In today's fast-paced business environment, organizations in the financial sector must offer clients and staff secure, around-the-clock access to account and transactional information and processes.
Open source languages provide developers with tools to build highly available, functional applications quickly and easily. But there's an element of risk that goes hand-in-hand with using open source software in mission-critical applications. If you're a financial services organization whose transaction processing system runs a Perl script that stops working, you risk a complete business breakdown and, even worse, furious clients.
That's why top financial institutions like Credit Suisse and Bank of America turn to enterprise-ready dynamic languages from ActiveState to build and integrate critical applications and ensure maximum uptime.
SEC Proposal Regarding Python
In response to the major failures of the United States financial system and specifically the complexity and lack of transparency of troubled asset-backed securities over the past few years, the U.S. Securities and Exchange Commission (SEC) proposed new rules covering asset-back securities in 2010.
One of the SEC proposals required, along with the prospectus filing, the filing of a computer program modeling the contractual cash flow provisions written in Python. In addition, Python offers a superior, standards-based way to connect to both open source and proprietary modeling software used by traders, investors, regulators and other interested parties to evaluate these models.
Now that the Dodd-Frank's SEC proposal has been adopted, an increasing number of developers in the financial services space are moving to Python because it offers a superior, standards-based way to connect their proprietary modeling software to regulators, investors and other interested parties. The Python language, with its robust support for mathematical computing, has also grown in popularity with financial quantitative analysts, playing an important role in the trading and visualization systems throughout the financial sector.
ActiveState’s inclusion of NumPy, SciPy and matplotlib in ActivePython Community Edition offers developers and quantitative analysts/programmers working with traders, fund administrators/managers, regulators, valuation specialists, risk managers and portfolio managers:
- The packages necessary to build any applications for financial modeling, to help visualize if-then scenarios to assess risk
- Ability to comply with the SEC's Dodd-Frank Act Rule to use Python for creating financial models that will be used to add new levels of transparency to asset-backed securities market
- Service level guarantees to support the financial sector's business-critical systems
Respond to Market Conditions Faster
ActivePython is another development option available for quantitative financial developers (Quants) that allows for faster and easier writing and deployment of financial scenarios. ActivePython’s capabilities for data processing and automating model runs as well as connecting existing programs, makes it a cost-effective alternative to other programing environments.
Ensure Maximum Uptime of Mission-Critical Applications
If your system goes down you lose revenue, reputation and maybe even clients. ActiveState Enterprise solutions provide quality assured language distributions that are enterprise-tested for reliability, security, interoperability and scalability.
With priority and private access to top dynamic languages experts, you'll rest easy knowing you're not at the mercy of the open source community when it comes to keeping mission-critical applications running smoothly. Our open source language experts make sure the code at the core of your applications are efficient and reliable.
Mitigate Legal Risk
Unlike commercial software, using open source software can leave your organization vulnerable to costly and embarrassing legal action. Protect your organization from legal risk with ActiveState's indemnification coverage, included in ActiveState's Enterprise solutions.
Comply with Open Source Requirements
As regulated entities, financial institutions are often required to have commercial support in place for open source components. ActiveState Enterprise and Business solutions ensure that you comply with tough company and industry standards.
Don’t waste precious development time troubleshooting modules, struggling with dynamic language deployments or waiting for public forum responses. Get priority access to ActiveState experts for swift answers and best practices guidance. Rely on our renowned and responsive technical support to help your team meet deadlines, improve application performance and keep overall project costs down.