Asia Awards 2024: Best AI-based solution—SGX FX

Overview

Pre- and post-trade analysis is crucial in the FX markets in order for banks to provide insights into trade performance and overall profitability. Clients spend considerable time exploring vast volumes of data to derive actionable insights relevant to their role. Cluttering analytics tools with multiple dashboards for each use-case introduces too many clicks and users end up spending too much time on multiple reports. This is where MaxxAI comes into the play.

The solution  

MaxxAI is an AI-driven data analytics tool that curates FX and digital assets pricing and trade data and automatically generates tailored, actionable insights to respective stakeholders, enabling quicker decision-making to ensure competitive advantage. MaxxAI analyzes a variety of FX data including trades, price streams, user activities, execution quality, market impact and profitability, and extracts insights and presents them in human-readable stories and charts.

Secret sauce  

Some FX-focused analytics tools highlight anomalies and tailored metrics like rejection rate and quantity to users without considering the levels of each of the metrics that the user is interested in and not expanding to multiple dimensions like currency, liquidity provider and trader. In contrast, SGX FX’s machine learning models along with its semantic data model are trained with different levels of metrics rather than just anomalies and have the capacity to show related cause and effect stories.

Recent milestones

• Stories are now paraphrased and summarized using large language models.
• Added additional measurements like back-to-back orders, rejection reason percentages, and trading pattern anomalies, etc.
• Recommender model improved by inclusion of additional features

Future objectives

SGX FX will focus on:

• Adding new metrics in the data pipeline
• Adapting to a new reinforcement learning-based insights recommender system like Deep-Q Network or Actor-Critic Model
• Integrating with messenger applications to communicate insights directly to user chats and enable users to query the insights in natural language for further information

Why they won

Singapore-based FX futures exchange SGX FX wins its first ever WatersTechnology award thanks to its MaxxAI data analytics tool designed to curate FX and digital asset pricing and trade data and automatically generate insights, thus enhancing clients’ decision-making. 

When it comes to buy-side and sell-side firms making transparent, repeatable and defendable trading and investment decisions, data can be a double-edged sword: They require data to inform all their pre- and post-trade analysis, but too much data can lead to analysis paralysis and ultimately suboptimal decision-making. This is where MaxxAI comes to the fore, leveraging machine learning to establish cause-and-effect relationships, allowing clients to significantly reduce the time they spend on data analysis and by so doing act on analysis while it is still fresh and relevant to the market. 

MaxxAI is an outstanding example of how AI technology can be used to practically to meaningfully impact clients’ day-to-day lives.