The Linux Foundation has announced it is launching a new open source project with several key financial service providers.
The foundation said that Bank of America, Merrill Lynch, EMC, Exegy, Fixnetix, J.P. Morgan and NYSE Technologies will form the core group of companies taking part in the OpenMAMA project.
Open MAMA or Middleware Agnostic Messaging API (MAMA), was designed to offer a common framework for messaging based middleware, which can be utilised by communities across industries.
The platform, which has been open sourced by NYSE Technologies, will allow organisations to remain flexible to new trading technologies by deploying them using a common API.
The Linux Foundation, which will be hosting the project, said it hopes to turn it into an industry standard, which will not only lower costs, but also provide support for interconnected programmes.
"Launching OpenMAMA through the Linux Foundation is another step toward achieving that goal. Through the industry steering committee, we are positioning ourselves alongside our peers and customers to become expert consultants for open sourced capital markets technology," said Stanley Young, CEO, NYSE Technologies, as reportedby eWeek..
"We have created a vibrant customer community of over 150 market participants using MAMA, and now with OpenMAMA, customers and firms everywhere will benefit from third-party contributors creating an even richer and more compelling API," he added.