber Corporate Advisers
p. 917.985.6630 ext.15
stephen@calibercorporate.com

SOURCE: FINOS

Open Sourced Codebase Contribution Addresses Data Efficiency and Governance Challenges in the Financial Services Industry

October 19, 2020 / The Fintech Open Source Foundation (“FINOS“), together with platinum member Goldman Sachs (GS), today announced the launch of Legend, Goldman’s flagship data management and data governance platform. Developed internally and used by both engineers and non-engineers alike across all divisions of the bank, the source code for five of the platforms’ modules have today been made available as open source within FINOS.

Today’s launch comes on the heels of the completion of a six-month pilot in which other leading investment banks, such as Deutsche Bank, Morgan Stanley and RBC Capital Markets, used a shared version of Legend, hosted on FINOS infrastructure in the public cloud, to prototype interbank collaborative data modeling and standardization, in particular to build extensions to the Common Domain Model (CDM), developed by the International Swaps and Derivatives Association (ISDA). This shared environment is now, starting today, generally available for industry participants to use and build models collaboratively. With the Legend code now available as open source, organizations may also launch and operate their own instances. The components open-sourced today allow any individual and organization across any industry to harness the power of Goldman Sachs’ internal data platform for their own data management and governance needs as well as contribute to the open code base.

“Legend provides both engineers and non-engineers a single platform that allows everyone at Goldman Sachs to develop data-centric applications and data-driven insights,” said Atte Lahtiranta, chief technology officer at Goldman Sachs. “The platform allows us to serve our clients better, automate some of the most difficult data governance challenges, as well as provide self-service tools to democratize data and analytics. We anticipate that the broad adoption of Legend will bring real, tangible value for our clients as well as greater standardization and efficiency across the entire financial services ecosystem.”

“Information is the lifeblood of financial services, but it is becoming increasingly more difficult to ensure you have accurate, complete and timely information,” said Neema Raphael, chief data officer and head of data engineering at Goldman Sachs. “Over the last seven years, Goldman Sachs has been developing, in the form of the Legend platform, a new way to provide fast, easy, secure access to our information-for revenue generation, better client service, operational efficiency and regulatory compliance. We believe this new data platform is so powerful and important that we are making it available to our clients and the world fully open and free of charge as an open source platform through FINOS.”

The Legend platform and language were together known as “Alloy” and “PURE” internally within the bank. “The choice of a new holistic name, Legend, reflects our vision of a singular platform to serve as a critical guide-a legend-for Goldman’s internal data strategy, whether building data services for the full lifecycle of a trade or more easily servicing client and regulatory requests,” added Pierre De Belen, head architect of the Legend platform.

“Financial services firms have much to gain from open source adoption as the potential for its use to reduce financial burdens and needless complexity is nearly unlimited,” said Gabriele Columbro, executive director of FINOS. “A leader in our foundation from day one, Goldman Sachs shares this vision. Legend provides a concrete path towards greater collaboration and data standardization which will benefit all market participants, large and small.”

“Legend is an impressive technology with great potential for improving industry efficiency,” said Stephen Goldbaum, an executive director at FINOS platinum member Morgan Stanley, which participated in the Legend Pilot. “We see tremendous potential for synergies between Legend and our own Morphir project, also open-sourced through FINOS, just last month. These contributions together validate the FINOS model of bringing industry competitors together to solve industry challenges.”

“Elements of a complex instrument, such as a currency option, might be stored in dozens, even hundreds, of systems within a modern investment bank’s infrastructure across its front, middle, and back office-Legend is a critical tool Goldman Sachs uses to maintain data consistency across those various applications and databases and now it’s available for the entire industry to use,” said Rob Underwood, FINOS’ chief development officer who led the open sourcing effort for the foundation.

“Fierce market competitors, such as those that participated in pilot, do tremendous amounts of trading business with each other daily. They operate under common regulatory frameworks across the globe, such as MiFID II, which necessitate advanced data lineage tooling such as what’s available in Legend. The power of Legend to help drive data consistency and improve interoperability will compound as it’s adopted by more institutions, both sell-side and buy-side,” added Underwood.

Along with Goldman Sachs, FINOS members Deutsche Bank, Itau Unibanco, Morgan Stanley, RBC Capital Markets, ScottLogic, Wells Fargo as well as Digital Asset, ISDA and REGnosys participated in the pilot. The pilot group chose to use Legend for modeling work in two areas-FX option extensions to the CDM, as well as nascent work on commodities reference data. The pilot group also identified ESG data as a good potential future use case for Legend. The FX option extensions, specifically the Averaging Model used in the CDM, modeled collaboratively by the pilot group financial institutions participants using Legend, were proposed into the CDM and have since been accepted, released and integrated into a recent release to the public.

“The Legend pilot proved FINOS to be a great vehicle for open source enablement of the CDM for ISDA and its members,” said Ian Sloyan, director, market infrastructure and technology at ISDA. “Community use of the shared environment to do even more collaborative modeling will generate more interest in Legend, as well as the CDM and other standards maintained by ISDA. This is a win-win for all concerned.”

“Data architecture and modeling teams need to consistently innovate in order to improve data governance and controls, increase efficiency, reduce operating costs and deliver a seamless user experience,” said Russell Green, head of group architecture, Deutsche Bank, and a FINOS board member. “This is in addition to meeting the ever increasing data modeling requirements from data sourcing needs. Deutsche Bank is keen to explore and operationalize data modeling tools to further build seamless integration between different participants, toolkits and simplify data management. From our participation in the FINOS pilot, we believe that Legend Studio holds promise to enhance collaborative and federated data architecture and modeling within the bank and the industry.”

“We see great potential for banks and financial institutions to address common challenges of the industry collaboratively, with great potential for sustainability, ESG, market data distribution and risk management. We look forward to experimenting with the platform further and working together with an amazing community,” said Vanessa Fernandes, chief technology officer of emerging technologies & open source at FINOS Silver member Itau Unibanco.

“As an open core company, we are proud to have Legend deployed using GitLab for modeling source control which is now fully available to the open source community for further innovation within the financial services industry,” said Sid Sijbrandij, CEO at GitLab, a FINOS silver member. “GitLab is committed to open source contribution and stewardship and we see an incredible potential to simplify complexity, improve compliance, reduce costs and increase efficiencies, which ultimately strengthens institutions and supports the customers they serve.”

“REGnosys was founded on the premise that to solve the regulatory compliance challenge, the industry must collaborate out of shared, open source data and processing models,” said Leo Labeis, CEO, REGnosys, another participant in the pilot and curator of the Rosetta DSL used in the ISDA CDM. “We are extremely pleased to collaborate with FINOS and Goldman Sachs to further promote the development of industry standards, such as the ISDA CDM, which has stood the test of working across platforms.”

“At Scott Logic, we’ve long been proponents of the benefits of open source in creating common industry standards and a shared ecosystem of value. We were delighted to participate in the Legend pilot and look forward to contributing to its future development-including possible integrations with some of our own FINOS contributions, such as DataHelix,” said Colin Eberhardt, Scott Logic’s chief technology officer and FINOS board member.

Raphael first announced Goldman Sachs’ intention to open source Legend at last November’s Open Source Strategy Forum (OSSF), FINOS’ annual conference, and the only conference dedicated to driving collaboration and innovation in financial services through open source. Speakers from Goldman Sachs will return this year to OSSF, to be held virtually on November 12-13, to present on the next steps in Legend’s developments and adoption, including the bank’s intentions to open source additional portions of Legend in 2021.

The five modules open sourced today are Legend StudioLegend EngineLegend SDLCLegend Shared, and the Legend-PURE language itself.

To request an account on the hosted instance of Legend, go to www.finos.org/legend. Legend’s documentation is available at legend.finos.org. To view, download and contribute to the Legend source code open sourced today, go to http://github.com/finos/legend.

To find out more about how to contribute to FINOS projects and participate in the FINOS open source community, please visit www.finos.org/get-involved.

About FINOS

FINOS (The Fintech Open Source Foundation) is a nonprofit whose mission is to foster adoption of open source, open standards and collaborative software development practices in financial services. It is the center for open source developers and the financial services industry to build new technology projects that have a lasting impact on business operations. As a regulatory compliant platform, the foundation enables developers from these competing organizations to collaborate on projects with a strong propensity for mutualization. It has enabled codebase contributions from both the buy- and sell-side firms and counts 33 major financial institutions, fintechs and technology consultancies as part of its membership. FINOS is also part of the Linux Foundation, the largest shared technology organization in the world.

About Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Media Contacts:

Stephen Sumner
Caliber Corporate Advisers
stephen@calibercorporateadvisers.com
917-985-6630 ext.15

Patrick Lenihan
Goldman Sachs
Patrick.R.Lenihan@gs.com
201-819-9871

Global industry leaders and experts across financial services, technology and open source will come together virtually for thought-provoking insights and conversations about how to best leverage open source software to solve industry challenges.

SAN FRANCISCO, October 13, 2020The Linux Foundation, the nonprofit organization enabling mass innovation through open source, along with co-host Fintech Open Source Foundation (FINOS), a nonprofit whose mission is to accelerate adoption of open source software, standards and best practices in financial services, today announced initial keynote speakers for Open Source Strategy Forum (OSSF). The event takes place virtually November 12 – 13 in the Eastern Standard Time (EST), UTC−05:00. The schedule can be viewed here and the keynote speakers can be viewed here

OSSF is the ONLY conference dedicated to driving collaboration and innovation in financial services through open source, and provides unparalleled opportunities to hear from and engage with the executives and individuals driving open source in financial services. The event will gather experts from financial services, technology and open source who will come together to deepen collaboration and drive innovation across the industry in order to deliver better code, faster.

“Open source is continuously showing its power to financial institutions as a key technology element and growth strategy driver,” said Jim Zemlin, Executive Director, The Linux Foundation. “After welcoming FINOS to The Linux Foundation in April, we are thrilled to co-host Open Source Strategy Forum and work together to support and collaborate with the open source communities supporting financial services, as we continue to bring open source closer and closer to the end users.”

Keynote speakers this year include:

  • Alejandra Villagra, Managing Director, Citi
  • Kim Prado, Global Head of Client, Banking & Digital Technology, RBC
  • Tosha Ellison, Chief Operating Officer, Fintech Open Source Foundation (FINOS)
  • Gabriele Columbro, Executive Director, Fintech Open Source Foundation (FINOS)
  • John Jeremiah, Product Marketing Manager, GitLab
  • Pierre de Belen, Managing Director, Goldman Sachs
  • Sarah Novotny, Open Source Wonk, Azure Office of the CTO, Microsoft
  • Alessandro Petroni, Global Director & Head, Strategy Financial Services, Red Hat
  • Jo Ann Barefoot, Founder and CEO of AIR, the Alliance for Innovative Regulation
  • Pia Mancini, Co-founder & CEO at Open Collective

“Now in its fourth year, and especially as the world adapts to a new normal, we’re excited to bring together an even broader and more diverse representation from financial services and the tech industries in what has consistently been called out as one of the most compelling and energetic events in our industry,” said Gabriele Columbro, Executive Director, FINOS. 

The 2-day event will feature 50+ sessions dedicated to showcasing recent developments and the direction of open source in financial services, with a focus on topics at the cross section of finance, open source and technology, including: 

  • Leveraging open source to drive innovation and deliver business value in highly regulated industries.
  • Introductions and technical talks on open source projects driven by and relevant to financial services.
  • Cloud, blockchain, AI, desktop interop, synthetic data, regulation and many more open source tech topics changing the financial services landscape.
  • Tools, policies and processes for successfully engaging with open source from legal and compliance concerns to growing and sustaining your open source projects.

Registration for the virtual event is open and is just US$75. Members of The Linux Foundation receive a 20 percent discount – members can contact events@linuxfoundation.org to request a member discount code. Members of FINOS can attend at no cost – members can contact ossf@finos.org to request the FINOS Member registration code. The Linux Foundation provides diversity and need-based registration scholarships for this event to anyone that needs it; for information on eligibility and to apply, click here. Visit our website and follow us on Twitter and Facebook for all the latest event updates and announcements.

Open Source Strategy Forum is made possible thanks to our sponsors, including Leader Sponsors GitLab and Red Hat. For information on becoming an event sponsor, click here.

Members of the press who would like to request a media pass should contact Kristin O’Connell at koconnell@linuxfoundation.org

Additional Resources

About The Linux Foundation
The Linux Foundation is the organization of choice for the world’s top developers and companies to build ecosystems that accelerate open technology development and industry adoption. Together with the worldwide open source community, it is solving the hardest technology problems by creating the largest shared technology investment in history. Founded in 2000, The Linux Foundation today provides tools, training and events to scale any open source project, which together deliver an economic impact not achievable by any one company. More information can be found at www.linuxfoundation.org.

The Linux Foundation Events are where the world’s leading technologists meet, collaborate, learn and network in order to advance innovations that support the world’s largest shared technologies.

The Linux Foundation has registered trademarks and uses trademarks. For a list of trademarks of The Linux Foundation, please see our trademark usage page: https://www.linuxfoundation.org/trademark-usage.

Linux is a registered trademark of Linus Torvalds.

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Media Contact:
Kristin O’Connell
The Linux Foundation
koconnell@linuxfoundation.org

Open data and analytics initiative aims to enable better risk management and boost financing for climate solutions

San Francisco, Calif., September 1, 2020 —The Linux Foundation (LF), the nonprofit organization enabling mass innovation through open source, today announced the intent to form the LF Climate Finance Foundation (LFCF), a new initiative with the goal of empowering investors, banks, insurers, companies, governments, NGOs and academia with AI-enhanced open source analytics and open data to address climate risk and opportunity. Allianz, Amazon, Microsoft and S&P Global have already committed to be founding members. The Climate Finance Foundation’s planning team includes representatives from the World Wide Fund for Nature (WWF), Ceres and the Sustainability Accounting Standards Board (SASB).

The signing of the Paris Climate Accord in 2015 brings both unprecedented opportunity and challenges to the global investment community. Avoiding catastrophic levels of global warming and ensuring resilience will require at least $1.2 trillion more financing of climate solutions each year. Achieving this dramatic increase in investment requires better data and analytic tools to fully account for climate-related risk and opportunity. To help with this effort, the LFCF is building the OS-Climate platform, with the goal of enabling asset owners, asset managers and banks to manage climate risk and identify the climate-aligned companies, infrastructure, capital projects and technologies that will thrive in a low-carbon economy.

The LF Climate Finance Foundation is hosting the OS-Climate platform, which is expected to consist of multiple physical and economic scenarios, a global and open Data Commons and economic and financial models that accelerate predictive analytic tools and investment products that manage climate-related risk and finance climate solutions across every geography, sector and asset class.

“There is a clear call from major pension funds, banks, governments and civil society for public access to corporate climate data and other data needed for finance to support Paris Climate Accord goals, as well as for better tools to inform financial decisions,” said Truman Semans, who has led community building to support the OS-Climate platform and to form the LF Climate Finance Foundation.

Development on technology to be incorporated into the OS-Climate platform is already underway. For example, the Science-Based Targets Initiative (SBTi) just released a beta version of its open source Finance Tool, which is being developed by OS-Climate and Ortec Finance. The LFCF community anticipates integrating the Finance Tool into the OS-Climate platform and undertaking community-based development to further build out this tool. SBTi is a joint initiative of WWF, the World Resources Institute (WRI), the United Nations Global Compact (UNGC) and CDP.

“The cost and complexity of analytics for climate-related investments require highly organized collaboration and resource sharing across hundreds of users and contributors,” said Jim Zemlin, executive director of the Linux Foundation. “The LF Climate Finance Foundation will enable neutral governance, shared development costs and technical leadership from many of the world’s leading financial institutions, multilateral organizations, academia, governments and NGOs.

“The collaboration among the LF Climate Finance Foundation’s stakeholders will deliver on these data and analytics needs with more speed and innovation than any one company could achieve on its own,” said Michael Tiemann, OS-Climate Senior Technical Advisor and former President of OSI, the leading international body for open source licensing and standards..

“Since the 1992 Rio Earth Summit, the world has been striving to bring together the innovation and capital of the private sector with the information and influence of governments and international institutions,” said Monique Barbut, former CEO of the global environment facility and former UN undersecretary. “The LF Climate Finance Foundation can make the OS-Climate Platform a vital tool to realize this goal, and boost investment not only for addressing climate change but also for protecting biodiversity.”

Investors and banks could use the platform to analyze portfolios and individual financings and investments. Governments are expected to use it to invest in resilient infrastructure, develop effective policy and enable regulators to manage market-related climate risk. Researchers could rely on the LF Climate Finance Foundation and its open data to surface even greater insights for advancing scalable climate opportunities. Investors and NGOs could to use the platform to advocate more effectively for corporations to align with Paris Accord goals.

“Leading asset owners and asset managers around the world understand climate change not only as an environmental challenge but also as an economic and risk management issue that is central to prudent investment,” said Lionel Johnson, president of the Pacific Pension & Investment Institute. “LF Climate Finance’s OS-Climate platform can help provide the data and analytics that are essential to fulfilling fiduciary responsibilities.”

For more information about this effort, please email membership@lfclimatefinance.org

Supporting Comments

Allianz
“Allianz is committed to steering our investment portfolios to net-zero carbon emissions by 2050. High quality and reliable information about all the companies in which we are invested is the raw material for all decisions. Open source analytics and open climate data is a very promising way to support the financial industry in working with the investee companies to transition to carbon neutrality,” says Claus Stickler, Managing Director and Co-lead Allianz Investment Management SE.

Amazon
“To fight climate change, Amazon last year co-founded and signed The Climate Pledge – a commitment to be net zero carbon 10 years ahead of the Paris Agreement. We believe that more climate risk data and information will support signatories of this pledge and others in achieving the goal of becoming carbon neutral, and, at the same time, climate resilient,” said Kara Hurst, Vice President, Worldwide Sustainability, Amazon. “We are proud to be a technical lead working with the LF Climate Finance Foundation to leverage the AWS Cloud and the many Petabytes of climate-relevant data we are making available through the Amazon Sustainability Data Initiative to push this project forward.”

Ceres
“Climate risk is mispriced all across financial markets, and that’s blocking transition to a low carbon economy,” said Mindy Lubber, CEO of Ceres. “As Ceres found in our recent report, regulators, bank and investors urgently need open access to corporate climate-related data and better tools for scenario analysis.”

Microsoft
“Addressing climate issues in a meaningful way requires people and organizations to have access to data to better understand the impact of their actions. Opening up and sharing our contribution of significant and relevant sustainability data through the LF Climate Finance Foundation will help advance the financial modeling and understanding of climate change impact – an important step in affecting positive change. We’re excited to collaborate with the other founding members and hope additional organizations will join,” said Jennifer Yokoyama, Microsoft Chief IP Counsel.

SASB
“LF Climate Finance Foundation’s OS-Climate platform enables analysis of how companies would perform on standardized, financially material metrics under various climate conditions and scenarios,” said Matthew Welch, President & COO of the Sustainability Accounting Standards Board (SASB) Foundation. “We see investor demand for this kind of standardized comparison of companies manifest in the recommendations of the Financial Stability Board’s Task Force on Climate-Related Financial Disclosures and in the more than 3,000 corporate signatories to the UN Principles for Responsible Investing.”

S&P Global
Martina Cheung, President of S&P Global Market Intelligence, said: “Businesses and investors are acknowledging the global climatic changes and its impact on the future performance of companies. There is an increasing demand from pension funds, asset managers and governments for climate related data to incorporate into their decision-making. Now more than ever, there’s a need for greater company disclosure of climate and environmental data as well as continued advancement in data and analytical tools to better assess climate risks and opportunities.”

 

About the Linux Foundation
Founded in 2000, the Linux Foundation is supported by more than 1,000 members and is the world’s leading home for collaboration on open source software, open standards, open data, and open hardware. Linux Foundation’s projects are critical to the world’s infrastructure including Linux, Kubernetes, Node.js, and more.  The Linux Foundation’s methodology focuses on leveraging best practices and addressing the needs of contributors, users and solution providers to create sustainable models for open collaboration. For more information, please visit us at linuxfoundation.org.

 

 

# # #
The Linux Foundation has registered trademarks and uses trademarks. For a list of trademarks of The Linux Foundation, please see its trademark usage page: www.linuxfoundation.org/trademark-usage. Linux is a registered trademark of Linus Torvalds.

 

Media Contact
Jennifer Cloer
503-867-2304
pr@linuxfoundation.org

New Linux Foundation effort to increase education and best practices for emerging cloud financial management discipline attracts founding members; representatives from Apptio, Google and VMware appointed to new Technical Advisory Council

San Francisco, Calif., August 20, 2020 –  The Linux Foundation, the nonprofit organization enabling mass innovation through open source, today announced the formation of the FinOps Foundation to advance the discipline of cloud financial management through best practices, education and standards. The Linux Foundation announced an intent to form the FinOps Foundation at Open Source Summit North America in late June. Today it’s announcing formation and support from founding members Apptio, Cloudeasier, Cloudsoft, CloudWize, Contino, Kubecost, Neos, Opsani, ProsperOps, Timspirit and VMware.

The newly formed Technical Advisory Council welcomes representatives from Apptio, Google and VMware alongside existing practitioner member seats held by individuals from Atlassian, Nationwide and Pearson. The TAC’s charter requires a combination of appointed and elected members and end-user practitioners who will be added in the coming months. The initial TAC members include:

  • Eugene Khvostov, VP of Product & Engineering at Apptio
  • Matt Leonard, Product Management lead for Google Compute Cloud billing
  • John McLoughlin, Director of Product Management for CloudHealth by VMware
  • Mike Fuller, Principal Systems Engineer for FinOps at Atlassian
  • Joseph Daly, Director of Cloud Optimization at Nationwide
  • Ashley Hromatko, Sr. Mgr FinOps at Pearson

“With demand for new collaboration to support cloud procurement between IT and finance teams, the FinOps community is growing fast,” said J.R. Storment, executive director of the FinOps Foundation. “We have the infrastructure and governance in place to support this acceleration and provide best-in-class training and education opportunities to grow this discipline. Our founding members are making this possible with today’s commitments, and we look forward to working with them in the years to come.”

“We are thrilled to see the FinOps Foundation formalize their launch at KubeCon and CloudNativeCon where efficiency and cloud financial management is becoming a growing concern,” said Chris Aniszczyk, CTO, Cloud Native Computing Foundation (CNCF). “CNCF looks forward to collaborating with the FinOps Foundation to improve cloud financial management for all.”

Also launching today is the formalization of the FinOps Certified Platform, FinOps Service Certified Service Provider and Training Partner programs.

FinOps Certified Platform (FCP) is a pre-qualified tier of vetted technology providers who offer software solutions to successfully adopt cloud financial management practices. Launch partners include Apptio Cloudability, CloudHealth by VMware, CloudWize, Kubecost, Opsani and ProsperOps.

FinOps Certified Service Provider (FCSP) is a pre-qualified tier of vetted service providers who have deep experience helping enterprises successfully adopt cloud financial management practices. The FCSP partners offer FinOps support, consulting, professional services and training for organizations embarking on their cloud financial management journey. Launch partners include Apptio, Cloudeasier, Cloudsoft, Contino, Neos and Timspirit.

FinOps Foundation recognizes a select group of FinOps Training Partners (FTP). This is a tier of vetted training providers who have deep experience in cloud financial management training. Launch partners include Apptio, Cloudeasier, Contino and VMware.

Training opportunities for members include the free edX course, Introduction to FinOps, launched by Linux Foundation and FinOps Foundation just this summer. The course is open for enrollment now. The FinOps Foundation also offers the FinOps Certified Practitioner Exam (FOCP). The FinOps landscape is depicted here: https://landscape.finops.org

The FinOps Foundation includes nearly 2000 individual practitioner members across the globe, representing more than 1200 companies. In the same way that DevOps revolutionized development by breaking down silos and increasing agility, FinOps increases the business value of cloud by bringing together technology, business and finance professionals with a new cultural set, knowledge skills and technical processes.

FinOps is the operating model for the cloud, which is resulting in a shift that combines systems, best practices, and culture to increase an organization’s ability to understand cloud costs and make informed business decisions. FinOps ensures that companies get the most value from every dollar spent in the cloud. It pushes accountability for spending to the edge where developers control purchasing decisions and provides a new set of centralized processes to maximize efficiency of purchases and the ability to allocate spending to teams.

For more information about the FinOps Foundation, please visit: https://www.finops.org/

Founding Member Quotes

Apptio
“Managing cloud costs and usage continues to be a top concern as cloud spending accelerates even faster than forecasted as a result of the business disruption, we’ve experienced this year. It’s been incredible to watch the FinOps Foundation grow from Cloudability’s Quarterly Customer Advisory Board meetings to a robust community dedicated to helping the industry manage cloud costs more effectively. We look forward to continuing our support of the Foundation’s efforts to standardize best practices and education for cloud financial management,” said Eugene Khvostov, VP of Product & Engineering at Apptio.

Cloudeasier
“Over recent years, most companies have experienced opening the ‘Pandora’s Box’ of the Public Cloud. The ease of consumption and availability of innovative services have been opposed by the necessity to understand, forecast, and report on the IT costs of every project. FinOps aims to solve this equation with the setup of processes, teams, and tools, which will make companies take full advantage of all Public Cloud benefits. As a FinOps pure player, it was an obvious choice for Cloudeasier to be part of the FinOps Foundation adventure. We are thrilled to participate, contribute, and learn, together with the Foundation, to set the next industry standard for Cloud Finance Management,” said Aymerc Thas-Pinot, CEO Cloudeasier.

Cloudsoft
“Cloudsoft is proud to be a member of the FinOps Foundation and we are excited to be part of the growing community focused on developing and sharing best practices in Cloud Financial Management. Our customers need to innovate without exploding costs. Therefore, the best practices established within the FinOps Foundation are crucial to gaining optimum business value from the cloud,” said Aled Sage, Head of FinOps at Cloudsoft.

CloudWize
“We see FinOps need in cloud cost-control, and optimization is on the rise. As a member of the FinOps Foundation, CloudWize provides a seamless solution that helps FinOps write policies to monitor and alert on undesired situations and prevent cost overhead. With CloudWize, FinOps analysts can query and search for misconfigurations and abnormal metrics that impact costs, without writing a single line of code,” said Yotam Atad, CEO of CloudWize.

Contino
“Contino is delighted to become a member of the FinOps Foundation. As organizations start to become more mature with their cloud adoption programs, many are recognizing the importance of adopting FinOps practices and Financial Agility as an integral part of their strategy. Working alongside the FinOps Foundation to create best practices, we will be able to better support our customers in creating modern Cloud Operating models by aligning their cloud adoption journey with spend-to-engineering efforts and business initiatives. We look forward to further sharing our experiences, whilst upskilling the community and our clients.”

Kubecost
“As more teams adopt Kubernetes and next generation cloud native technologies at scale, we are excited to be part of the community that is thinking deeply about how to help teams manage spend in these new environments. We look forward to developing more open source solutions to help benefit this growing community!” said Webb Brown, Kubecost co-founder.

Neos
“We are adamant in taking steps towards a positive change in Cloud financial management,” says Neos CEO Davorin Capan. “FinOps offers us necessary practices that facilitate our transition towards a truly ‘cloud-first’ strategy, bringing together technology, business and finance. Understanding the significance of this movement, we already have half a dozen of certified of FinOps practitioners in our team. Moreover, we are developing CloudVane, Multicloud Cost Management solution built on basic FinOps principles. We aim to include FinOps methodology into every consulting project, particularly in the form of turn-key solutions for our clients’ cloud demands.”

Opsani
“Optimizing cloud expenditures and managing workloads to be at their utmost efficiency is a paramount business concern as more businesses are shifting their traditional IT models to the cloud and implementing SaaS business lines. The FinOps Foundation is providing the essential service of highlighting best practices for managing cloud costs across the enterprise for better financial and computation results,” said Ross Schibler, CEO and Founder of Opsani, a leading Silicon Valley startup.

ProsperOps
“Cloud success cannot be achieved without Cloud Financial Management success and the FinOps Foundation is leading the way for every business to master this critical discipline. We’re thrilled to be a FinOps Certified Platform founding member and offer our service to practitioners looking to fully automate industry-leading savings outcomes,” said Chris Cochran, CEO of ProsperOps.

Timspirit
“For many years, Timspirit has been helping its customers understand, control and optimize their costs in an on-demand environment without any proven standards. We have also seen the emergence of the Cloud and FinOps, not only as an obvious source of savings, but also as an essential lever in reducing the carbon footprint of IT by sharing resources and improving efficiency. Timspirit is convinced that FinOps will become the ubiquitous discipline leading to a controlled, economical and sustainable IT. As a member of the FinOps Foundation, Timspirit is proud to work with our peers to offer our clients a shared FinOps framework based on market best practices.”

VMware
“Cloud financial management has never been more critical than it is right now. Organizations around the world are accelerating their cloud strategies while at the same time trying to control costs in a turbulent economic environment. The FinOps Foundation is doing important work to advance cloud financial management practices and practitioners. We’re excited to learn from FinOps Foundation members and contribute best practices we’ve gathered through our partnership with thousands of organizations worldwide,” said Joe Kinsella, vice president and CTO, CloudHealth by VMware.

 

About the FinOps Foundation

The FinOps Foundation (F2) is a nonprofit trade association made up of FinOps practitioners around the world. Grounded in real world stories, expertise and inspiration for and by FinOps practitioners, the F2 is focused on codifying and promoting cloud financial management best practices and standards to help community members and their teams become better at cloud financial management. For more information or to join, please visit: https://www.finops.org/

About the Linux Foundation

Founded in 2000, the Linux Foundation is supported by more than 1,500 members and is the world’s leading home for collaboration on open source software, open standards, open data, and open hardware. Linux Foundation’s projects are critical to the world’s infrastructure including Linux, Kubernetes, Node.js, and more.  The Linux Foundation’s methodology focuses on leveraging best practices and addressing the needs of contributors, users and solution providers to create sustainable models for open collaboration. For more information, please visit us at linuxfoundation.org.

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The Linux Foundation has registered trademarks and uses trademarks. For a list of trademarks of The Linux Foundation, please see its trademark usage page: www.linuxfoundation.org/trademark-usage. Linux is a registered trademark of Linus Torvalds.

FinOps Foundation is becoming a Linux Foundation effort to increase education and best practices for emerging FinOps discipline; new edX course provides foundation for education and community growth

San Francisco, Calif., June 29, 2020 – The Linux Foundation, the nonprofit organization enabling mass innovation through open source, today announced the intent to host the FinOps Foundation to advance the discipline of FinOps through best practices, education, and standards.

The FinOps Foundation includes 1,500 individual members across the globe, representing more than 500 companies with more than $1 billion in revenue each. In the same way that DevOps revolutionized development by breaking down silos and increasing agility, FinOps increases the business value of cloud by bringing together technology, business and finance professionals with a new cultural set, knowledge skills and technical processes. Companies represented among membership include Atlassian, Autodesk, Bill.com, HERE Technologies, LiveRamp, Just Eat, Nationwide, Neustar, Nike, and Spotify, among others. To become a member and contribute to this work, please visit: https://www.finops.org/

“Where there is technology disruption, there is opportunity for business transformation. FinOps is exactly this and represents a shift in operations strategy, process, and culture,” said Mike Dolan, vice president and general manager, Linux Foundation Projects. “This type of disruption and transformation is also where community and industry-wide collaboration play critical roles in enabling a whole new market opportunity. We’re pleased to be the place where that work can happen.”

The FinOps community is defining cloud financial management standards and is increasing access to education and certification for this discipline across industries. As part of this effort, the Linux Foundation is announcing a new, free edX course, Introduction to FinOps, to advance education and knowledge in this emerging area and to cultivate a growing community of professionals. This introductory course will cover the basics of FinOps and how it can positively impact an organization by building a culture of accountability around cloud use that helps companies make good, timely, data-backed decisions in the cloud. The course is open for enrollment now, and content will be available to begin on the edX platform July 21.

The FinOps Foundation is offering the FinOps Certified Practitioner Exam (FOCP) through the Linux Foundation, and more training and certification programs are expected later this year. Follow @LF_Training on Twitter or watch https://training.linuxfoundation.org for more information and updates.

“Technology and business leaders are seeking support for understanding how to manage cloud technologies and spending across their enterprises and the FinOps Foundation brings to bear the resources required to enable them to innovate inside their companies,” said J.R. Storment, executive director of the FinOps Foundation. “With the Linux Foundation’s support, especially across its world-class training organization, we can serve this growing community.”

FinOps is the operating model for the cloud, which is resulting in a shift that combines systems, best practices, and culture to increase an organization’s ability to understand cloud costs and make informed business decisions. FinOps ensures that companies get the most value from every dollar spent in the cloud. It pushes accountability for spending to the edge where developers control purchasing decisions, and provides a new set of centralized processes to maximize efficiency of purchases and the ability to allocate spending to teams.

Cloud spending is forecast to exceed $360B by 2022, according to research firm Gartner, but finance teams have very little insight into where that spend is being allocated within their organizations. The result is uncontrolled costs that aren’t properly forecast or documented along with lack of standardized tooling, which can lead to major losses or errors in critical accounting practices. Procurement of IT infrastructure has moved from taking days or weeks to seconds or minutes, which has dramatically accelerated application development but dramatically decreased efficiencies in financial operations.

“As the cloud native movement deepens inside organizations large and small, understanding how to optimize the infrastructure footprint through cultural change and engineering practices is critical,” said Chris Aniszczyk, CTO, Cloud Native Computing Foundation (CNCF). “CNCF welcomes the FinOps Foundation to the Linux Foundation and we look forward to collaborating across communities to improve cloud financial management for all.”

Supporting Quotes

Atlassian

“The FinOps Foundation has helped us validate and grow our cloud financial management practices. Having the FinOps Foundation join the Linux Foundation is a great opportunity to see this community continue to develop FinOps practices from which we all benefit,” said Simon Beckett, team lead, Atlassian Cloud FinOps.

 Nationwide

“As enterprises leverage public cloud providers, speed of development is increasing and also a risk of out of control costs.  FinOps provides a framework that brings together IT, Finance and Procurement teams and gives them a common language and processes that helps keep costs under control and keeps the focus on delivering business value. My team and I have connected with peers in the industry to get their insights and perspectives on common problems and to see what is coming next.  In addition there are opportunities for training and certification to take advantage of,” said Joseph Daly, director of cloud optimization, Nationwide.

Pearson

“Pearson joined the FinOps Foundation in Feb 2019 as we launched our global team internally. Since then we have leveraged resources from the F2 membership calls, networked within Slack with other practitioners and been able to present back to the share many of our lessons learned along this journey.  Being an education company it’s critical we are always learning. Early 2020, Pearson was able to do a private workshop with the foundation where all 8 of our team members attended the 8 hour workshop and successfully received certification. We immediately leveraged discussions in the workshop and started building our 2020 roadmap. We began mapping our milestones to the F2 principals and using the “crawl, walk, run” approach. The FinOps Foundation has personally helped me connect with many other practitioners that are very mature in Cloud Financial Management process and allowed me to bring best practices and automation ideas back to Pearson to implement, said Ashley Hromatko, senior cloud FinOps manager, Pearson.

 

About the FinOps Foundation

The FinOps Foundation (F2) is a nonprofit trade association made up of FinOps practitioners around the world. Grounded in real world stories, expertise and inspiration for and by FinOps practitioners, the F2 is focused on codifying and promoting cloud financial management best practices and standards to help community members and their teams become better at cloud financial management. For more information or to join, please visit: https://www.finops.org/

 About the Linux Foundation

Founded in 2000, the Linux Foundation is supported by more than 1,500 members and is the world’s leading home for collaboration on open source software, open standards, open data, and open hardware. Linux Foundation’s projects are critical to the world’s infrastructure including Linux, Kubernetes, Node.js, and more.  The Linux Foundation’s methodology focuses on leveraging best practices and addressing the needs of contributors, users and solution providers to create sustainable models for open collaboration. For more information, please visit us at linuxfoundation.org.

 

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The Linux Foundation has registered trademarks and uses trademarks. For a list of trademarks of The Linux Foundation, please see its trademark usage page: www.linuxfoundation.org/trademark-usage. Linux is a registered trademark of Linus Torvalds.

Media Contact
Jennifer Cloer
reTHINKit Media
503-867-2304
jennifer@rethinkitmedia.com

In its role as an ISO PAS submitter, JDF and LF now can move from idea to code, to standard, to an internationally recognized standard, vastly improving the reach and availability of the technologies created by our amazing communities.

Introduction

This week, we are proud to announce that the Joint Development Foundation (JDF), which became part of the Linux Foundation family in 2019, has been accepted as an ISO/IEC JTC 1 PAS (“Publicly Available Specification”) Submitter. The OpenChain Specification is the first specification submitted for JTC 1 review and recognition as an international standard. 

The JDF was formed to simplify the process of creating new technical specification collaboration efforts.  Standards and specifications are vitally important for the creation or advancement of new technologies, ensuring that the resulting products are well defined, provide predictable performance and that different implementations can interoperate with one another.  

Why the Linux Foundation cares about standards

The Linux Foundation itself was formed out of the merger of the Free Standards Group, which maintained the LSB (“Linux Standards Base”) and the Open Source Development Labs. Open standards and open source software have been part of the mission from the very beginning.

Standards play a role in everyone’s life. Think about the things you touch every day, as simple as a power plug, the USB connector on your phone or laptop, or the WiFi that you use in your business and your home to connect your mobile devices wirelessly. All of these devices need to be able to interoperate with each other.

A pragmatic and sensible approach to solving interoperability issues would be to create open source software projects everyone can use. However, there are cases where open source software alone will not solve all the implementation challenges that open standards can achieve. 

Open source software in and of itself may not solve particular situations where there will be many implementations in many different device or delivery models (e.g., video codecs or 3D printer designs with many software design tools and many hardware printers and scanners). Still, in other cases, that fragmentation is due to different device capabilities, implementation details, or limitations that open source software cannot resolve alone.

The design and capacities of many things are defined by industry stakeholders as a standard so that every plug and device is interoperable and capable of the same connectivity.  Every country in the world has its own national standards bodies that define the standards it deems necessary, from power transmission, radio spectrum, food safety, and others.

Not all standards bodies are national standards bodies, with standards organizations coming in many shapes and sizes. Many standards are developed by industry-specific organizations that have a common set of technical objectives and are seeking a common set of use cases, a shared set of key design and performance criteria, and a common test specification to ensure interoperability.  

For the Linux Foundation, our collaborations can range in size from small to large, but their impact can extend internationally. There is not a Linux kernel per country or an Open Container Initiative specification per country, and so on. The world is dependent on our communities.

Like Linux Foundation source code projects, JDF standards and specification development projects can range from small, industry-specific efforts, to large multi-industry collaborations. And it is the JDF’’s goal to serve these various communities.  By obtaining PAS status, JDF can help specification and standards communities ranging from the smallest collaborations through to international standardization.   

How Open Standards differ from Open Source projects

Open standards are best defined as specifications made available to the public, which are developed and maintained via an inclusive, collaborative, transparent, and consensus-driven process. Open standards facilitate interoperability and data exchange among different products or services and are intended for widespread adoption.

Open source software is defined by the OSI’s Open Source Definition. In practice, we generally care more about communities that form to work on open source software in a public, transparent collaboration where the code evolves over time to address new use cases, features, requirements, and gaps.  

Sustainable open source software communities also see continuous improvements as bugs and security issues are identified and fixed. Open source code is typically created as a collaborative effort in which programmers improve upon the code and often share the changes among the programming community for such projects. At a high level, open source licenses allow users the freedom to use, modify, and distribute the source code without requiring any further permission.

So, for example, software such as the Linux kernel is open source software in an open community, whereas the IETF curates open standards that enable the world to connect through an open Internet.

Another excellent example of how standards come into play across different hardware and software platforms are web servers. There are many web server platforms, both open source, and proprietary — such as Apache’s and Microsoft’s IIS. Some are optimized for speed, others for large deployments, some for low power devices, and for other applications. But as long as they can all speak HTTP (and other standards), they can still all communicate across the spectrum of devices.

The process of creating standards

Standards bodies are usually formed by industry stakeholders to support the activities needed to develop a specific solution to a common problem. The resulting solution is generally referred to as a specification, a blueprint for building an implementation of a solution to the problem. In some cases, the same group may also create an open source implementation, but the implementation will be specific to a set of use cases and requirements.

A standards body is the legal organization often created to provide a neutral home to the collaboration, including financial and legal support, guardrails against antitrust issues, managing copyrights and other intellectual property terms that might bear on the specification. Many will say the most important role of a standards body is to provide a neutral governance model that enables inclusive participation from all parties, where no one organization controls the specification.

The challenges in creating specifications

For something as crucial as a specification, the process of creating a specification setting body can be complicated.  

And even when the participants are aligned, the devil is always in the details. The negotiations to establish a new standards organization often involves hundreds of hours of lawyer time and a method of negotiating the nuances of the working rules and the license terms for copyrights, patents, and trademarks related to the effort.  The entire process can take many months — and it’s a requisite precursor in most cases to the technical contributors getting started. So before anyone knows what the output will be, or if it will even work, many organizations collectively invest thousands to millions of dollars on months of negotiations that delay the start.

Once the mass negotiation is done, the legal entity needs to file for non-profit status, set up bank accounts, set up accounting, finance, and HR operations, collect fees from its members, and file its taxes, just like a commercial company. These activities need to occur even if all the initiating organizations are 100% aligned on the need for the specification. Once that is all done, the engineers can get together to develop a specification, often a year after the initial idea was created.

The JDF was founded to make the entire process of forming a new standards body faster, and remove the negotiations. The JDF has created a set of default terms that reflect industry best practices and proven widely accepted legal terms.  By providing a choice of pre-existing, industry-accepted terms, JDF replaces custom negotiation with a “check the box” model. This model adopts best practices while giving flexibility through a few commonly known choices to the founders about essential terms such as copyright, intellectual property licensing, source code licensing, and governance structures.  It also allows JDF projects to be customized to meet the needs of the community, without resorting to time-consuming line-by-line negotiations.  

And once those terms are in place, the new project is formed as an entity under the non-profit JDF.  In combination with world-class operational support programs, a new project can get started in a matter of days, with resources ready to go, rather than the months to the years-long process required to form a traditional standards body. The cost of this effort is so low that a specification project can be established without any funding needed for the creation or ongoing entity management.

In essence, the JDF provides a “standards organization in a box.” Just pick a few menu options, give the effort a name and off you go creating specifications. 

The net impact of the JDF process means that companies with the need to collaborate can form the project, define the technical scope and begin inviting engineers to contribute to the project in a matter of days with minimal friction.

Internationally recognized standards through the ISO/IEC JTC 1 PAS process

One method of recognizing international standards is via the ISO/IEC JTC 1 PAS (Publicly Available Specification) Process. Once accepted through this process, the specification is recognized as an international standard. 

ISO is an independent, non-governmental international organization with a membership of 164 national standards bodies, and its standards are among the most universally recognized and accepted throughout the world.  

The IEC (International Electrotechnical Commission) is the world’s leading organization for the preparation and publication of International Standards for all electrical, electronic, and related technologies. 

ISO and IEC joined together to create ISO/IEC JTC 1, which is the international group dedicated to developing worldwide Information and Technology (ICT) standards. JTC 1 has been responsible for many key IT standards — including video compression technology and programming languages, among many others.

The Publicly Available Specification (“PAS”) process was created by a collaboration between ISO/IEC JTC 1 to allow for transposition of technical specifications from recognized standards bodies, which will enable them to become an ISO/IEC recognized standard. 

PAS Submitters must first be approved after a review of an extensive set of criteria by the external standards bodies. Once approved, a PAS Submitter may put forward some of its specifications (the publicly available specifications, PAS) to JTC 1 for national body approval and thereby international recognition. 

And once ISO/IEC JTC 1 approves a PAS submission, it becomes an international standard.

The JDF’s acceptance as a PAS Submitter is vital to the industry because it reduces friction on the path from great ideas, to well-formed technical specifications, to international recognition of the best of those specifications. JDF has the responsibility for ensuring that the process of creating the specifications is rigorous, inclusive, and conforms to the quality standards set by ISO/IEC JTC 1. The benefit of having a professionally managed standards organization like JDF is that we help ensure those requirements are met.  

And it also means that JDF provides a capability that few other organizations can — a path for communities to start from a small collaboration and grow to become an international standard.  

Understanding the OpenChain specification, our first PAS submission

The OpenChain Specification identifies the key requirements of a quality open source compliance program. It is intended to foster a software supply chain where open source is delivered with trusted and consistent compliance information. It provides a clear way to achieve effective management of open source for software supply chain participants, such that the requirements and associated collateral are developed collaboratively and openly by representatives from the software supply chain, open source community, and academia.

“The OpenChain Project is a clear example of cooperative development to share a common challenge,” says Shane Coughlan, OpenChain General Manager. “Hundreds of companies have come together, shared knowledge, and built a clear, focused industry standard based on their experience. The result is a compact but effective standard suitable for companies of all sizes in all markets.”

The OpenChain Specification has been in the market since late 2016 and has seen increasingly broad adoption to-date. The OpenChain participants include national user groups exceeding 100 participants and over 3,500 subscribers to the primary communication channel mailing list. ISO/IEC JTC 1 recognition will help to guide the evolution of the specification from de facto to de jure standard, and in the process assist procurement, sales, and other departments around the world adopt and manage OpenChain specification-related activities easily.

Conclusion

With its recognition as a PAS Submitter, JDF now provides the broadest range of support to standards communities – from small collaborations to those seeking international standards. As part of the Linux Foundation family, JDF is providing communities with new ways to collaborate.  

By affiliating with JDF, the Linux Foundation ecosystem can benefit from the support and expertise to move open source specifications into an open standards-track, that empowers engineers and developers to collaborate in the creation of a specification and standard. By using this new submissions process, they can take their standard a step further to achieve international recognition. Conversely, the importance of the JDF joining the Linux Foundation family is significant because it is in alignment with the organization’s overall goal of furthering the commitment to neutral governance and alignment of open source software and open standards.

— Jim Zemlin, Executive Director, The Linux Foundation

 JDF projects now have a clear path from open source project or specification to an internationally recognized standard, OpenChain is the first submission

SAN FRANCISCO, Calif., May 12, 2020 – The Joint Development Foundation (JDF) today announced it has been formally approved as an ISO/IEC JTC 1 Publicly Available Specification (PAS) Submitter[1] and that the OpenChain specification is the first standard to be submitted. This status offers JDF’s standards development projects a path to international standardization and benefits the global business and technical ecosystem by enabling accelerated adoption of open standards and specifications.

ISO and IEC are organizations that develop and promote international standards that touch almost all aspects of daily life. ISO and IEC joined together to create ISO/IEC JTC 1, which is the international group dedicated to developing worldwide Information and Technology (ICT) standards. JTC 1 has been responsible for many important IT standards – including video compression technology and programming languages, among many others. PAS submitters like JDF play an important role in establishing international standards by submitting their specifications to JTC 1 for a vote to adopt them as ISO/IEC JTC 1 international standards. The Linux Foundation, home to JDF, is experienced in this process, having previously submitted the Linux Standard Base for adoption as ISO/IEC 23360-1:2006[2].

The JDF’s first PAS submission is for OpenChain, a specification that identifies the key requirements of an open source compliance program. It is designed to build trust between companies in the supply chain while reducing internal resource costs. The outcome is increased trust and consistency in open source software across the supply chain. International standardization will help to guide the evolution of the OpenChain Specification from de facto to de jure standard, a process that will assist procurement, sales and other departments to increasingly engage with OpenChain-related activities.

“Open source is now a mainstream means of building infrastructure and providing a platform for innovation. While open source development models focus on lowering the barriers to innovate and change, there comes a time when industries decide the next step is to agree on one approach to an issue and work together on that solution,” said Seth Newberry, executive director at Joint Development Foundation. “These de facto standards are just one step away from becoming recognized standards, and JDF provides a path to international recognition as a standard by ISO/IEC JTC 1. This is a key additional capability to further support our open project communities with a path to engage on standards with the worldwide business and industry ecosystems.”

To become a JTC 1 PAS Submitter, the Joint Development Foundation had to meet a rigorous set of criteria. It was required to demonstrate its process for developing the specifications that are neutral to all of the contributors (no one company may dominate the process); the specification must be developed with sufficient industry participation to ensure that the resulting work is representative of an industry-wide consensus, and the specification must be formed in accordance with standard PAS editing standards so that each specification is easily understood by the readers.

About the Joint Development Foundation

The Joint Development Foundation is a nonprofit organization within the Linux Foundation ecosystem that provides turnkey corporate and legal infrastructure to enable groups to quickly establish and begin working on standards and open source code development collaborations. JDF offers Linux Foundation communities and members a ‘standards in a box’ approach to advancing industry-wide transformation. JDF includes more than 250 participation companies and projects that include the Open Manufacturing Platform, GraphQL, DIF, Alliance for Open Media and more.

About the Linux Foundation

Founded in 2000, the Linux Foundation is supported by more than 1,000 members and is the world’s leading home for collaboration on open source software, open standards, open data, and open hardware. Linux Foundation’s projects are critical to the world’s infrastructure including Linux, Kubernetes, Node.js, and more. The Linux Foundation’s methodology focuses on leveraging best practices and addressing the needs of contributors, users and solution providers to create sustainable models for open collaboration. For more information, please visit us at linuxfoundation.org.

 

The Linux Foundation has registered trademarks and uses trademarks. For a list of trademarks of The Linux Foundation, please see its trademark usage page: www.linuxfoundation.org/trademark-usage. Linux is a registered trademark of Linus Torvalds.

 

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503-867-2304

 

[1] https://jtc1info.org/page-3/page-4/jtc-1-pas-submitters/
[2] https://www.iso.org/standard/43781.html