RiskEx makes trader-broker interactions more efficient

The world of OTC (Over-The-Counter) derivative trading is changing on an almost daily basis. As more traders enter the market and new assets like Bitcoin grow more common, traders need a scalable platform on which to manage their day-to-day operations.

Currently, several chat-based platforms exist for traders and brokers to interact and conduct business. In the current iteration of these platforms, brokers manage several chats at the same time and manually carry out traders’ requests. This can grow tedious for brokers, especially if they have to repeatedly deliver similar cut-and-dry information. Additionally, the information that can be gleaned by chatting with another human is limited to the amount of information a human can reasonably process in the middle of a busy workday.

Anand Gomes and his team at RiskEx are creating a smart trading platform for brokers and traders that will supplement broker-trader interactions with an AI bot. This bot will be able to provide easily deliverable information and carry out simple tasks like pricing trades or analyzing price movement. RiskEx hopes to lessen the workload for both traders and brokers and allow them to trade in a more efficient manner.

The RiskEx platform seeks to add several plugins to their service in order to provide traders and brokers with a one-stop-shop for their daily workflow. One of these plugins, the NewsBot, will help traders receive and analyze timely, relevant and impactful news about the assets they are trading. Traders can use the NewsBot to figure out which articles and pieces of information they should base their trading decisions on.

Currently, traders must rely on their own intuition or word of mouth in order to choose which articles to look at closely. The Bloomberg terminal helps traders with big, verified stories and scheduled news (like earnings reports). However, for assets like Bitcoin where a standardized calendar and reporting procedures do not exist, traders are left in the dark and suffer from information overload in traversing the hundreds—if not thousands—of articles published every day.

The NewsBot plugin seeks to provide much-needed automated insights and real-time news delivery for traders using the RiskEx platform. Using the plugin, traders will be alerted to relevant news stories that have a high likelihood of affecting asset price. Traders can explore past news articles as they relate to price movement and understand trends with just a few clicks. They can then act on this new information and make informed trading decisions.

News articles will be analyzed on several factors to determine relevance to traders, including the article’s likelihood to affect the asset price (based on historical analysis of similar articles), how many other articles are being published on the same topic (to weed out “fake news” and identify key events taking place), and the reputation of the publisher/author (how historically accurate and impactful this publisher’s articles have been).

Once more traders and brokers join the RiskEx platform, the manner in which RiskEx traders use the information delivered by NewsBot will improve the bot itself. We will not only be able to predictively tell traders which news articles are likely to result in trading activity, but demonstrate the actual trading activity taking place on RiskEx when an article is published.

Traders and brokers will benefit greatly from these insights and can rely on our data-driven solution as a supplement for their own manual labor and interpretation of news articles. We hope to take some of the burden off of traders and brokers and instead leverage powerful AI technology to provide key insights and analytics.