Open Source Finance: A Contradiction in Terms?

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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.

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Tim O'Reilly

O'Reilly Media, Inc.

Tim has a history of convening conversations that reshape the industry. In 1998, he organized the meeting where the term “open source software” was agreed on, and helped the business world understand its importance. In 2004, with the Web 2.0 Summit, he defined how “Web 2.0” represented not only the resurgence of the web after the dot com bust, but a new model for the computer industry, based on big data, collective intelligence, and the internet as a platform. In 2009, with his “Gov 2.0 Summit,” he framed a conversation about the modernization of government technology that has shaped policy and spawned initiatives at the Federal, State, and local level, and around the world. He has now turned his attention to implications of the on-demand economy and other technologies that are transforming the nature of work and the future shape of the business world. He is the founder and CEO of O’Reilly Media and a partner at O’Reilly AlphaTech Ventures (OATV). He is also a founder and board member at Maker Media, which spun out of O’Reilly Media in 2012, and a board member at Code for America, PeerJ, Civis Analytics, and PopVox.

Photo of James Altucher

James Altucher


James Altucher is president and founder of Stockpickr LLC, a wholly owned subsidiary of 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


Graham Miller is a Founder and CEO of Marketcetera (, 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


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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