HSBC said it made a breakthrough in using quantum computing in the finance world. The banking giant said its work with a team from IBM uncovered “the world’s first-known empirical evidence of the potential value of current quantum computers for solving real-world problems in algorithmic bond trading,” according to a Thursday (Sept. 25) press release. “This is a ground-breaking world-first in bond trading,” HSBC Head of Quantum Technologies Philip Intallura said in the release. “It means we now have a tangible example of how today’s quantum computers could solve a real-world business problem at scale and offer a competitive edge, which will only continue to grow as quantum computers advance. We have been relentlessly focused on the near-term application of quantum technology, and given the trial delivered positive results on current quantum computing hardware, we have great confidence we are on the cusp of a new frontier of computing in financial services, rather than something that is far away in the future.” In a Wednesday (Sept. 24) Bloomberg report, Intallura called the achievement a “Sputnik moment” for quantum computing, in reference to the Soviet satellite launch that kicked off the space race.

Full report : Researchers deliver first-known empirical evidence that quantum computers could soon solve valuable problems in algorithmic bond trading.