BNP Paribas launches new tool
Global custodian, BNP Paribas Securities Services has brought a new tool to the market.
The company announced this week it was implementing Smart Chaser, a trade matching tool using artificial intelligence and predictive analysis, to further automate the trade processing services it provides to investment managers.
Commenting on the move, BNP Paribas Securities Services head of middle office products, Thomas Durif said the company estimated that up to 30 per cent of the trades processed on behalf of asset managers required manual intervention in order to complete.
He said this was an industry-wide challenge which was often caused by counterparties holding mismatching data for the same trade.
“Using predictive analysis, Smart Chaser will analyse historical data to identify patterns in trades that have required manual intervention in the past and proactively warn clients and their brokers on their live trading activity so they can take action promptly,” Durif said.
He said the company was already making good progress, having reached around 98 per cent prediction accuracy.
Recommended for you
Iress has announced it will divest its superannuation business as the latest step in its transformation program, allowing it to focus on wealth management.
The corporate regulator has named its new chief executive, who is set to replace retiring interim CEO Greg Yanco in March.
Following the departure of its chief marketing officer last year, AMP has appointed a successor to take up the position with the appointment coming from the US.
The Financial Services Council has appointed Justine Earl-Smith as executive director for commercial partnerships and growth, a newly created role for the organisation.
