Microsoft and the London Stock Exchange collaborate on cutting-edge technologies
Microsoft and the London Stock Exchange have joined forces in the field of innovative technologies. The companies plan to work together to create new models of artificial intelligence. Over time, the partners plan to involve various banks in the project.
The main objective of the collaboration between LSEG and Microsoft is to develop an AI capable of performing a variety of tasks in the financial sector. These include analysing and managing risk, ensuring security and developing trading strategies.
The development of artificial intelligence and the introduction of the technology in various market segments has significantly increased the demand for such solutions from financial institutions. Many companies are already using AI to process payments and automate data collection and analysis processes.
Objectives of the Microsoft and LSEG partnership
It is worth noting that this is not the first project between the IT giant and the London Stock Exchange. At the end of 2022, the two companies signed a 10-year partnership agreement. As part of the deal, LSEG’s technological infrastructure will be transformed using Microsoft solutions.
According to the IT company, one of the priority tasks of the cooperation with the stock exchange is to create an AI product that will be able to provide a high level of security. In this way, financial services companies will minimise the risk of leaked confidential data, both their own and that of their customers. According to David Schwimmer, director of the London Stock Exchange, AI-based solutions offer many advantages for banks, especially those that process large amounts of information on a daily basis. On the one hand, AI will take over the processing of this data, and on the other hand, it can be a great material for training language models and thus improving them.
The development and implementation of AI solutions can open up new opportunities for the LSEG. The exchange pays particular attention to financial analysis, and using artificial intelligence for this purpose will make it as accurate and detailed as possible.
Risks associated with using AI
Despite its increasing prevalence, the introduction of artificial intelligence has led to growing concerns about the safety of the technology. In July 2023, the US government brought together cutting-edge AI developers to assess the risks that such solutions could pose. Participants included Amazon, Google, Anthropic, Microsoft, OpenAI and others. During the discussion, the companies highlighted a number of voluntary commitments that they would adhere to as they develop AI further:
– create an identification system for AI-generated content;
– review by independent experts before releasing the AI product for widespread use;
– collaborate to improve defences and report on attempts to breach defences;
– analyse the risks that AI may pose to society.
Concerns about the introduction of artificial intelligence are mainly related to the fact that the technology is still quite new. Its potential is only now beginning to be unlocked. As a result, the government is taking a cautious approach to innovation and involving the IT sector in the debate.
