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We are looking for recommendations on the best open source software platforms to develop financial applications. The platform should be able to accurately & quickly calculate calculators such as IRR, NPV,PV, FV, PMT etc.

The software should also allow for graphical reporting & infographic.

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  • Welcome to the forum. What kind of financial applications do you want to develop? Also for what kind of financial instruments or products? Please edit and add to your question, so I can give a couple of suggestions.
    – Z Z
    Feb 18 '19 at 9:05
  • Hi ZZ, interest rate derivatives and forecasting.
    – Vishy
    Feb 20 '19 at 2:45
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Java

I would suggest Java for the server-side coding.

While I do not know the specifics of the financial calculations you mentioned, the Java ecosystem is vast. I fully expect you will be able to find libraries to assist with those.

As for accuracy, you will need to avoid floating-point technology, which trades away accuracy for speed of execution. For accurate handling of fractional numbers for matters such as money, Java provides the BigDecimal type.

You tagged Microsoft Excel. For parsing or generating spreadsheet files there are Java-based libraries such as Apache Poi.

Vaadin

For building the user-interface and app server of web apps in Java, use Vaadin.

This framework is nearly magical in its ability to take your defined layouts with buttons, fields, and labels and automatically generate the HTML, CSS, JavaScript, DOM, AJAX, WebSocket, and Push code needed to render remotely in any modern web browser. No need for you to learn the Web technologies, just Java.

Vaadin is free-of-cost and open-source.

As a commercial add-on, the Vaadin Ltd company sells a Vaadin Charts product to render a wide-variety of charts. You can find other charting solutions too.

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  1. For calculations, library choice should depend on product/instrument type coverage e.g. Fixed Income (Bond, Loan, Money Market, etc.), Equity, Currency, Commodity, Derivatives (future, option, interest rates, etc.). I recommend you look at

    • QuantLib free/open-source library for modeling, trading, and risk management; written in C++ but exported to different languages such as C#, Objective Caml, Java, Perl, Python, GNU R, Ruby, and Scheme. it also has an add-in for excel, R, etc. See the extensions link on the main page. since open source, you can amend as requirements change.

    • Strata a Java library for market risk etc. Its key features include: Calculation API ; Reporting API; Scenarios; Ability to plug in market data sources to automatically etc.

    • I have used both briefly in the past, but not kept abreast of their latest developments; you will have to invest time in understanding how they work.

  2. For front-end, it will depend largely on how you want to present info to the user e.g. web, etc. so you may have to choose framework based on internal requirements or other recommendations.

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