London - Tullett Prebon Information (TPI), the provider of independent real-time price information, and Quaternion Risk Management, a risk analytics firm, have partnered to launch an open source risk project in collaboration with Columbia University.
The new partnership will support opensourcerisk.org, an open source code for derivative risk analytics, and Quaternion's Open Source Risk Engine (ORE).
The collaboration aims to provide a transparent approach to risk calculations and new data visualisation techniques which could start a process of standardising risk modelling across the industry.
Frank Desmond, CEO at TPI, said: "Quaternion's open source risk framework is of huge value to the academic community, facilitating research into the fundamental drivers of financial markets. In addition, at a commercial level, the initiative can help banks to manage their capital more efficiently while meeting regulatory obligations."
Columbia University's FinTech Lab is the first academic institution to leverage the partnership to further academic research of risk modelling in regulatory and systemic risk. TPI, Quaternion and Columbia University invite finance professionals and the academic community to test, improve and develop the open source code and contribute to the progress of standardised models.