Renamed OpenMama and hosted by the Linux Foundation, the vendor-neutral platform will provides a common, consistent layer over a variety of message-oriented middlewares.

The platform is being supported by a steering committee that includes JP Morgan, Bank of America Merrill Lynch, EMC, Exegy and Fixnetix that will work on a development roadmap, funding, strategy and product direction.

OpenMama will enable companies to protect their technology investments and help remove the friction in implementing new trading technology across their operations using a simple, consistent API, says Nyse Technologies.

The newly open-sourced code "establishes a new industry standard delivering greater flexibility and reduced development times with an underlying goal of lowering costs and building broader support for a range of interconnected programs".

Stanley Young, CEO, Nyse Technologies, says: "Through the industry steering committee, we are positioning ourselves alongside our peers and customers to become expert consultants for open sourced capital markets technology. We have created a vibrant customer community of over 150 market participants using Mama, and now with OpenMama, customers and firms everywhere will benefit from third-party contributors creating an even richer and more compelling API."

Jim Zemlin, executive director, Linux Foundation, adds: "The open source development model is powerful. By collaborating on the OpenMama project, companies can accelerate technology advancements while adapting to industry changes."