Broadridge has launched OpsGPT, a generative AI-powered ‘co-pilot’ for operations users, analysts and management teams across the post-trade lifecycle. Broadridge capital markets president, Vijay Mayadas, spoke exclusively to BEST EXECUTION on how the solution helps firms do more with less, drive best execution, and how AI will affect trading more broadly.
Powered by Gen AI and Large Language Model (LLM) technology, OpsGPT uses transactions, settlements and positions data to provide clients real-time visibility for faster fails resolution, researching next best actions and prioritising key risk items in a single interface.
The new application is a direct response to industry and regulatory changes, the firm said. Reduced settlement cycles, the ongoing need for efficiency and increasing trading velocity are collectively creating “significant stress” on firms’ legacy technology and operating models.
“As settlement cycles shorten, firms are under increasing pressure to do more with less,” Mayadas explains. “Having a co-pilot that aids complex research tasks and improves your ability to respond to evolving market and risk conditions can boost a firm’s ability to effectively scale global teams.”
OpsGPT provides a holistic natural language interface to help operations users across the post trade lifecycle from middle office users to post-trade clearance and settlement analysts. The initial launch product focuses on post trade activities and will directly benefit operational users such as; operations control analysts; purchase and sales; clearance and settlements; inventory management; ancillary functions such as middle office trade support, risk management and collateral management will also benefit from the initial product; and management and supervisory roles will benefit by gaining access to critical real-time information on their global operations.
Additionally, OpsGPT has a knowledge management assistance feature helping clients in just-in-time “how to” assistance on the nuances of correctional operational issues e.g. “where can I find my failed trades?”, “how do I find my open positions?”.
“These capabilities drive not just optimal post-trade execution, but also efficiency in front office functions,” Mayadas said. “By creating front-to-back trade lifecycle transparency, OpsGPT provides cross-team insights with access to real-time information and workflows including settlement status, real time positions to front office teams enabling true best in class trade execution.”
“As we continue to expand the knowledge bases that are integrated with OpsGPT we will be continually expanding the operational areas across the trade lifecycle,” Mayadas added.
OpsGPT is trained on curated and harmonised data from Broadridge’s global multi-asset post trade systems which power the clearance and settlement of US$10 trillion in trades daily.
Broadridge has designed OpsGPT with a focus on responsible AI practices and is integrated with Broadridge’s existing global, multi-asset class post trade solutions.
AI, in the more traditional sense of machine learning, predictive models and sentiment analysis is already being leveraged for multiple use cases in trading, such as reducing research time, enabling data driven decision-making by identifying and predicting patterns, and enhancing fraud and compliance management.
“Generative AI adds to these capabilities,” Mayadas said. “It can transform the way traders and trading teams interact with their data and trading technology using natural language, optimising efficiency and productivity in the front office. This is balanced by managing operational risk in post-trade.”
For instance, OpsGPT expedites the resolution of trading errors and discrepancies through automation and accurate issue detection, enabling significant cost savings in an industry where time is of essence and every second, and dollar counts.
McKinsey research estimates GenAI could add the equivalent of US$2.6 trillion to US$4.4 trillion annually across use cases like enhancing, personalising, and automating customer operations, accelerating software development, generating new content in marketing and sales and accelerating product R&D.
“At Broadridge, our approach to productivity is twofold – building products leveraging GenAI and LLM technology that can boost efficiency and productivity for our clients and customers, while also developing internal tools and capabilities that enable our associates to experiment with this technology safely and enhance their productivity for day to day tasks,” Mayadas concluded.
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