Broadridge’s LTX launches OpenAI GPT-4 powered application to service bond market

Named BondGPT, the new application will help to simplify workflows and increase efficiency for users’ bond selection and portfolio construction processes.

Broadridge Financial Solutions subsidiary LTX has launched BondGPT, an application powered by OpenAI GPT-4 which answers bond-related questions and helps users identify corporate bonds on the LTX platform.

The application incorporates real-time liquidity information from LTX Liquidity Cloud to simplify workflows and increase efficiency for users’ bond selection and portfolio construction processes, which LTX stated will benefit asset managers hedge funds and dealers.

According to the firm, BondGPT combines GPT-4 with LTX’s analytics and underlying dataset for data timeliness, accuracy and compliance in the highly regulated financial services sector, avoiding hallucination issues common in other implementations.

“Emerging technologies such as generative AI hold immense potential to drive electronification and transparency in the corporate bond market,” said Jim Kwiatkowski, CEO of LTX.

“By increasing the use of data and applications like BondGPT, market participants can inform and expedite vital pricing decisions, facilitate counterparty selection, and broaden liquidity access. We are proud to accelerate the use of these innovations as we work towards smarter and more efficient trading processes for the industry.”

Earlier this year, LTX successfully completed the migration of its corporate bond e-trading platform to Amazon Web Services (AWS).

The completed migration allows LTX to leverage the security and scale of AWS cloud services alongside allowing the firm to better optimise its data science processes. The move also enables clients to make better informed corporate bond trading decisions based on transparency and real-time insights.

“BondGPT powered by OpenAI GPT-4 is available to all Broadridge LTX clients today,” said Martin Koopman, chief product officer and co-head of AI at Broadridge.

“It adds generative AI to build on the AI neural network that LTX has used since launch. BondGPT is the first of many products and services Broadridge will release to our clients using this powerful technology in a safe manner, leveraging our deep regulatory knowledge and data privacy standards.”