MATHEMATICAL FORMULAS, scrawled in red and black, cover a glass wall.
MATHEMATICAL FORMULAS, scrawled in red and black, cover a glass wall. The office is small, but the three men who work there, dressed in jeans and sneakers, hovering around an array of computers, have big plans. They want to run a stock market, and they say they and their algorithms can do what even their leanest competitors would need 80 human beings to achieve.
Kelly Littlepage, Stephen Johnson, and Richard Suth have rented a 240-square-foot office in a building on a quiet side street in Lower Manhattan. Next door, a shop sells black leather motorcycle jackets (“Ride or Die”) and retro lamps made from old cassette tapes. The three entrepreneurs say their company, OneChronos, will fundamentally alter the business of buying and selling stocks established more than two centuries ago by the New York Stock Exchange, located just over a mile away.
OneChronos is seeking to be the first venue trading mainstream securities to use artificial intelligence to match trades. Whereas stock exchanges use relatively simple math to match buyers and sellers trading shares of individual companies, OneChronos proposes matching trades among multiple stocks, trading in different currencies all at the same time. This would be impossible at the kind of stock exchange with which we’re all familiar. And that’s why OneChronos needs to use artificial intelligence, the great transformational force in finance today.
This story is from the April - May 2018 edition of Bloomberg Markets.
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This story is from the April - May 2018 edition of Bloomberg Markets.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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