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Big Data/Artificial Intelligence

Big Data/Artificial Intelligence

Artificial Intelligence (AI) is a collection of technologies that combines large amounts of data (Big Data), algorithms and computing power.1

The enhanced gathering of data and progress in the computing power has led to the extended use of AI in all areas of life from customer support to digital personal assistants. The impact on the financial industry is equally significant and enables the easier identification of attempted fraud, investment patterns and much more.

Chances

The chances resulting from the use of AI are at hand. It enables more efficiently structured working procedures and contributes to a faster and more individualised service for customers. Currently, DBG is using AI to support services especially in the area of post trading and the development of new products in the area of market data.

Regulatory initiatives

The field of AI is dynamically developing and so are the relating regulatory initiatives and projects. For example, the European Commission published a white paper on Artificial Intelligence. DBG is following the developments closely and remains actively engaged in the process.

1 European Commission, 2020. „On Artificial Intelligence- A European approach to excellence and trust”; can be accessed here.

Financial Big Data Cluster Initiative

The Financial Big Data Cluster (FBDC) is a Hessian Ministry-led initiative, together with the financial industry, which serves a. o. as a use-case for the GAIA-X project.

Whitepaper of the European Commission on Artificial Intelligence

The European Commission has published this whitepaper to outline policy options to enable a trustworthy and secure development of AI in Europe. The whole paper can be found here. Additionally, a consultation on the white paper has been finished.

Comments on the EC’s whitepaper on Artificial Intelligence

Correspondingly, DBG has commented on the whitepaper by the European Commission in which the proposed cooperation between authorities and market participants on that matter is supported and it is advocated, among other topics, to have frequent reviews of AI requirements.

European Commission’s Data Strategy

This paper by the European Commission lines out the policy steps necessary to create the framework for a digital economy corresponding to the size of its’ economy.