Full title: Intelligent decision support system for foreign exchange trading (in Greek: Έξυπνο σύστημα υποστήριξης αγοραπωλησιών συναλλάγματος - ΕΞΑΝΤΑΣ, Τ2ΕΔΚ-02063)
Partners: HYPERTECH, CAPITAL GR, ICCS (ΕΠΙΣΕΥ)
Start date: 30/09/2021, Duration: 26 months
Funding: Special Secretariat for ERDF & CF programmes - Ministry of Development and Investments – Hellenic Republic, Operational Programme Competitiveness, Entrepreneurship and Innovation 2014-2020 (EPAnEK) of the Partnership and Cooperation Agreement (NSRF)
Description
The foreign exchange market is the largest financial market in the world. Participants in this market are many and of different types. An important part of the participants are small and medium-sized import and export companies in need of exchange, small companies that hold foreign currencies in order to reduce the risk of exchange rate fluctuations, micro-investors and individuals who buy foreign currency for personal use as they travel to countries with different currencies. Strongly opposed to major institutions investing in foreign exchange that, for that purpose, have the necessary infrastructure and expertise, or have access to high-cost financial consulting services, the considered target market (small and medium-sized companies and individuals) has practically no access to support tools or consulting services for optimizing the foreign exchange purchasing or selling decision, primarily due to the high costs and prices at which such services are made available. Because of the lack of information about currency fluctuations, as well as the lack of support on the best way to execute a foreign exchange transaction, simple purchasers of currency frequently buy the currency at prices and at times that are soon proven to be non-optimal and hence are left exposed to the risks caused by currency fluctuations.
The aim of the proposed project is to develop a holistic technological solution (EXANTAS) to predict the movement of the exchange rates and to address the lack of access of citizens and small and medium-sized enterprises to low-cost solutions for providing automated advice for foreign exchange transactions in a specific timeframe in an optimal way. The EXANTAS system by utilizing state-of-the-art machine learning and neural network models, and large-scale data analytics, will be able to extract forecasts of exchange rates across multiple time horizons with high predictive capabilities, and provide automated advice for executing foreign exchange transactions in the best way and at the right time, taking into account the user's risk profile.
The proposed EXANTAS solution will be the first technological solution for artificial intelligence in the field of optimization of buying or selling of foreign exchange offered for low-volume foreign exchange transactions. It will be offered to the Greek market and also to the international markets, as the exclusion of small market participants from such services is a phenomenon that exceeds the borders of the Greek economy.