HSBC quantum computing test boosts trading performance
LONDON, United Kingdom — Banking giant HSBC announced Thursday it has achieved promising early results using quantum computing to improve trading performance.
Quantum technology holds the potential to vastly increase computing power to solve real-world problems, but current quantum computers remain highly experimental and face major challenges, including high error rates.
The project, launched by HSBC in collaboration with tech giant IBM, combined quantum computers and traditional computing tools and focused on the European corporate bond markets.
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The results showed a 34-percent improvement in the accuracy of certain price predictions compared to traditional methods, HSBC said.
“We now have a tangible example of how today’s quantum computers could solve a real-world business problem at scale and offer a competitive edge,” said Philip Intallura, HSBC’s head of quantum technology.
New frontier
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“We are on the cusp of a new frontier of computing in financial services, rather than something that is far away in the future,” he added.
In June, IBM laid out its plan to have a practical quantum computer tackling big problems before the end of this decade.
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Real-world innovations that quantum computing has the potential to tackle include developing better fuels, materials, pharmaceuticals, or even new elements.
However, delivering on that promise has always seemed some way off.
Quantum computing uses principles of quantum physics — the science that governs the behavior of particles at the smallest scales — to unlock new ways of processing information.
