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Quantum computing aims to leverage quantum physics to solve complex problems much faster than conventional computers. Its backers say it could transform industries including finance, but it is early days and has few practical applications so far.
The quantum technology market could be worth up to $100 billion within a decade, largely driven by growth in quantum computing which generated just $4 billion in revenue last year, consultancy McKinsey said in a report in June.
HSBC’s trial with IBM combined quantum and classical computing to help it price trades in the European corporate bond market. Computer algorithms are used to quickly and automatically price client enquiries in a competitive bidding process, factoring in real-time market conditions and risk estimates, HSBC said.
“It means we now have a tangible example of how today’s quantum computers could solve a real-world business problem at scale,” said Philip Intallura, HSBC’s group head of quantum technologies.
Reporting by Iain Withers Editing by Mark Potter