systems are now so skilled at writing software code, Koopman said he sees a point in the near future where A.I. This level of increased productivity is coming for institutional investors, too, he says. The technologist described how he was able to use GPT-4 to program an entire website during a five-hour flight, something that would have taken him days or even weeks in the past. tools were difficult to use and only available to Ph.D.s, but everything has changed over the past year. advancements to surprise many consumers and even institutional investors. Martin Koopman, Broadridge’s chief product officer and co-head of A.I., told Fortune that he expects A.I. It’s just going to evolve very, very rapidly from here.” There’ll be others that are likely to be tuned around particular use cases, workflows, datasets. To the best of his knowledge, BondGPT is the first institutional version of a ChatGPT-based investing tool that is in production and going on trading floors to be used by bond traders, “but it won’t be the last. “So the first thing we’re doing is interpreting the question the second thing we’re doing is gathering the data and forming the answer and last but not least, we’re making sure we’ve done a good job.” in BondGPT, which looks at the answer we’re about to provide the user and effectively compliance-checks it,” he explained. “There’s another level of generative A.I. systems that LTX created in house to essentially fact-check BondGPT’s answers before it delivers them. Kwiatkowski also noted that BondGPT uses additional, non-GPT-4 A.I. In a sample demonstration, Kwiatkowski asked BondGPT to show us “telecom bonds yielding between 5% and 8%, maturing after 2030.” Within seconds, a list of bonds that fit that definition appeared, along with in-depth data about each one, a trade function, and a chart comparing the bonds’ yields and maturities. tools together and give somebody one simple user interface,” the CEO said, noting that BondGPT is their first crack at that task. The challenge we’re trying to solve now is how do we pull all this data and all of these A.I. tools for our bond trading customers as long as we’ve been in existence. “could be every bit as impactful as the internet,” and in March, Microsoft cofounder Bill Gates called it as “fundamental as the creation of the microprocessor” or “the mobile phone.”īut Kwiatkowski revealed that BondGPT, while a massive leap forward for LTX, is merely another incremental step forward in the company’s push into A.I. The billionaire investor and hedge fund legend Stanley Druckenmiller told CNBC last month that A.I. to reshape the world’s economy is becoming increasingly difficult to deny these days. Microsoft, which offered a vote of confidence in OpenAI with a $10 billion investment in January, has seen its stock surge over 39% year to date amid the A.I. chatbot was able to lure 100 million monthly active users in under two months-the fastest growth of any application in history-and investors were quick to jump on board. ![]() But when OpenAI released ChatGPT last November, the revolution suddenly became very tangible. The fastest adoption of any app in history ![]() tools like it might have on the world of finance, you have to consider how we got here first. Consider the industry has not one but two “bond kings,” Bill Gross and Jeffrey Gundlach, billionaires who had the equivalent of BondGPT stored in their brains and parlayed that into unthinkable fortunes.īut to understand the impact that BondGPT and other A.I. tools into an easy-to-use chatbot.Īnd if you know anything about bond trading, this could be a very big deal indeed. Jim Kwiatkowski, CEO of LTX, told Fortune that he hopes the product helps bond traders better “inform and expedite vital pricing decisions” by aggregating all of LTX’s A.I. The institutional fixed-income broker-dealer LTX, a subsidiary of the $18 billion fintech firm Broadridge Financial Solutions, just released its own generative A.I tech, based on OpenAI’s GPT-4, to help answer bond-related questions and identify tradable corporate bonds on its platform.
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