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There is one (at least) of these systems live based on the original paper by Simon Peyton Jones in a dialect of Haskell.

JPM/BAML/GS have fallen down due in large part to their choice of language in my view. A graph database written in a hurry in C++ then glued together with tens of millions of lines of hacked up python is not the way to build a bank wide platform in my book!

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What is the paper's title? I'd like to understand the theory behind this approach.

Probably this one: http://research.microsoft.com/en-us/um/people/simonpj/Papers... ("Composing contracts: an adventure in financial engineering"). If you have the book called "The fun of programming" (abound functional programming), you have an updated version of that paper; the chapter is called "How to write a financial contract".

[EDITED to add: This is also the first link in the OP.]

One of these banks is definitively not like the others.

And yet GS was the progenator of both Athena and Quartz....

More specifically, the GS alumni who lead the Athena and Quartz builds at JP and BAML are now commercialising that approach as wsq.io

Correct. I hope they learned some of the lessons from both!

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