Open Source Finance: A Contradiction in Terms?

Tim O'Reilly (O'Reilly Media, Inc.), James Altucher (Stockpickr), Graham Miller (Marketcetera), Steve Bate (FOLIOfn)
Location: Starlight Roof

Some think open source technologies are fundamentally at odds with the zero-sum world of capital markets. Are they? Can you make money despite sharing some of your intellectual property? Increasingly we are seeing investors, large and small, taking advantage of open source to share technologies, ideas, and, yes, find more profits.

James Altucher has made a career out of writing books and articles exposing the closed-source algorithms of Wall Street, much to the industry’s chagrin and (sometimes) anger.

David Kane has written a widely read paper saying that open source has its place, but it isn’t the whole future on Wall Street.

Graham Miller is deep in the financial open source community, bringing transparency to Wall Street core technologies.

Photo of Tim O'Reilly

Tim O'Reilly

O'Reilly Media, Inc.

Tim O’Reilly is the founder and CEO of O’Reilly Media. His original business plan was “interesting work for interesting people,” and that’s worked out pretty well. He publishes books, runs conferences, invests in early-stage startups, urges companies to create more value than they capture, and tries to change the world by spreading and amplifying the knowledge of innovators.

Tim is also a partner at O’Reilly AlphaTech Ventures, a founder and board member of Safari Books Online and Maker Media, and on the boards of Code for America and PeerJ.

Photo of James Altucher

James Altucher

Stockpickr

James Altucher is president and founder of Stockpickr LLC, a wholly owned subsidiary of TheStreet.com and part of its network of Web properties, and a managing partner at Formula Capital, an alternative asset management firm that runs a fund of hedge funds. He also is a weekly columnist for The Financial Times and the author of the books Trade Like a Hedge Fund, Trade Like Warren Buffett and SuperCa$h. Previously, Altucher was a managing partner at technology venture capital firm 212 Ventures and was CEO and founder of Vaultus and Reset Inc. He holds a bachelor’s degree from Cornell and was a doctoral candidate at Carnegie Mellon University. He is also a nationally ranked chess master.

Photo of Graham Miller

Graham Miller

Marketcetera

Graham Miller is a Founder and CEO of Marketcetera (http://www.marketcetera.com), a provider of open-source software for automated trading systems. Portfolio managers can quickly transform trading ideas and pricing rules into their own proprietary algorithms that are embedded in the Marketcetera Platform. The open-source foundation of the platform provides maximum flexibility and technology choice to institutions of all sizes.

Graham has over 10 years of experience in the finance and software industries, most recently serving as the director of electronic trading strategies at a hedge fund in New York. Prior to that Mr. Miller worked for Jane Street Capital, making markets in equity options on the floor of the American Stock Exchange, and directing electronic trading efforts. During his tenure on Wall Street, Mr. Miller oversaw the development of several high-throughput black box trading systems for equities, options, ETFs and futures. Before joining Jane Street Capital, Mr. Miller assisted in the development of several products and companies at Reactivity, a software incubator turned network security company, which was acquired by Cisco in 2007.

Graham is a contributor to the FIX Protocol Organization’s Algorithmic Trading Working Group. He holds 9 US patents, and has a bachelors and masters degrees in computer science from Stanford University.

Photo of Steve Bate

Steve Bate

FOLIOfn

Stephen Bate is the VP of Software Development at the FOLIOfn online brokerage firm. His experience with trading software development ranges from market data distribution to order routing, order matching and automated trading systems. Earlier in his career he was involved in artificial intelligence and distributed processing research and did object-oriented database and software development consulting. Mr. Bate is also the founder and project lead for the QuickFIX/J project, the leading open source Java FIX engine implementation.

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