Anyone who still thinks Linux is just for geeky hobbyists needs to wake up and look at the stock market. Big business runs on Linux and no where is that more apparent on the world’s major stock markets. So, it should come as no surprise that the CME (Chicago Mercantile Exchange) Group, the world’s largest and most diverse derivatives exchange, has joined the Linux Foundation.
The CME has been a major Linux user since 2003 when it started using the popular open-source operating system. Why? Not because they thought it was cool, they used it because gave the Exchange significant cost reductions, increased trading reliability, and reduced trade transaction times. Since fast transactions with low latency is what an exchange is all about, the CME is still, and will continue to be, a major Linux user. After all, when you’re trading a record 2.2 billion contracts worth more than $1.2 quadrillion in a year, which is what the CME did in 2007, you can’t afford a slow, unreliable system.
“The stability and flexibility of Linux fits so well in the financial world. It’s an extremely demanding environment,” said Jim Zemlin, The Linux Foundation’s executive director in a press release. “We’re looking forward to CME Group’s contribution to Linux Foundation events and to vendor and developer understanding of what kinds of requirements large financial institutions have of Linux.”
According to the Foundation’s press release, “By joining the Linux Foundation, CME Group will be able to collaborate with key Linux developer and vendors. CME Group’s Vinod Kutty, associate director and head of distributed computing R&D, will become chair of the Linux Foundation’s End User Council. The Council is a group of the largest Linux end users who use the forum to collaborate and educate themselves on technical, legal and community efforts.”
In a statement, Kevin Komete’s the CME’s CIO said, “Our Linux Foundation membership allows us to move beyond just being users of Linux to being participants in the direction of this important technology. Joining the Linux Foundation and being deeply involved in Linux will also help the exchange determine the future use of our own technology.”
Kutty will elaborate on how the CME plans on helping with Linux at the Linux Foundation’s End User Summit on October 13 – 14, 2008, in New York City.