Overbond and IPC Partner in Voice-to-AI Initiative
Posted by Colin Lambert. Last updated: August 6, 2021
Fixed income technology provider Overbond has partnered with connectivity provider IPC to integrate the latter’s point-of-trade voice transaction data into its AI algorithms powering automated fixed-income trading.
IPC’s Dictation as a Service is a cloud-based Natural Language Processing (NLP) powered by the firm’s Connexus Cloud financial ecosystem. The service enables traders to “dictate” trade jargon and translate the output in real-time through IPC’s Blotter visualisation application. These tools provide an end-user solution for converting unstructured voice trade data into a searchable, exportable structured data format in real-time.
Overbond’s Cobi-Pricing Live is a customisable AI pricing engine that assists traders in automating pricing and trading workflows for investment-grade bonds, generating prices and liquidity scores for more than 100,000 fixed income instruments. The firm says the interoperability of the pricing engine via bilateral REST APIs allows its AI algorithms to ingest, aggregate and process data from live and historical vendor feeds, internal historical records, OTC settlement layer volume records, and now voice transactions.
“Roughly one quarter of fixed income trades in the United States and Europe are still executed by voice,” says Vuk Magdelinic, chief executive officer of Overbond. “This heretofore uncaptured data was a significant gap in AI-powered, automated fixed-income trading and modelling, and will be erased by Overbond’s strategic collaboration with IPC.”
Bob Santella, chief executive officer of IPC, adds, “Our partnership with Overbond continues the digital transformation of fixed income trading by fully harnessing the power of voice data. As a company, IPC embraces an open platform approach to reimagine how financial institutions everywhere trade, share information, and optimise workflows.”