Artificial intelligence and financial markets

Álvaro Cartea, Jean-Edouard Colliard, Thierry Foucault, Peter Hoffmann, Rob Graumans and Jean-David Sigaux
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Álvaro Cartea: University of Oxford - Oxford-Man Institute of Quantitative Finance
Jean-Edouard Colliard: HEC Paris - Finance Department
Thierry Foucault: HEC Paris - Finance Department
Peter Hoffmann: European Central Bank (ECB)
Rob Graumans: Oxford-Man Institute of Quantitative Finance; Autoriteit Financiële Markten (AFM)
Jean-David Sigaux: European Central Bank (ECB)

No 1662, HEC Research Papers Series from HEC Paris

Abstract: Artificial intelligence is transforming financial markets by enabling investors and intermediaries to extract more information from increasingly abundant data through advances in algorithms and computing power. We discuss how AI changes information production and decision-making, labor demand, and financial intermediation, with a particular emphasis on securities markets. We then survey the implications of this transformation for market efficiency, competition, informational frictions, and financial stability.

Keywords: agency conflicts; artificial intelligence; competition; financial stability; market efficiency (search for similar items in EconPapers)
JEL-codes: G01 G14 G23 G28 (search for similar items in EconPapers)
Pages: 86 pages
Date: 2026-09-24
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Persistent link: https://EconPapers.repec.org/RePEc:ebg:heccah:1662

DOI: 10.2139/ssrn.7515878

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