BNP Paribas (BNPQY) is unveiling a new trade matching tool that uses artificial intelligence and says it will be ready for MiFID II, the European banking regulation that takes effect in early 2018.
"We do a lot of trade matching for our clients - which is, matching the trade of our clients with the broker they have contracted with," said Patrick Colle, CEO and General Manager of BNP Paribas Securities Services. "30% of trades do not match or need to be repaired - so here comes artificial intelligence."
Colle said the algorithms comb through data and find reasons why a trade doesn't match. The tool, called Smart Chaser, has a 98% accuracy rate.
Meanwhile, as an executive at a BNP Paribas, Colle said the bank will be ready for MiFID II.
"We're going to be ready like everyone else," he said. "Remember, we had MiFID I and MiFID II is just expanding scope to more asset classes, typically derivatives and fixed income."
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