Financial Modelling softwares

[dexter8310]

Some questions need your help
1. Banks & financial institutes usually develop their own software or buy from software vendors?
2. What are the most recognised financial software firms?

[giangle]

Question 2 implies the answer "buy" for question 1, right? I guess most firms have to buy software platforms such as Matlab/Gauss/Splus, and to some extents GAMS/PAM. But they probably need to develop their own forecasting/backtesting/risk controlling softwares.

[dexter8310]

Thanks Giangle. Do you know to which extent the framework of financial modelling software could be developed to?
To my understanding, firms buy framework/platform and develop programs on their own ways. Programs here could be understood as financial models. So, what would be the features that should be included in such framework/platform? What should be provided as "standard package", "library", "resources", etc... ?
My question may not be clear, but if you see it from software developer point of view, that would be more appealing...

[giangle]

If you look at the finance solution sections on Matlab/Gauss/Splus websites, I'm sure you can always find two indispensable features: optimization and econometrics (time series). The later is necessary for forecasting and risk management, whereas the former is the engine for lots fo thing you would do in finance.