Despite these worries, ING’s Bevan emphasized that traders will still be responsible for monitoring and halting any AI malfunctions. The bank’s model approval process has been smooth so far, the report says.
“The speed of change within the FX landscape makes accurately measuring and reacting to these changes with traditional algorithmic models challenging. This sort of new AI-based algorithm “has vast applications across financial markets,” Kimiya Minoukadeh, global head of quant trading, concluded.