 Good morning. It's great to be here. This really does seem like a fun crowd, a fun topic. Gabriel did a great job of giving some of the highlights of this research that these three experts all helped guide, I would say, and were a part of. They surveyed people who work in financial services, and I think some tech companies that work with banks as well, they got more than 250 responses. So the research paints a really good picture of the state of open source and finance, as you can see. So we're going to talk about some of the points that came out of the research and what these experts think. So these are all people who work with banks and are very, very knowledgeable about how these projects are going. So I just want to ask each of you, if you could talk about like one project or one type of project that you've either been personally involved in, or that you know of, that you think is kind of a game changer in the way that open source is being used in financial services, and the way it's kind of, I don't know, making a difference. Hillary, maybe we could start with you. I'm super excited about FDC3, the project we just heard Rob speaking about. I've had the opportunity to work in the financial services sector for 10 years and be on the front lines of some of those pain points around the lack of interoperability across applications. And what is extremely exciting is the problem that FDC is solving for FDC3. And what I love is the opportunity for open source solutions to be born within a given industry, but have applicability beyond the industry, and that's what I see for FDC3 is transportability to other industries. And of course, I'm incredibly excited about the possibilities. I think we're just getting started to see opportunities for digital wallets, a digital asset custody, and central bank digital currency, and digital identity. Like we are just getting started, so I think I'm excited for the future. So what's like a key benefit for, so if I'm running, if I'm a CFO at a bank, why do I care about FDC3? Well, there is latency in the lack of interoperability in data, and time is money. And financial services, their objective is to turn a profit for shareholders to create shareholder value, to define themselves by better trading systems, better investment management, and creating value for clients and shareholders alike. That comes through better technologies and more reliable and more timely access to accurate information. So it's directly linked to ROI. Scott, can you give a project or a type of project that you think is sort of game changing? Sure. Yeah, it's Colin. I get that all the time. I was afraid I was going to do that. Yeah, no problem. Yeah, rather than focus on a project, I'll focus on something slightly different. So we've been involved in a lot of different finance projects, Vue, Perspective, KDB. We wrote the FDC3 conformance framework, so I know which three pass, buy me a drink and I'll let you know. Although that kind of implies I drink during the day, which is probably not a good thing to say. One of the things I've been doing recently with Finos is putting together the technical steering committee. And from my perspective, that's a real sort of milestone in terms of the maturing of Finos as an organisation. At early stages, one of the key metrics of Finos was just the sheer number of projects that sit within the organisation. Now it's got to a point where it's attracting a considerable number of potential contributions and projects, and there's a genuine need to have a bit more curation to make sure things are more cohesive, to make sure they genuinely deliver value. So I think from my perspective, that's one of the most interesting things I've been involved in this year. Alright, how about you, Cara? I would say the most unique piece to Finos is our open source readiness SIG. And in open source, there are many times of how do you get involved, especially if you're not necessarily a technical contributor. So the open source readiness SIG is a great opportunity to be able to come, understand open source, learn from other OSPOs, learn from other open source leaders. In addition, it helps with the creating of your strategies and even getting started on your strategy. It's a nice entry point, especially into Finos and into open source, especially if you're a financial services firm. Okay, so the research found that 87% of respondents feel that open source is valuable to the future of the financial services industry, and you've all given examples of some of the value that you're currently seeing. Is there anything open source will be able to do to kind of help banks continue to modernize and maybe compete going into the future? Do any of you want to...? Hilary? I can take a stab, sure. I think the value proposition for open source in financial services is unquestionable from a lowering the total cost of ownership of your technology stack, reducing vendor lock-in. But one of the unheralded benefits of open source for this sector relates to talent retention. Our people are our competitive advantage. And when we empower our staff to create through open source project communities and to build value, we help attract talent, we help retain that talent. And so I think the talent equation is incredibly important as to why open source is so significant a factor for success in the industry. I guess I'm going to come at the question from a slightly different direction. I guess what you're looking at is the value proposition for open source. And I think you're going to hear that over and over again in the talks today that the value proposition is something that people here deeply care about. And that's kind of the carrot. That's the positive motivator. There's also the stick as well. Round about 80 to 90% of all software is now open source. So pretty much everything that banks are doing has a significant amount of that code is now open source code. It's ubiquitous. For that reason alone, you should be paying attention and you should be investing. So that's the stick. That's the come on, you know, get motivated. Yeah, and just adding on to that, I think open source is everywhere in financial services and that being able to grab the attention of the leaders within the organization are going to be able to help with security issues that we're talking about with log4j. Financial institutions were able to be able to answer the needs from a security perspective so quickly because they were modern enough to be able to have open source policies and governance around their activities and contribution and consumption. Let me follow up on that because I've always looked at security and open source and granted I'm not an expert in this area, but I've always looked at it as a double-edged sword because you have the ability for a large community of people to all look through code for vulnerabilities and fix those vulnerabilities, but you also have code that is out in the open that hackers can look at and figure out how to exploit. It gives them a lot of opportunity to do their dastardly work. How do you guys look? Am I wrong? How do you look at that? I agree it's a double-edged sword that some people have heard of a thing called Linus Law from Linus Torvalds, very famous, one of the people that you could arguably say invented open source and he has a law that's given enough eyeballs or bugs a shallow. Now there are some people that agree with that law and some people that disagree and I don't think it's been scientifically proven. I'm kind of on the fence about it but one of the things that I find is that ahead of open sourcing some code you pay particular attention, typically you pay quite a lot more attention ahead of putting it into the public domain as you would putting it deployed into production. It encourages people to have a lot more attention on security issues and cosmetics as well. So I think there are significant benefits to open sourcing. I agree it is a double-edged sword, it doesn't necessarily mean it would be more secure just by open sourcing it. But again getting back to my earlier argument, considering 80% of your code base is open source and you wrote 20% of it, balanced the probabilities, the security vulnerabilities are going to be in the code that you didn't write in the first place so it's a somewhat moot point. You know to that point is there a bright line that you're seeing these days between what banks are willing to use, the types of tools that banks are willing to use that are open source versus what people want to keep proprietary. They want to keep their own IP, their own special sauce, etc. Is there a divide and where do you see the divide? Yeah I think the gravitation toward open source for the financial services sector is around common pain points and challenges that all organizations face. Particularly with respect to regulatory compliance, liquidity, know-your-client, anti-money laundering those types of commonplace operational requirements that all organizations share, that's foundational. Where there may be a tendency to not participate is in differentiation type products that you know an organization is putting forward a customer facing application that is designed to be better than the competitors application. And tagging on to that I would say too when it is that space where it is proprietary and it's something that you want to keep within in-house that's where inner source and inner source model where it's open source principles within your organization are leveraged. And we actually saw within the report that 61% of respondents said that there was more success in their inner source programs when there was an open source program office or an Ospo, or an identified Ospo leader. The way I look at it is financial services invests a significant amount in technology. They invent their own programming languages, they go that far. Ahead of public cloud there were investment banks that effectively created public cloud style deployment environments for themselves. But with open source having become pretty much the ubiquitous model the value that you derive from inventing your own programming languages, inventing your own cloud style deployment mechanisms, the value you derive from that has diminished significantly which is why financial services should be leaning a lot more heavily on open source. There's a lot of things in the past that have been created which are not differentiators. They were potentially necessary at the time, but these days there are many things that you wouldn't consider a differentiator. A great quote from the report was that one of range viewers said we're not going to go and design a container orchestration system. That already exists, we could just go to the repo and get it there. That's not value add. Ten years ago they would have done that. So it's probably things like trading strategies, product modules, things that are very individual to the particular bank. So one of the points that Gabrielle noted was that GitHub repositories with commits from financial services institutions are up 43% over last year. That seems significant, that's a huge, and Hillary was educating me that this means that the financial institution contributors are highly valued in these projects. So what happened over the past year to make the financial services contributors so much more effective and valued? I think it goes back to the policies and the governance. They're able to understand how they can contribute, how they can bring that back into their organization. Gab was talking about how there's 20 new OSPO leaders within financial services. So I would say definitely the governance and knowing, really knowing how you can contribute and not just the policies piece but it's also the technology piece. In many times we find that developers don't have access to GitHub or Slack or open source tools and so it's being able to remove those barriers to entry to be able to have more commits. So the talent was there and they just didn't have the access and now they do and the leadership as you said. Yeah, previously, well I think it's still happening today in a lot of organizations. Generally speaking the conversation would go, oh I found a bug in this open source project, can I fix it? No, not on our network, go home and fix it yourself. And that sounds ridiculous but that happens quite often in a number of organizations that have thankfully moved beyond that. What I do want to point out is whilst the delta that we're looking at is positive, the absolute number is still pretty poor. Compare financial services to most other industry sectors and it's a laggard and if we weren't operating within a technology sector and I consider financial services to be a very much a technology sector that would be excusable but we're not. So technology is of critical importance to all financial services organizations so it's a positive step. We need another two or three years of the same increase to get to where we should be. Yeah, because I think 75% of companies surveyed let employees contribute to open source but only 35% openly encourage open source. So why is that, what's going on there? What's that divide? Is it what you're saying? You can do it at home but you can't do it at the office? Well a lot of it is value proposition. When I think about open source there's the two sides of it, there's the consumption and there's the contribution. The consumption value proposition is really easy to explain. It's free, okay, we're done. Whereas the contribution value proposition, that's a little bit more complicated. Why should we spend time fixing bugs or contributing features to this project that doesn't give us an immediate return on investment? So the value proposition is something that is subtle and nuanced. Part of it is a long term investment in the ecosystem that you fundamentally depend upon and the other angle is security. If 80% of your code is open source you probably had better get familiar with that code base. That's your insurance policy. It's not a contract with IBM or some other large supplier. Your security is your own familiarity with the code that you're using. And the flip side to that is if we prohibit our team members from contributing to open source we then are waiting for someone else to fix a problem that immediately affects us and that is going to come. And so you can be proactive in getting involved in contributing to a fix quickly or you wait for someone else to fix it. You mentioned the talent thing as well. They're a growing number of developers who will be asking an employer what's your position on open source because it matters to them. So you were talking about the value of this in recruiting people. Are college students really coming out like saying I want to work on open source? And I think it ties in with the finding that fun and enjoyment are still top reasons that people want to get involved in open source. Is it really fun? And are people, is it really drawing young people to companies, the fact that they can work on open source? Is it fun, Colin? All eyeballs to the person who is still a developer. Yeah, it is. Developers, engineers, people involved in creating software like to be in a position where their software creates the maximum value possible. Keeping their code locked up in closed source, just being used for a single application. There's some value to that, but taking your code, open sourcing it and seeing a significant number of other organizations, people benefiting from your hard work, that is fun, that is rewarding. Also, contrary to popular belief, developers and engineers are quite sociable. More often than not, they like to be sociable online. They may not like to meet in person, but there is a social element to working in open source that works for the kinds of introverts that like software. Right, and that's why it's open source community. It's about the people, it's about the contributions, and what you're taking in, but there is a gamification element to it. It's your rank, it's your brand cache. Oh, I got to fix this before somebody else did. So, fun is not just for developers, it is for everyone, but it is really bringing in that community element. This is something that research shows outside of financial services across many research projects that we have done at the Linux Foundation. Time and time again, we get this data that validates, that open source is a highly rewarding, very stimulating environment for people to participate in. I think it's important from a corporate culture point of view to embrace that and explore how we can make our policies around upstream contribution more accommodating. All right, that seems to be the takeaway that it's important, it's valuable, lower these barriers, fix, you know, get rid of these pockets of resistance and move forward for all the advantages we've been talking to. Well, Colin, Hillary Cara, thank you so much. It was a great panel. Thank you. Thank you.