Just saw a p123 tweet that “… ranking system is open-source and available to all Portfolio123 subscribers.”
Would that be a licensed open-source? And which license?
The meaning is in reference to full transparency of factor model design with all formulas exposed. As opposed to proprietary models where you don’t get to see what’s inside.
You can copy and paste the ranking system into one of your own and tweak it.
Open-source in the software community commonly describes code that is released under the terms of a license. Why a license? Because it clearly establishes the rights and responsibilities of the parties involved. Even though the p123’s ranking systems are revealed, it don’t think that conveys any kind of rights to the user. Is the code is public domain, then add that clarification.
Is there a lawyer in the house?
I don’t think it is that complicated. This is from opensource.com
The term open source refers to something people can modify and share because its design is publicly accessible.
The term originated in the context of software development to designate a specific approach to creating computer programs. Today, however, “open source” designates a broader set of values—what we call “the open source way.” Open source projects, products, or initiatives embrace and celebrate principles of open exchange, collaborative participation, rapid prototyping, transparency, meritocracy, and community-oriented development.
It’s not complicated if one ignores the issue of ownership. I can’t recall an open-source project that didn’t include a license. That’s required for unencumbered use. If p123 intends it to be public domain, then say that somewhere.