Institutional buying and selling community and darkish pool operator Liquidnet has appointed a brand new head of pure language processing (NLP) and employed three information scientists as a part of plans to increase its information science division.
Steven Nichols will tackle the function of head of NLP and unstructured information after first becoming a member of Liquidnet in 2019 following its acquisition of NLP specialist Prattle, the place he was beforehand director of information science for nearly 5 years.
Liquidnet mentioned in his former function at Prattle, Nichols had been instrumental in the event of its NLP capabilities and its integration into the Liquidnet funding analytics suite, together with the combining of synthetic intelligence (AI) instruments akin to machine studying and NLP with conventional and different information.
“NLP is more and more changing into one of many trade’s favorite AI instruments, particularly as extra managers search to parse rapidly-growing volumes of unstructured information in an environment friendly method,” mentioned Nichols.
“We’re seeing growing demand for NLP primarily based AI instruments like our central financial institution and fairness sentiment scoring merchandise that quantify language patterns, offering beforehand unavailable quantitative alerts.”
Nichols’ appointment comes alongside the hiring of three information scientists at Liquidnet, Dr Nicholas Burtch, Dr Anthony Schramm, and Yusong Liu, because the agency goals to additional increase its information science enterprise.
“We’re dedicated to constructing out the deepest information science capabilities potential to assist asset managers navigate a fancy buying and selling and funding surroundings. With these new additions and with Steven on the helm, our NLP experience will develop even stronger,” added Tom Doris, Liquidnet chief information scientist, whom Nichols will report on to.
Liquidnet has made a number of technology-driven acquisitions lately, together with Prattle and buy-side analytics and AI specialist OTAS Applied sciences, the place Doris was previously founder and CEO.
Elsewhere, Liquidnet is because of be acquired by interdealer dealer TP ICAP in a deal that’s anticipated to shut within the first quarter of subsequent 12 months. TP ICAP has agreed to phrases to accumulate the agency for $700 million, which it confirmed in October.