Overview

• HSBC reported that a hybrid quantum–classical model using IBM’s Heron processors improved predictions of whether quoted bond trades would be filled by up to 34% versus classical methods.
• The experiment analyzed more than 1 million requests for quotes across roughly 5,000 European corporate bonds spanning September 2023 to October 2024.
• The companies described the result as the first known empirical evidence that current quantum hardware can add value to algorithmic bond trading workflows.
• HSBC said the approach helped optimize over-the-counter request-for-quote decisions by better extracting pricing signals from noisy market data, though methods remain proprietary.
• The work used anonymized historical data with no live trades executed, and observers expect the announcement to accelerate rival banks’ quantum efforts as IBM’s stock gained about 5%.