CMC Markets has launched a new ChatGPT integration that lets UK CFD traders connect their trading accounts directly to ChatGPT and ask questions about their positions, orders and market data.
At the moment, it is only a conversational interface to CMC Markets account information, allowing clients to retrieve and summarise data without having to navigate through different sections of the trading platform.
Clients cannot place trades or amend orders, however, traders can ask ChatGPT about their account balance and value, current positions, pending orders and supported markets. They can also access pricing and historical market information.
For example, a trader could ask:
- “What positions do I currently hold?”
- “Do I have any pending orders?”
- “What is the latest available price for GBP/USD?”
- “Show a daily candlestick chart for Apple over the last three months.”
The integration can also be used to search CMC’s available markets, such as asking it to find instruments linked to gold, which is handy, as it speeds up the process of backing your opinion on an asset when trading CFDs (but not financial spread bets).
ChatGPT cannot place, amend or cancel orders, open or close positions, transfer money or make other changes to a customer’s CMC Markets account. This means traders can use the AI to interrogate their portfolio and market data, but execution remains separate.
Which makes sense, as AI is still in it’s infancy. I’ve been to other broker presentations about gives AI access to dealing tickets, and human oversight and execution is still required to place a trade. However, some other platforms do give the capability to set up a trade and populate a dealing ticket. But you still have to push the button.
I think that at the moment, there is just too much regulatory and financial risk of letting AI execute trades directly for retail traders.
Ross Gustafson, Head of Cloud at CMC Markets, said the integration brings “positions, orders, pricing and historical market data into one AI-enabled experience” and that “it provides a foundation for developing more intelligent client experiences in the future.”
Laurence Booth, Global Head of Markets at CMC Markets, said AI was changing the way customers expect to interact with financial services, with the company looking at ways to combine its market data and technology with new methods of accessing and understanding financial information.
I suspect this type of integration will become standard across all trading platforms soon, but it’s good to see CMC leading the way (they’ve always had good tech).
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