Daniel Connell oversees the Market Structure and Technology practice at Greenwich Associates. Prior to Greenwich Associates, he was the CEO at Correlix, Inc., a leading provider of real-time performance optimization technology. Formerly, Dan was the Executive Managing Director at Standard & Poor's, and CEO of ComStock, Inc. He also served as the COO of Xinhua Finance Ltd., China's premier financial information, and Media Company. He has also been an executive-in-residence in the private equity industry and as a Board Member and strategy consultant to technology-focused content companies.

Two thirds of financial services firms currently deploy machine learning and expect to increase their use of the technology within the next three years. The Bank of England and the UK Financial Conduct Authority conducted a joint survey this year on the current use of machine learning, a methodology where computer programmes fit a model or recognise patterns from data, without being explicitly programmed and with limited or no human intervention. This contrasts with'rules-based algorithms' where the human programmer explicitly decides what decisions are being taken under which states of the world. The study said the median firm uses live machine learning applications in two business areas and this is expected to more than double within the next three years. Bank of England's machine learning paper is also interesting.

Wall Street's robot revolution has begun. JPMorgan Chase & Co. is rolling out a program called LOXM that executes equities trades so well, it's replacing the humans who used to do that. Goldman Sachs is in the midst of automating the initial public offering process. Innovations in financial technology -- fintech -- are creating competition in fields long dominated by the institutions. Vikram Pandit, who ran Citigroup Inc. during the financial crisis, says technological advances could make 30 percent of banking jobs disappear in five years.

Wall Street's robot revolution has begun. JPMorgan Chase & Co. is rolling out a program called LOXM that executes equities trades so well, it's replacing the humans who used to do that. Goldman Sachs is in the midst of automating the initial public offering process. Innovations in financial technology -- fintech -- are creating competition in fields long dominated by the institutions. Vikram Pandit, who ran Citigroup Inc. during the financial crisis, says technological advances could make 30 percent of banking jobs disappear in five years.

Wall Street's robot revolution has begun. JPMorgan Chase & Co. is rolling out a program called LOXM that executes equities trades so well, it's replacing the humans who used to do that. Goldman Sachs is in the midst of automating the initial public offering process. Innovations in financial technology -- fintech -- are creating competition in fields long dominated by the institutions. Vikram Pandit, who ran Citigroup Inc. during the financial crisis, says technological advances could make 30 percent of banking jobs disappear in five years.

One of the world's fastest-growing trading shops doesn't have any traders. XTX Markets Ltd. has emerged as a foreign-exchange powerhouse, relying on programmers and mathematicians to fuel its rise into the global top five earlier this year. Now, after becoming a formidable player in currencies, XTX has its sights set on growing in stocks, commodities and bonds markets. But in a world where the difference between profit and loss can be tiny fractions of a second, XTX says it relies more on smarts than speed. Instead of building microwave networks to ferret out prices a microsecond before anyone else, XTX uses mathematical models that are tuned with massive data sets.