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By Alexander R. Malaket (@ARMalaket_OPUS), President, OPUS…, The European Bank for Reconstruction and Development: A Strong and Reliable Partner At some point during the coming decade, it is expected that quantum computers will begin to surpass the capabilities of classical computers. These qubits can store more data by enabling both states—0s and 1s—to be held simultaneously rather than just one state at any given time. As such, quantum computers can solve problems, analyse data and spot patterns much more quickly and robustly than what is possible today. JPMorgan has also reportedly commenced with the creation of a “quantum culture”, while Wells Fargo has joined forces with IBM to boost its quantum-computing “learning efforts”. Is the US Dollar’s Role as the World’s Reserve Currency Under Threat? The study identifies the portfolio-optimisation process as being particularly ripe for improvement through the use of quantum computers, with the authors noting that it is “extremely difficult, if not impossible” for classical computers to efficiently determine the best choice of portfolio, whereas a quantum computer enables “a number of different ways” to implement quantum optimisation algorithms. One negative consequence of such intimidating levels of computing power, however, is the higher likelihood of financial systems being hacked. Copyright © 2020 Elsevier B.V. or its licensors or contributors. This gives us more options than a simple “on or off,” making each computing request more varied and complex. A quantum computer is thus able to process a large number of combinations simultaneously, whereas a traditional computer has to process them sequentially, which is both slower and more energy-intensive. Finally, we consider quantum amplitude estimation, and how it can result in a quantum speed-up for Monte Carlo sampling. According to Microsoft’s chief executive officer, Satya Nadella, quantum computing is one of three technologies, along with mixed reality and artificial intelligence, that will “shape” the world in the coming years. The Monte Carlo simulation method, for example, which is a popular method to calculate risk positions for traders, is expected to be significantly faster, with quantum machines greatly shortening the time it takes to analyse complex risk positions. Given these clear advantages, therefore, quantum computing has powerful implications for solving problems that have persisted in the finance world for many years, if not decades. This has led to a computing arms race among them, where bigger profits result from analyzing a … Quantum computers can encode and process information using atomic particles and quasi-particles, rather than simply measuring their presence or absence. And, ultimately, there is a growing belief that such computing will dwarf the capabilities of classical computing, even taking into account today’s supercomputers. Since the 1950s, computers have played an increasingly crucial role in modern society, such that today the world is all but wholly dependent on them. Even encrypted data that is safe today can be stored for later decryption once a working quantum computer of sufficient capacity becomes available.” That said, quantum-computing security represents the safest form of cryptography available, which means that security defences can be developed that are up to the task of rebuking these sophisticated threats. These qubits can store more data by enabling both states—0s, Brian P. Brooks – Comptroller of the Currency, Christian Nolting – Deutsche Bank Wealth Management, Adam Farkas – Association for Financial Markets in Europe (AFME), Liliana Rojas-Suarez – Center for Global Development, Andrew Powell – Inter-American Development Bank, David Bischof – International Chamber of Commerce (ICC). We use cookies to help provide and enhance our service and tailor content and ads. Alexander R. Malaket – OPUS Advisory Services International Inc. Jürgen Rigterink – European Bank for Reconstruction and Development (EBRD), National Bank of Greece: The Journey from Traditional,…, Banking Post COVID-19: Five Things That Will and…, Stellar Management and Accelerated Digitalisation Lie at the…, Interview with Mr. Johan Thijs, Group Chief Executive…, Interview with Mr. Frank Vang-Jensen, President and Chief…, Trade Financing: Enabling Trade-Based Economic Recovery, The European Bank for Reconstruction and Development: A…. And it won’t be easy to reach that revolutionary moment. Nonetheless, almost all of the work in ensuring that such excitement can be translated into reality still lies ahead. Can Quantum Computing Transform Financial Services? The November 2019 paper “Quantum computing for finance: Overview and prospects” by Román Orús, Samuel Mugel and Enrique Lizaso of the Quantum World Association (QWA) describes how quantum computing can be applied to a wide range of fields within finance and provides an overview of both current approaches and potential future prospects. Given these clear advantages, therefore, quantum computing has powerful implications for solving problems that have persisted in the finance world for many years, if not decades. And having such immense power behind machine-learning algorithms could seriously change the process of identifying security mispricing and profitable market opportunities. Before we reach this level, a number of critical issues will have to be dealt with.” And that means that the technology can be assessed only in terms of its potential rather than any proven capability. According to … For example, an investment manager wanting to rebalance a portfolio currently has to incur fairly sizeable costs for doing so. The market for quantum computing is projected to reach $64.98 billion by 2030 from just $507.1 million in 2019, growing at a CAGR of 56.0% during the forecast period (2020–2030). Bringing Banking and Finance into an AI-Driven Future. And with some of the world’s most-renowned financial institutions recently linking up with quantum-computing companies to gain the early-mover advantage, it would seem that anticipation over this potentially transformational emerging technology within the financial-services industry is only just beginning to heat up.

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