By WSJ City

Goldman Sachs plans to release some of the code that its own traders and engineers use to price securities and analyse and manage risk. A few lines of code can spit out an analysis that once would have meant a chain of phone calls, emails and spreadsheets.

KEY FACTS

   -- Code will be released on GitHub a popular developer-collaboration site. 
 
   -- The bank is also offering $100,000 in annual funding for engineers to 
      build new applications using the code. 
 
   -- Recipients of the grants, whose applications open this week, will own 
      whatever they come up with. 
 
   -- Goldman will get an early look at promising technology.

WHY THIS MATTERS

This is Goldman's latest move to shed some of its trademark secrecy and share its once closely guarded technology. It is part of a broader shift at Wall Street firms to emulate Silicon Valley giants like Google and Facebook which have opened up their technology to a community of enthusiastic developers.

By letting outsiders tinker with its code, Goldman hopes to crowdsource new uses for it and earn the loyalty of computer-driven "quant" traders who have taken the investing world by storm.

A fuller story is available on WSJ.com

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(END) Dow Jones Newswires

April 03, 2019 08:08 ET (12:08 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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