High Assurance Software for Financial Regulation and Business Platforms

Stephen Goldbaum; Attila Mihaly; Tosha Ellison; Earl T. Barr; Mark Marron

doi:10.1007/978-3-030-94583-1_6

High Assurance Software for Financial Regulation and Business Platforms

Stephen Goldbaum
, Attila Mihaly
, Tosha Ellison
, Earl T. Barr
, Mark Marron

Computer Science

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

1 Scopus citations

Abstract

The financial technology sector is undergoing a transformation in moving to open-source and collaborative approaches as it works to address increasing compliance and assurance needs in its software stacks. Programming languages and validation technologies are a foundational part of this change. Based on this viewpoint, a consortium of leaders from Morgan Stanley and Goldman Sachs, researchers at Microsoft Research, and University College London, with support from the Fintech Open Source Foundation (FINOS) engaged to build an open programming stack to address these challenges. The resulting stack, Morphir, centers around a converged core intermediate representation (IR), MorphirIR, that is a suitable target for existing languages in use in major investment banks and that is amenable to analysis with formal methods technologies. This paper documents the design of the MorphirIR language and the larger Morphir ecosystem with an emphasis on how they benefit from and enable formal methods for error checking and bug finding. We also report our initial experiences working in this system, our experience using formal validation in it, and identify open issues that we believe are important to the Fintech community and relevant to the research community.

Original language	English
Title of host publication	Verification, Model Checking, and Abstract Interpretation - 23rd International Conference, VMCAI 2022, Proceedings
Editors	Bernd Finkbeiner, Thomas Wies
Pages	108-126
Number of pages	19
DOIs	https://doi.org/10.1007/978-3-030-94583-1_6
State	Published - 2022
Event	23rd International Conference on Verification, Model Checking, and Abstract Interpretation, VMCAI 2022 - Philadelphia, United States Duration: Jan 16 2022 → Jan 18 2022

Publication series

Name	Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)
Volume	13182 LNCS
ISSN (Print)	0302-9743
ISSN (Electronic)	1611-3349

Conference

Conference	23rd International Conference on Verification, Model Checking, and Abstract Interpretation, VMCAI 2022
Country/Territory	United States
City	Philadelphia
Period	1/16/22 → 1/18/22

Bibliographical note

Publisher Copyright:
© 2022, Springer Nature Switzerland AG.

Funding

These challenges require broad community engagement to overcome. Thus, a consortium of leaders from Morgan Stanley and Goldman Sachs and researchers at Microsoft Research and University College London drove this project, with support from the Fintech Open Source Foundation (FINOS). The core challenge involved creating a mechanism to share rules, calculations, and their data models in a form that spans the wide range of current and future technologies across the industry. In this paper, we describe our experience in creating a programming and validation ecosystem that can support the needs of financial services companies in developing and delivering high assurance software and regulatory compliance software artifacts. Three interlocking goals guided our work:

Funders
Fintech Open Source Foundation
Microsoft Research
University of London, King's College London, UK

Keywords

Fintech
Intermediate language
Software assurance

ASJC Scopus subject areas

Theoretical Computer Science
General Computer Science

Access to Document

10.1007/978-3-030-94583-1_6

Cite this

Goldbaum, S., Mihaly, A., Ellison, T., Barr, E. T., & Marron, M. (2022). High Assurance Software for Financial Regulation and Business Platforms. In B. Finkbeiner, & T. Wies (Eds.), Verification, Model Checking, and Abstract Interpretation - 23rd International Conference, VMCAI 2022, Proceedings (pp. 108-126). (Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics); Vol. 13182 LNCS). https://doi.org/10.1007/978-3-030-94583-1_6

Goldbaum, Stephen ; Mihaly, Attila ; Ellison, Tosha et al. / High Assurance Software for Financial Regulation and Business Platforms. Verification, Model Checking, and Abstract Interpretation - 23rd International Conference, VMCAI 2022, Proceedings. editor / Bernd Finkbeiner ; Thomas Wies. 2022. pp. 108-126 (Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)).

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Goldbaum, S, Mihaly, A, Ellison, T, Barr, ET & Marron, M 2022, High Assurance Software for Financial Regulation and Business Platforms. in B Finkbeiner & T Wies (eds), Verification, Model Checking, and Abstract Interpretation - 23rd International Conference, VMCAI 2022, Proceedings. Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics), vol. 13182 LNCS, pp. 108-126, 23rd International Conference on Verification, Model Checking, and Abstract Interpretation, VMCAI 2022, Philadelphia, United States, 1/16/22. https://doi.org/10.1007/978-3-030-94583-1_6

High Assurance Software for Financial Regulation and Business Platforms. / Goldbaum, Stephen; Mihaly, Attila; Ellison, Tosha et al.
Verification, Model Checking, and Abstract Interpretation - 23rd International Conference, VMCAI 2022, Proceedings. ed. / Bernd Finkbeiner; Thomas Wies. 2022. p. 108-126 (Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics); Vol. 13182 LNCS).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

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Goldbaum S, Mihaly A, Ellison T, Barr ET, Marron M. High Assurance Software for Financial Regulation and Business Platforms. In Finkbeiner B, Wies T, editors, Verification, Model Checking, and Abstract Interpretation - 23rd International Conference, VMCAI 2022, Proceedings. 2022. p. 108-126. (Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)). doi: 10.1007/978-3-030-94583-1_6