Refinitiv Partners with Bank of China to Launch DeepFX

Refinitiv, a global provider of financial market data, announced this Tuesday that it has partnered with the Bank of China, which has launched DeepFX, an artificial intelligence-based foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) trading prediction application through Eikon.

Eikon is a set of software products that allow financial professionals to monitor and analyze financial information provided by Refinitiv. The partnership announced today is the first released third-party Eikon app from a financial institution based in China.

The DeepFX app uses deep learning technology to predict the short-term price movements of six major FX currency pairs, including EURUSD, AUDUSD, GBPUSD, USDCAD, USDJPY, and USDCHF.

Refinitiv DeepFX available in Lite version

According to the statement released this Tuesday, the Lite version of the app provides a 5-minute interval real-time FX trade signal forecasting services. The app is available for Eikon users under a free subscription.

Commenting on the announcement, Nicole Chen, Head of China at Refinitiv said in the statement: “With the unprecedented increase in market volatility across global financial markets in recent months, the Bank of China’s DeepFX application is a timely and practical tool to empower users with the insights they need to navigate the turbulent FX landscape.

“We are pleased to see Bank of China leveraging our platform to showcase their AI technology and financial expertise for customers. We certainly look forward to having more financial institutions take advantage of our open platform to build out their service offerings in China.”

The partnership with Refinitiv comes at a time when the market data provider is expected to be acquired by the London Stock Exchange (LSE). As Finance Magnates reported, the exchange got the tick of approval from the Committee on Foreign Investment in the United States (CFIUS).

Specifically, the regulator said the takeover doesn’t raise any national security concerns, which clears yet another hurdle for the all-stock deal to buy the former financial and risk business of Thomson Reuters