Catalog record · Operations & Efficiency
Stage as of Sep 25, 2025 · historical report, not live reconfirmation.
Corporate-bond RFQ fill-probability estimation
Primary workflow source. A named organization's workflow supported by a reviewed primary source. Stage is reported separately; this label does not establish measured outcomes or independent validation.
Last researched Oct 29, 2026. Source access and reported stage are recorded below; deployment evidence does not establish ROI.
What the research supports
The trial tested classical ML fill-probability models on production-scale historical bond data transformed by IBM quantum hardware. Models included gradient boosting, random forests, and neural networks.
- Reported stage
- Pilot
- Technology
- Machine Learning
- Business function
- Not assessed
- Impact (legacy label)
- Not labeled
- Catalog date · unconfirmed
- Not reported
- Imported
- Oct 29, 2026
- Last researched
- Oct 29, 2026
Measures & evidence
No quantified measure recorded. This is a gap in the evidence, not a finding of no value.
Documented vendor relationships
HSBC and IBM tested hybrid quantum/classical models for corporate-bond quote fill probability using IBM quantum hardware and production-scale historical trading data.
HSBC · Source published Sep 25, 2025
Source & relationship limits
A reported research trial, not evidence of live autonomous trading or realized trading profits.
HSBC · Published Sep 25, 2025 · Source reviewed
HSBC demonstrates world’s first-known quantum-enabled algorithmic trading with IBMDeployment evidence & limits
Completed research trial announced 2025-09-25; preprint 2025-09-22; live deployment unverified Status as of 2025-09-25.
Stage is as reported in the cited evidence. Current operating status has not been independently reconfirmed; the research date is an editorial review date.
Authors explicitly avoid inferring a general causal economic effect; quantum feature generation is an offline component. Backtesting prediction scores do not demonstrate profits, live hit-rate improvement, or general quantum advantage. Backtesting prediction scores do not demonstrate profits, live hit-rate improvement, or general quantum advantage.
Potential FS application · inferred
Dealer RFQ quote selection and execution-likelihood estimation.
Original industry: . Transfer limits: Backtesting prediction scores do not demonstrate profits, live hit-rate improvement, or general quantum advantage.
Source register
- HSBC demonstrates quantum-enabled algorithmic trading with IBMhsbc.com · opens in a new tab
HSBC · issuer · full-text · Published 2025-09-25
- Enhanced fill probability estimates in institutional algorithmic bond trading using statistical learning algorithms with quantum computersarxiv.org · opens in a new tab
HSBC and IBM authors / arXiv · academic · full-text · Published 2025-09-22
Research lanes: trading_posttrade · Batch global-discovery-2026-10-29. Coverage and remaining gaps