The article discusses a shift in Wall Street's attitude towards open source software, which is becoming more accepted in the finance sector. Traditionally resistant to open-source practices, firms like Morgan Stanley are now prioritizing collaborative, non-proprietary development. Dov Katz, a managing director at the bank, advocates for leveraging existing open-source solutions instead of unnecessarily building new tools, signaling a broader trend in financial services. In 2024 alone, financial workers made over 750,000 contributions to GitHub, showcasing this cultural transformation where institutions aim to be contributors in the open-source ecosystem rather than just consumers.
Dov Katz emphasizes that if technology does not provide a competitive edge, firms should consider using existing open-source tools and contributing improvements instead.
The finance industry is moving towards open source, shifting from proprietary practices as institutions increasingly become contributors rather than mere consumers of technology.
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