作者:deam   发布:2017-08-07 12:39   围观:   评论关闭  

以下文章可以使用听力软件-随E听教师助手 进行有声朗读

JPMorgan will soon be using a first-of-its-kind robotto execute trades across its global equitiesalgorithms business, after a European trial of thebank’s new artificial intelligence (AI) programmeshowed it was much more efficient than traditionalmethods of buying and selling.


The AI — known internally as LOXM — has been usedin the bank’s European equities algorithms business since the first quarter and will be launchedacross Asia and the US in the fourth quarter, Daniel Ciment, JPMorgan’s head of global equitieselectronic trading, told the Financial Times.

摩根大通全球股票电子交易业务负责人丹尼尔?西蒙(Daniel Ciment)告诉英国《金融时报》,在内部被称为LOXM的这款人工智能自第一季度以来被用于该行的欧洲股票算法业务,并将在第四季度在亚洲和美国启用。

LOXM’s job is to execute client orders with maximum speed at the best price, by using lessonsit has learnt from billions of past trades — both real and simulated — to tackle problems suchas how best to offload big equity stakes without moving market prices.


“Such customisation was previously implemented by humans, but now the AI machine is ableto do it on a much larger and more efficient scale,” said David Fellah, of JPMorgan’s EuropeanEquity Quant Research team. Mr Ciment said that, so far, the European trials showed that thepricing achieved by LOXM was “significantly better” than its benchmark.

“这种定制操作以前是由人实施的,但现在AI机器能够以大得多的规模和高得多的效率来做,”摩根大通欧洲股票量化研究团队的戴维?费拉(David Fellah)表示。据西蒙介绍,到目前为止,欧洲的试验显示,LOXM达成的定价“显著好于”基准水平。

Investment banks have been trying to use AI, automation and robotics to help cut costs andeliminate time-consuming routine work. For example, UBS’s recent deployment of AI to dealwith client post-trade allocation requests, which saves as much as 45 minutes of human labourper task. UBS has also brought in AI to help clients trade volatility.


JPMorgan, which is the world’s biggest investment bank by revenue, believes it is the first onWall Street to use AI with trade execution and said it would take rivals 18 to 24 months andan investment of “multiple millions” to come up with similar technology.


“Best execution is becoming more and more important to clients,” said Mr Ciment ofJPMorgan’s decision to invest in the pioneering technology, adding that it could become part ofthe marketing pitch the bank makes to clients.



The AI was developed using “Deep Reinforcement Learning” methods, which are able to learnfrom millions of historic scenarios. Mr Fellah said DRL had “many other potential uses inbanking, such as in automatic hedging and market making”.


One possible evolution of LOXM is teaching the machine how to get to know individual clients,so that it could consider their behaviour and reaction as it decides how to trade. “Anycustomisation would only be if the client agrees to that,” Mr Ciment added.


Unlike the robo advisers offered by some private banks, JPMorgan’s AI has no decision-makingcapabilities around what is bought and sold, its role is solely to decide how things are boughtand sold.


The bank has had no risk management issues with the technology. “The machine is restrictedin its trading behaviour, as it learns under, and operates within, our general electronic tradingrisk framework, which is overseen by internal control groups and validated by regulators,” MrFellah said.




本文固定链接: http://www.yingyusuieting.com/mo_gen_da_tong_yan_fa_ji_qi_ren_zhi_xing_jin_rong_jiao_yi.html | 随e听-教师助手英语博客 | +复制链接

文章转载请注明: 摩根大通研发机器人执行金融交易 | 随e听-教师助手英语博客

您还可以继续浏览: 中英文对照免费听力软件听力录音软件听力软件英语听力软件英语录音软件英语软件随e听随e听教师助手