US SEC chair: homogenisation of AI tools poses risk to financial sector
US Securities and Exchange Commission (SEC) Chairman Gary Gensler said the overuse of similar artificial intelligence systems by too many brokerage firms and fund managers could set the stage for future turmoil.Gensler said on Wednesday that a future financial crisis could occur if market participants ‘rely on the same models, the same algorithms, the same data, and the same data. ’, a future financial crisis could occur.
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