In late 2019 when Goldman Sachs announced its intention to contribute the Legend platform to FINOS, the news quickly made the rounds across the financial services industry.
The first, powerful hint at the benefits that all industry constituents, including regulators, could derive from this new platform and the open data model standardization it can foster, could be found in the Legend Studio Pilot FINOS ran in the early months of 2020. This pilot, which brought together data modelers from the sell-side, buy-side, regtech firms and industry associations like ISDA to collaborate on a neutrally hosted instance of Legend Studio to propose community-agreed amendments to the ISDA Common Domain Model which got approved by ISDA in record time. Heck, we even won an award for this effort.
