skip to main content
research-article
Free Access

OCaml for the masses

Published:01 November 2011Publication History
Skip Abstract Section

Abstract

Why the next language you learn should be functional.

Index Terms

  1. OCaml for the masses

      Recommendations

      Reviews

      Sara Kalvala

      One of the often-cited success stories in the use of functional programming in recent years has been the deployment of OCaml by Jane Street, a trading company dealing in high volumes of shares and funds. Financial trading requires software of high integrity, speed, and trustworthiness; any bug in the software can cost vast sums of money. In this lively and readable paper, Minsky explains, at a high level, the reasons why OCaml fits with the software requirements for Jane Street's trading functions and the outcomes of its experience. Most of the paper is characterized by an informal, example-based description of the features of functional languages in general, and OCaml in particular, that make it particularly suitable for Jane Street's purposes, mainly pertaining to the type of system. Some of the features are compared with analogues in Java and C#, and bring home the point that the type of system, based on algebraic data types and type inference, offers many benefits for software readability and correctness. The paper starts by describing the previous use of Visual Basic for Applications (VBA) code and Excel spreadsheets to run the necessary functions, which raises the expectation that the author will compare the coding of the financial calculations in OCaml vis-?-vis VBA and Excel. However, no such comparison is made, nor does the author address the issue of mathematical calculations, which are notoriously challenging. Mutability is one of the points of contention between different functional programming theorists; the issue is described briefly, but the actual use of mutable state in Jane Street's programs is not explained. The short, well-written paper is particularly suitable for introducing colleagues and students to the idea of functional programming. The paper's strength is that it provides an enthusiastic and well-informed endorsement for functional languages from the point of view of an organization where decisions on software development are not academic, but involve serious financial repercussions. OCaml and functional languages suffer from a slightly dismissive attitude from industry-based software developers; one can hope that papers like this one, read with an open mind, may encourage more people to consider using this class of programming languages. Online Computing Reviews Service

      Access critical reviews of Computing literature here

      Become a reviewer for Computing Reviews.

      Comments

      Login options

      Check if you have access through your login credentials or your institution to get full access on this article.

      Sign in

      Full Access

      • Published in

        cover image Communications of the ACM
        Communications of the ACM  Volume 54, Issue 11
        November 2011
        109 pages
        ISSN:0001-0782
        EISSN:1557-7317
        DOI:10.1145/2018396
        Issue’s Table of Contents

        Copyright © 2011 ACM

        Permission to make digital or hard copies of all or part of this work for personal or classroom use is granted without fee provided that copies are not made or distributed for profit or commercial advantage and that copies bear this notice and the full citation on the first page. Copyrights for components of this work owned by others than ACM must be honored. Abstracting with credit is permitted. To copy otherwise, or republish, to post on servers or to redistribute to lists, requires prior specific permission and/or a fee. Request permissions from [email protected]

        Publisher

        Association for Computing Machinery

        New York, NY, United States

        Publication History

        • Published: 1 November 2011

        Permissions

        Request permissions about this article.

        Request Permissions

        Check for updates

        Qualifiers

        • research-article
        • Popular
        • Refereed

      PDF Format

      View or Download as a PDF file.

      PDF

      eReader

      View online with eReader.

      eReader

      HTML Format

      View this article in HTML Format .

      View HTML Format