In an MOU signed on October 18, 2018 SIX entered into a strategic partnership with Cortica and Duotem Capital to deliver Artificial Intelligence-based services covering collateral and cash optimization for the post-trade industry.

Tel Aviv and New York based Cortica develops next generation artificial intelligence technology that learns on its own in real-time, interacts with the real world and collaborates with other technologies and machines.

Duotem Capital in Hong Kong and SIX together with Cortica will collaborate to identify and evaluate AI-based business opportunities in SIX’s existing business areas to develop new business offerings for SIX in the financial sector. These include the recognition of trading patterns (e.g. front running, spoofing etc.), the creation of algorithms to identify fraudulent payments, machine-learning support for manual corrections in the post trading domain as well as the creation of a real-time business operation dashboard. Further use cases will be evaluated by the organisations over the course of the initial phase estimated to last for one quarter.

To enable the creation of these – and potentially other – solutions SIX, through its stock exchange arm, will make its historical transaction data available to Cortica for modelling and algorithm development.

According to Thomas Zeeb, Member of the Executive Board and Head of the Securities & Exchanges business unit at SIX, ‘Today’s AI capabilities, coupled with self-learning technologies, open up a world of possibilities and opportunities for us to improve the way we perform in terms of efficiency, transparency and compliance as an industry. We are at a point in the post-trade arena where breakthrough solutions – such as those promised by organisations such as Cortica and Duotem – can radically transform the way we interact with our clients and help them to strengthen their credibility for more sustainable business relationships with their clients and investors.’

Philippe Metoudi, CEO, Duotem Capital sees great opportunity, ‘ I have seen, first hand, the challenges financial institutions face in keeping up with regulation and compliance pressures while simultaneously trying to develop intelligent and automatable solutions for their operational businesses. With this approach, we at Cortica and Duotem – working with SIX – plan to create solutions that resolve these industry-wide issues by bringing in today’s future-oriented technologies and applying systems that can learn faster, adapt more rapidly and deliver to a higher quality. We are delighted that SIX has seen the potential for industry-wide service improvement without jeopardizing existing, mission-critical, infrastructure.’

Work has already begun with the expectation that a viable service can be farmed in the coming months.


Any questions?

If you have any questions, please do not hesitate to contact Jürg Schneider, Media Relations.

SIX
SIX operates and develops infrastructure services in the Securities & Exchanges, Payments and Financial Information business units with the aim of raising efficiency, quality and innovative capacity across the entire value chain of the Swiss financial center. SIX is owned by its users (127 banks). With a workforce of some 4,000 employees and a presence in 23 countries, it generated operating income in excess of CHF 1.9 billion and Group net profit of CHF 207.2 million in 2017. In the Securities & Exchanges business unit SIX offers its customers in Switzerland and around the world a comprehensive range of exchange services – listing, trading and post-trade solutions – from a single source. In doing so, SIX combines the dynamism of one of Europe's foremost stock exchanges with the stability and reliability of one of the most respected post-trade service providers in the industry.
www.six-group.com
 
Cortica
Since its founding in 2007, Cortica has become the leader in next-generation AI technology for autonomous platforms in categories ranging from autonomous vehicles and security, to drones, big data and infrastructure. The company’s Autonomous AI is based on proprietary brain research and utilizes unsupervised-learning technology backed by more than 200 patents. Cortica enables machines to understand the visual world on a human level – thereby significantly exceeding the capabilities of the deep learning AI model widely pervasive throughout today’s AI industry. With headquarters in Tel Aviv and offices in New York, Cortica’s employees include leading AI researchers and veterans of elite Israeli military intelligence units.
www.cortica.com/

Duotem

Duotem Capital Limited is a Hong Kong-based and Hong Kong-incorporated investment consulting firm with a presence in Hong Kong, Shenzhen, Shanghai, Beijing, Singapore, Mumbai, Chennai, Jakarta, Brisbane, Tel Aviv, Paris and Monaco. Duotem has recognized expertise in helping Asian institutional and private clients make strategic investments in disruptive Israeli technology companies and bring this technology to Asia. The company identifies investment opportunities, conducts due diligence, negotiates terms of transactions, and represents clients on boards of directors of invested companies.
www.duotem.com/