Voice brokers matching institutional trades in the OTC markets may soon be disrupted.

London-based fintech AiX has developed an artificial intelligence-based chatbot system that ‘talks’ to human traders at banks and institutions, according to Finextra.

It relies on natural language processing and cognitive reasoning to function as a human voice broker. However, it is an AI-driven negotiation and matching engine. It enables instant access to global liquidity, immediate price discovery, best execution and automatic settlement while ensuring anonymity. It is, therefore, able to process thousands of orders accurately at very low costs.

Founded in 2017, AiX has a workforce of 35 people. It is targeting voice brokers such as BGC Partners and TP ICAP Plc who work the phones to match deals, according to Bloomberg.

AiX: Opening trade

The system has opened for business in the cryptocurrency market and already chalked up its first trade, albeit negotiated. The deal was a BTC/USD transaction between GSR Markets and DV Chain. It was routed through the AiX engine and settled through Zero Hash.

Commenting on the launch, Jos Evans, founder of AiX, said: “The team has created technology that is going to revolutionize the OTC markets and bring much-needed disruption to the world of inter-dealer brokers. We look forward to our transformative role in the future of these markets.”

Even today, voice brokers process a large number of OTC transactions, in currencies, fixed income, and derivatives.

Taylor Cable, chief operating officer at AiX, said to Bloomberg: “Our intent is to fully replace the human broker. Our approach is that we’re going to be able to provide a platform that’s a better experience, that’s cheaper and at the same time has the ability to establish great relationships with our salespeople so clients get the best of both worlds.”

Cable is a former senior trader at Louis Bacon’s Moore Capital Management.

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