Nikhil Rathi, chief executive of the FCA, said in remarks made available to the media in advance of a speech, that he was already seeing AI-based business models requesting authorisation.
"This means that as AI is further adopted, the investment in fraud prevention and operational and cyber resilience will have to accelerate simultaneously," Rathi will say. The watchdog has already observed how volatility during the trading day has doubled and amplified compared to during the 2008 global financial crisis.
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