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[ N E W S des Marchés Financiers (AMF), said: “We are far from having achieved a satisfactory outcome. While it is fair to recognise that MiFID II is most demanding, it should also be recognised that, as things stand, one must strive to do better.” The topic of systematic internal- isers (SI) also remains a hot button issue. While SI operators were keen to extol the virtues of their services to the buy-side, exchange operators continue to suggest that SIs hold an unfair advantage by taking liquidity away from the lit markets, which inherently flies in the face of the objectives of MiFID II. How this will play out in the long run is anyone’s guess, but it’s fair to assume that this conversation will continue to dominate the regulatory space for some time to come. Artificial intelligence is the future This may not be surprising to anyone who has even a passing familiarity to the financial technology sphere, but almost every panel at this year’s con- ference made some reference to the various forms of artificial intelligence (AI) out there and how it can benefit the industry. In comparison to other technology buzzwords such as blockchain that create more noise than actual sub- stance, AI and its subsets of machine learning, neural networks and deep learning, are already making inroads into the industry and the pace will ramp up considerably in the near future. Speakers from firms such as JP Morgan, BlackRock and Generali Investments all laid out how they are using AI to enhance their trading and investment processes, although the unifying theme is that the technol- ogy cannot be relied upon as a silver bullet: The right balance of human expertise and computing power is the future. R E V I E W Sean Kennedy, head of investment operations at Vanguard, highlight- ed one barrier that can hinder the adoption of AI systems: transpar- ency. Until systems designed to aid decision-making can show how data has been used to arrive at specific outcomes, users and regulators will continue to mistrust the technology. Data is king While AI may be the new darling of the financial technology world, the reality of getting these systems right is rooted in the more mundane world of data. The buy-side in particular has historically struggled to adapt it )ɽѼфЁ)Սɕ́Ѽѡ܁Ʌѥ)͍ЁЁ͕́ѡЁ䁹܁)ɽѡи)5́ѡɽ՝Ёѡ)ɕݕɔЁ՝)ɽչѡȁфɅѥ́ѡ)ͅѡЁեѕ)ݥѡЁɕɕѼѡ)ɐݽɬЁ́չ)Qɕ͕Ёѡ)啅ˊéɕݥͼͽ)݅Ѽѥѡ́ѥՑ)]ѡѕЁ䁡ٔ)ɽѥ́Ր͕٥̰ɡ)́ѥѽȁѼѡɕ)ݕх͡]Lѡɗé)ՉЁѡЁЁݥ͕́ф)ѥ́́䁅͕ЁѼ͕Ѽѡ)䁥ѡȁɔ)Aձɥ䁽ɥՍѥ́ݥ)ѥՔ)MɱѼɝ͍Ʌ)ɥՍѥ́ٔ)ձɥͥѡɽՍѥ)5%%$ѥձɱ䁥ѡ݅)ѡՉٽյ́ɬ)Ʌѕ䁉ɽ՝ЁѼ)5ɍ)AɥՍѥɅѽ)Ս́ ͕ٔٽյ)ɝɕЁѡ́ѡ͔)ٕ́Օ́ѡɔ́ѱ))PHP (ȀĀt)ͥѡЁѽѥͽ)Q ͕ѥѥɔ)ɑ܁ɕɐ ĸ)ѥمՔɅ)ɥѡ͔ѽх́ɔɔѡ)Ѽɕ͔ɔ) ЁЁٕ役́ѡͥѥ)Q5é=䁍)Ё ɥ́幽єɕ̰)ՕѥѡѕɅɕ)ɥՍѥ́՝ѥ)ѡЁ䁽ѡ͔Ʌ́ձ)ɔɅ͕Ԥ́Ս)ЁݽeЁ́Սɥ͔)Ѽ͕ɕձѽ́хɝѥɥ)Սѥ́ȁɕ٥܁ݥѠɝ)͍Ʌѡȁɔ)ٕͥ䁥Օ́͡ձɽЁ)ɔ)%ӊé͕ɕЁѡЁхɭ́ɔ)ٕͥɽɥ)ᅵ݅́ѡɵ)䁝хѥѥ́Ёѡ)U,͕ЁЁɭЁɱ)ѡ啅ȰЁѡ́́Ё͵)ɝȁɽѡЁ͕)́ɔɅݥѠ)5䁍ɕ́ѡ)܁́ѡٕ́)ՉЁQɅQ́ፕ)ѥЁӊéѥѡЁѡٕ́̈́)ѥٕѼѡх)ݥȁՑ1ѕѡ)х́ȁɔɕɕ)͕ͥ́ѡѼɕ)ѡѕՔѡٕͥ)ɽ́ݥѠͼ䁽ѡ)Օ̰Սѥ́ѡЁѕ)ѽ݅ɑ́ͥѥٔѥ)́ѡݽɱ́ѥѥ)ѕ䁉ٕ)ɔѥѱ䁕ݥѡ)́չѼɅ)ЁͥЁѡѽ)́ѥѥ)ɔɕ䁙ѽՍ)ѼɕեЁɕхѽѕ)хаͼݡ䁹Ёɸɽѡ)͕ѽ́ݡɔѡ͔݅ЁѼ)ݽɬ)%Ք؀QQɅ9̹