According to The Financial Times, the London Stock Exchange Group is partnering with Microsoft to build bespoke generative artificial intelligence (AI) models. Developing this technology is high on the agenda of both parties.
In 2022, OpenAI’s successful launch of ChatGPT sparked a generative AI boom. Despite having joined the innovation race, many financial firms are wary of inputting sensitive data into GPT models. They are capable of learning and improving, extracting new information from the data received, experts note.
The London Stock Exchange Group is reportedly considering using the existing amount of information. In addition, the financial institution plans to combine the current data obtained by AI with that of the exchange in a secure manner.
Many exchanges and banks are interested in creating their own generative AI models, so they are ready to cooperate with their developers. Notably, in December 2022, Microsoft bought a 4% stake in British stock exchange operator LSEG and took a seat on its board of directors. Furthermore, in January 2023, Microsoft invested $10 billion in OpenAI.
