Artificial Intelligence on the Trading Desk Webinar: A Summary

Liz Petoskey

August 1, 2019

GreenKey’s Chief Data Scientist, Tejas Shastry, was a featured panelist in a July 25 webinar hosted by Greenwich Associates that discussed various aspects of artificial intelligence now being used on trading desks across asset classes and financial institutions, including how this technology can help automate and identify the important data currently unaccounted for in voice and chat formats. Hosted by Richard Johnson of Greenwich Associates and including panelists Kim Prado of RBC and Goutam Nadella of Symphony, the webinar featured both Greenwich Associates research into voice trading prevalence and data challenges, and real-world examples of how natural language processing platforms like GK’s are essential to increasing productivity and revenue.

 

Among the specific topics discussed:

 

  • Trading desks are currently overwhelmed by data that is unstructured, without standardization and beyond the scope of human ability to process in a timely fashion. Consolidation of trading roles means that there are fewer people available to focus on data research on any given desk
  • An overview of Natural Language Processing (NLP), which consists of Natural Language Understanding and Natural Language Generation, roughly equivalent to the processes of “reading” spoken words and “writing” text from the voice data generated 
  • The advantages of A.I. in trading, including automation and productivity, data transparency and generating new insights from existing data
  • The prevalence of voice and increasingly chat conversations that are cited as essential components of trading desk workflows, with 16 percent of traders polled by Greenwich Associates using more than one chat tool on a regular basis
  • An overview of recent NLP and Machine Learning (ML) innovations that include important tools to enable better workflows, as well as interactions between humans and computer-aided tools such as BOTs and RFQs   
  • A discussion of investment in future technologies such as A.I. in banking, which is essential to harnessing the potential revenue to be found in currently lost and unstructured data. Maximizing sales efficiencies and improving client experiences were cited as key results from implementing automation on top of existing legacy technology.

 

 

Throughout the discussion, the panelists agreed that while NLP technology may be costly and time-consuming to build internally, third-party vendors like GK are bringing the benefits of A.I. and automation to industry leaders quickly and capably. Those trading desks and firms that delay implementing similar technology are not only missing out on client and sales insights that can drive their business goals, but also falling behind competitors that have embraced automation through A.I., NLP and ML.

To view the full webinar recording and hear the discussion, including results of participant polling taken during the live webinar…