Generative AI application available to LTX
clients immediately will enhance liquidity and price discovery and
fuel trading in the $10.3 trillion
U.S. corporate bond market
NEW
YORK, June 6, 2023 /PRNewswire/ -- LTX, a
subsidiary of Broadridge Financial Solutions Inc. (NYSE: BR), today
announced the launch of BondGPT, an application powered by OpenAI
GPT-4 that answers bond-related questions and assists users in
their identification of corporate bonds on the LTX platform. By
incorporating real-time liquidity information from the LTX
Liquidity Cloud®, this application will simplify
workflows and bring further efficiency to users in their
often-complex bond selection and portfolio construction processes,
benefiting asset managers, hedge funds and dealers.
![Courtesy of Broadridge Financial Solutions Courtesy of Broadridge Financial Solutions](https://mma.prnewswire.com/media/2093496/Broadridge_Financial_Solutions_Courtesy_of_Broadridge_Financial_Solutions.jpg)
"Emerging technologies such as generative AI hold immense
potential to drive electronification and transparency in the
corporate bond market," said Jim
Kwiatkowski, CEO of LTX. "By increasing the use of data and
applications like BondGPT, market participants can inform and
expedite vital pricing decisions, facilitate counterparty
selection, and broaden liquidity access. We are proud to accelerate
the use of these innovations as we work towards smarter and more
efficient trading processes for the industry."
BondGPT offers a large language model (LLM) chat function that
allows users to ask questions and identify corporate bonds on the
LTX trading platform based upon the user's criteria. The new,
conversational interface leverages LTX's Liquidity Cloud and
patent-pending bond similarity technology, which filters based upon
a vast set of user-adjusted parameters to assist in identifying
bonds with similar characteristics to meet traders' real-time
liquidity needs. BondGPT combines the power of GPT-4 with LTX's
patent-pending analytics and comprehensive underlying dataset for
data timeliness, accuracy and compliance in a highly regulated
financial services sector, avoiding hallucination issues common in
other implementations.
"LTX's innovative implementation of generative AI for BondGPT
offers portfolio managers and traders a new approach to pre-trade
analysis, departing from traditional methods," said Miguel Cota, VP & Senior Credit Trader,
American Century Investments. "This opens up unprecedented
possibilities for credit investment professionals."
"BondGPT powered by OpenAI GPT-4 is available to all Broadridge
LTX clients today," said Martin
Koopman, Chief Product Officer and Co-Head of AI,
Broadridge. "It adds generative AI to build on the AI neural
network that LTX has used since launch. BondGPT is the first of
many products and services Broadridge will release to our clients
using this powerful technology in a safe manner, leveraging our
deep regulatory knowledge and data privacy standards."
To date, more than 30 dealers and more than 80 asset managers
have joined the LTX platform, representing a significant liquidity
pool. LTX has attracted many of the world's leading asset managers
and dealers, with over $7 billon in
initiated firm orders and an average daily volume of over
$25 billion in the Liquidity Cloud in
Q1 2023.
See below for sample BondGPT queries and responses.
About Broadridge
Broadridge Financial Solutions (NYSE: BR), a global Fintech
leader with more than $5 billion in
revenues, provides the critical infrastructure that powers
investing, corporate governance and communications to enable better
financial lives. We deliver technology-driven solutions that drive
business transformation for banks, broker-dealers, asset and wealth
managers and public companies. Broadridge's infrastructure serves
as a global communications hub enabling corporate governance by
linking thousands of public companies and mutual funds to tens of
millions of individual and institutional investors around the
world. Our technology and operations platforms underpin the daily
trading of more than U.S. $9 trillion
of equities, fixed income, and other securities globally. A
certified Great Place to Work®, Broadridge is part of the S&P
500® Index, employing over 14,000 associates in 21 countries.
For more information about us and what we can do for you, please
visit www.broadridge.com.
About LTX
LTX is an electronic trading platform that enables corporate
bond market participants to trade smarter, combining powerful,
patented artificial intelligence with innovative e-trading
protocols to improve liquidity, efficiency, and execution. The
Liquidity Cloud is the LTX network of anonymous real-time buy- and
sell-side indications of interest which include CUSIP, direction,
price, and size.
LTX is a division of Broadridge Business Process Outsourcing
LLC, the broker-dealer subsidiary of Broadridge Financial
Solutions.
For more information about LTX, please visit
www.ltxtrading.com.
About OpenAI
OpenAI is an AI research and deployment company. OpenAI's
mission is to create safe and powerful AI that benefits all of
humanity.
www.openai.com
Broadridge Contacts:
Investors:
Edings Thibault
Head of Investor Relations, Broadridge
broadridgeir@broadridge.com
Media:
Tina Wadhwa
Corporate Communications
Tina.Wadhwa@broadridge.com
OpenAI Contacts:
Media:
press@openai.com
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SOURCE Broadridge Financial Solutions, Inc.