Will Robots Take Over FX Trading? Panel at iFX Expo International 2017

Finance Magnates reports live from the annual industry event in Cyprus. Is AI already a part of the trading eco-system?

The third panel of the day at iFX Expo International 2017 was called “AI & Automation in the Trading Eco-System – Are We There Yet?”

Experts from diverse segments shed light on the ways that automation is transforming their side of the business, discussed the current phase of the technological arms race and ventured into outrageous predictions of what is yet to come.

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Panelists included Andrew Ralich, CEO and co-founder, oneZero Financial Systems; Steven Hatzakis, Global Director of Research, ForexBrokers.com; Oded Shefer, CEO and founder, CPattern; Gil Eyal, Tradency; Guy Dvir, co-founder, CommPeak; Gilad Gat, CTO, Tipranks; and Jonathan Frankenstein, o-systems.

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Ralich: “Automation has been from day one for us. The line between AI and automation is between learning and acting.”

Frankenstein: “The automation we use is simple, AI it’s something else. It provides more data. From our point of view, we try to give the salesperson more information. The more data we have the more precise we can be.”

Eyal: “AI is a brave effort to try and perform cognitive human tasks, while machines just try to imitate. Our product was based on automation more than ten years ago. AI used to be part of the strategy development itself.”

Dvir: “Automation tries to lower the costs of your call centers, because we found out that a salesman on a nine hour shift only deals with speaking with clients for 2-2.5 hours.”

Gat: “We’re seeing a big transition towards big data and wisdom of the crowd at the equities market for instance. We analyze with machine learning financial bloggers and analysts. We look at a set of paragraphs and understand what the intention of the author is by machine learning, and constant feedback.”

Sheffer: “Removing the human foot off the ground is automation. AI today is very sophisticated computer software. You need to identify the right trader at the right time and the right place.”

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