HSBC Says Quantum Computing Trial Beat Wall Street Rivals

HSBC Holdings Plc said it’s achieved a world-first breakthrough in deploying quantum computing in financial markets, as a race intensifies among some of Wall Street’s biggest firms to embed the cutting-edge technology in their daily operations.

The London-headquartered bank said Thursday that it used International Business Machines Corp.’s most-advanced Heron quantum processor to attain a 34% improvement in predicting how likely a bond will trade at a given price. HSBC and the US technology giant applied quantum processing to an anonymized set of European bond trading data and found it could significantly enhance the efficiency of the market.