Started TS-Expert service, Xquant, a company specializing in unstructured financial data processing

‘Xquant’, a company specializing in unstructured financial data processing and analysis, developed TS-Expert and started a full-fledged service for financial companies and market appraisal companies.

TS-Expert is a technology that extracts input values ​​for each item from OTC derivatives contracts and converts them into structured data in a format desired by customers.

Over-the-counter derivatives contracts are traded more than KRW 1 per year in Korea alone, but most of the contracts are not standardized. Accordingly, financial companies and market price appraisal companies manually input transaction conditions into the system, and the entered values ​​are used for various purposes such as valuation, risk management, and payment settlement.

It requires a lot of manpower to enter as many as hundreds of contracts per month and more than 100 items per contract, but it is still manually entered because it is difficult to automate, so there is a possibility of an input error and a financial accident resulting from this.

In addition,’Trade Repository (TR)’, a new financial market infrastructure that centralizes, collects, stores, and manages detailed information on OTC derivatives transactions, will be implemented in April 2021. Due to the additional obligation to report to the Korea Exchange on the same day, the amount of related work has increased significantly.

TS-Expert, developed by Xquant, is a solution that extracts informal contract terms from non-standard OTC derivatives contracts and converts them into structured data in a format desired by customers using AI technology such as natural language processing. It is expected to significantly reduce input processing time and operational risk of financial companies and market appraisal companies.

In particular, using the latest natural language processing and machine learning technologies, we used self-developed technology as a core technology that formalizes unstructured data existing in documents, extracts and processes only necessary information, and then outputs it in a necessary format.

An official of Xquant said, “With the introduction of the 52-hour working week system, it was difficult to solve problems even with extended working hours, such as overtime, and the possibility of errors could not be avoided during manual processing.” Through this, a fundamental solution to the handwriting input method is presented. After contracting with one financial company, installation and inspection have been completed, and it is expected to be used in mid-April, and tests are being conducted with various domestic and foreign financial institutions.

Meanwhile,’XQuant’, established in 2019, is a startup that specializes in processing and analyzing unstructured financial data using AI technology. It has R&D organizations in Korea and abroad, and the co-founders are financial experts who have worked with domestic and foreign financial companies such as Macquarie, Woori Bank, and Hana Financial Investment for more than 15 years, and have experience in grafting artificial intelligence technology into the financial field.

Reporter Kim Jung-hwan [email protected]

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