Welcome to the Nexus of Ethics, Psychology, Morality, Philosophy and Health Care

Welcome to the nexus of ethics, psychology, morality, technology, health care, and philosophy

Thursday, January 9, 2020

Artificial Intelligence Is Superseding Well-Paying Wall Street Jobs

Deutsche Boerse To Acquire NYSE Euronext To Create Largest Exchange OwnerJack Kelly
forbes.com
Originally posted 10 Dec 19

Here is an excerpt:

Compliance people run the risk of being replaced too. “As bad actors become more sophisticated, it is vital that financial regulators have the funding resources, technological capacity and access to AI and automated technologies to be a strong and effective cop on the beat,” said Martina Rejsj√∂, head of Nasdaq Surveillance North America Equities.

Nasdaq, a tech-driven trading platform, has an associated regulatory body that offers over 40 different algorithms, using 35,000 parameters, to spot possible market abuse and manipulation in real time. “The massive and, in many cases, exponential growth in market data is a significant challenge for surveillance professionals," Rejsj√∂ said. “Market abuse attempts have become more sophisticated, putting more pressure on surveillance teams to find the proverbial needle in the data haystack." In layman's terms, she believes that the future is in tech overseeing trading activities, as the human eye is unable to keep up with the rapid-fire, sophisticated global trading dominated by algorithms.

When people say not to worry, that’s the precise time to worry. Companies—whether they are McDonald’s, introducing self-serve kiosks and firing hourly workers to cut costs, or top-tier investment banks that rely on software instead of traders to make million-dollar bets on the stock market—will continue to implement technology and downsize people in an effort to enhance profits and cut down on expenses. This trend will be hard to stop and have serious future consequences for the workers at all levels and salaries. 

The info is here.

No comments: