Marcos Lopez de Prado – professor, Cornell University and is the former director of machine learning at AQR Capital Management LLC, an expert on the impact of artificial intelligence for the capital markets and jobs, got nails: “the use of algorithms, automation in the stock market has replaced the work of tens of thousands of transactions, and financial (trader) in this industry worldwide. The Robot also replace the expert modeling price, expert analysis risk or build investment portfolio”.
“Machine learning in finance (Financial machine learning) poses major challenge for 6,14 million people are working in finance and insurance, many of them will lose their jobs – not necessarily because they are replaced by machines, simply because they are not trained to work alongside algorithms,” – Lopez de Prado said.
During the hearing nearly two hours before the Committee Us house of representatives on financial services, the lawmakers asked the experts about the racism and gender in artificial intelligence AI, as well as the war takes the technology, skilled, and challenges in the regulation of financial markets based on data of increasing complexity.
Martina Rejsjö, head of Nasdaq Monitoring company in North America, Nasdaq, Inc. said: “When the bad guys become more sophisticated, it is important that the agency financial management must have sources of funding, capacity, technology and accessibility with AI and the automation technology to monitor powerful and effective”.
Rebecca Fender, senior director, CFA Institute, said: “Nasdaq running more than 40 different algorithms, using approximately 35,000 parameters, to search for the abuse and manipulation of the market in real time. Complex in that, in many cases, the growth exponentially of market data is a significant challenge for the expert supervision,” she said. “The abuse the market has become more sophisticated, causing greater pressure for the monitoring team”.
Charlton McIlwain professor of communication, culture, and communication at New York University stated: “forty-three percent of members and CFA candidates hope their profession will change dramatically in the years to come the next 10 years, according to a survey with more than 3,800 respondents. 3 the work is likely to replace many of the most is the staff sale services, financial transactions and analyst performance”.
Labor groups, lack of professionalism in the financial services industry will have the risk of losing their jobs because of automation and the explosive growth of fintech highest.
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