Swiss stock exchange to develop AI-based services with Cortica/Duotem

Swiss stock exchange to develop AI-based services with Cortica/Duotem
22.10.2018 09:53 am

Swiss stock exchange to develop AI-based services with Cortica/Duotem

Artificial Intelligence

SIX entered into a strategic partnership with Cortica and Duotem Capital to deliver Artificial Intelligence-based services covering collateral and cash optimization for the post-trade industry.

Tel Aviv and New York based Cortica develops next generation artificial intelligence technology that learns on its own in real-time, interacts with the real world and collaborates with other technologies and machines.

Duotem Capital in Hong Kong and SIX together with Cortica will collaborate to identify and evaluate AI-based business opportunities in SIX’s existing business areas to develop new business offerings for SIX in the financial sector. These include the recognition of trading patterns (e.g. front running, spoofing, insider trading, etc.), the creation of algorithms to identify fraudulent payments, machine-learning support for manual corrections in the post trading domain as well as the creation of a real-time business operation dashboard. Further use cases will be evaluated by the organisations over the course of the initial phase estimated to last for one quarter.

To enable the creation of these – and potentially other – solutions SIX, through its stock exchange arm, will make its historical transaction data available to Cortica for modelling and algorithm development.

According to Thomas Zeeb, Member of the Executive Board and Head of the Securities & Exchanges business unit at SIX, ‘Today’s AI capabilities, coupled with self-learning technologies, open up a world of possibilities and opportunities for us to improve the way we perform in terms of efficiency, transparency and compliance as an industry. We are at a point in the post-trade arena where breakthrough solutions – such as those promised by organisations such as Cortica and Duotem – can radically transform the way we interact with our clients and help them to strengthen their credibility for more sustainable business relationships with their clients and investors.’

Philippe Metoudi, CEO, Duotem Capital sees great opportunity, ‘ I have seen, first hand, the challenges financial institutions face in keeping up with regulation and compliance pressures while simultaneously trying to develop intelligent and automatable solutions for their operational businesses. With this approach, we at Cortica and Duotem – working with SIX – plan to create solutions that resolve these industry-wide issues by bringing in today’s future-oriented technologies and applying systems that can learn faster, adapt more rapidly and deliver to a higher quality. We are delighted that SIX has seen the potential for industry-wide service improvement without jeopardizing existing, mission-critical, infrastructure.’

Work has already begun with the expectation that a viable service can be farmed in the coming three months.

Related News

DriveWealth brings U.S. stock investing capability to India-based AI wealth management firm

DriveWealth, LLC, a U.S. based leader in global digital trading technology,... Read more »

NetSuite implementation specialist Threadgold Consulting brings Sidetrade's AI tech to SMEs

Sidetrade, (Euronext Growth: ALBFR.PA) the B2B Artificial Intelligence platform, is proud to extend the value of their AI platform, leveraging a new partnership with Threadgold... Read more »

Pelican connects over 2,000 banks with OBWG and Berlin Group interoperable APIs

 Pelican AI, a global provider of AI-powered payments and financial crime compliance solutions for banks and corporates,... Read more »

Axyon AI appoints Francesca Campanelli as new Chief Commercial Officer

Axyon AI, a leading AI provider for the asset management industry, has appointed Francesca Campanelli as its new Chief... Read more »

Acronis Cyber Protect Cloud: a “Vaccine” Option for Cyber Threats

Acronis, announced today the global launch of... Read more »

VIPO improves customer experience in retail industry via AI solution

A new EIT Digital-supported project is going to hit the market. As Europe’s innovation engine, EIT Digital has put together the University of Barcelona, Bright Cape and... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel