At 280 pages, the report is too long to cover in detail, but we’ve pulled out the most salient points for you below.
- Banks will need to hire excellent data scientists who also understand how markets work
- Machines are best equipped to make trading decisions in the short and medium term
- An army of people will be needed to acquire, clean, and assess the data
- There are different kinds of machine learning. And they are used for different purposes
- Supervised learning will be used to make trend-based predictions using sample data
- Unsupervised learning will be used to identify relationships between a large number of variables
- Deep learning systems will undertake tasks that are hard for people to define but easy to perform
- Reinforcement learning will be used to choose a successive course of actions to maximize the final reward
- You won’t need to be a machine learning expert, you will need to be an excellent quant and an excellent programmer
- These are the coding languages and data analysis packages you’ll need to know
- And these are some examples of popular machine learning codes using Python
- Support functions are going to need to understand big data too
Read more here.