The financial services industry has embraced the adoption and use of open source software at the infrastructure level, and is moving steadily up the stack to the application layer and beyond. Yet progress, as in many other industries, has been slowed in part due to a lack of institutional political will, and in part due to reluctance to abandon old paradigms and legacy systems.

In turning to open source, financial services is following a path being trodden by other regulated industries -- health care and government IT, for example -- which are attracted to open software development models by promises of cost control, increased innovation and developer satisfaction. These industries embrace agile methodologies and community-led development methods to attract top talent and spur innovation. Read full story on Wall Street & Technology

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