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London Stock Exchange operator to release first AI product after deal with Microsoft

London Stock Exchange operator to release first AI product after deal with Microsoft

In a strategic step, the London Stock Exchange Group (LSEG) has announced the upcoming release of its first artificial intelligence (AI) products due to its partnership with tech giant Microsoft (NASDAQ: MSFT). 

The announcement was part of LSEG’s annual results release, emphasizing the transformative impact these AI innovations are expected to have on the financial industry. According to the exchange operator, these AI products will be first released in the first half of 2024.

In 2023, it emerged that LSEG was collaborating with Microsoft and various banks to develop customized generative artificial intelligence models. 

This strategic move underscored the financial services industry’s interest in leveraging AI technology while safeguarding proprietary data. Notably, LSEG, facing a shortage of listings in London, considers AI-related products a prospective avenue for expanding its business lines.

“We are having conversations with customers about the opportunity for them to use the vast amount of data we have available, to commingle that with their data in a secure proprietary [manner],” said LSEG CEO David Schwimmer.

LSEG’s partnership with Microsoft 

This comes after LSEG and Microsoft inked a 10-year cooperation agreement at the end of 2022, with the tech giant taking a 4.2% stake in the company. Part of the collaboration is to enhance data and financial market infrastructure products.

The partnership also seeks to harness cutting-edge financial markets data intelligence on a resilient cloud and AI platform to advance financial services. 

Moreover, the initiative aims to transform raw data into meaningful intelligence and relevant insights. Regarding the partnership, Schwimmer pointed out that part of the product’s functions will help market participants analyze data and trade.

“In Data & Analytics, customers will shortly be using the first products from our partnership with Microsoft. Together, we will transform how financial markets participants communicate, research, analyze data, and trade,” Schwimmer said. 

It’s worth noting Microsoft has become a key player in the AI world, with the company investing in notable ventures such as OpenAI, the firm behind ChatGPT

LSEG’s 2023 results 

In the meantime, the exchange reported achieving all its targets in acquiring Refinitiv. Schwimmer highlighted the company’s positive performance in the context of the annual results. 

The reported pre-tax profit in 2023 was £1.20 billion ($1.52 billion), a 3.7% decline from £1.24 billion ($1.57 billion) in 2022. However, total income, including recoveries, reached £8.38 billion ($10.59 billion), marking an 8.2% increase from £7.74 billion ($9.78 billion).

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