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BIS Working Paper No 1194 of June 2024, by Iñaki Aldasoro, Leonardo Gambacorta, Anton Korinek, Vatsala Shreeti and Merlin Stein, states that machine learning models have compounded the risks of uniformity and model herding, and that correlated autonomous actions by AI agents could produce correlated failures in finance. Copy claim link
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Supporting evidence: primary · 1 source; Context: primary · 1 source
Date 2024-06 · publication Records dated 2024 → Role Articulation Register (kind of text) Nonfiction Scope and limits A staff working paper, attributed to its authors under the series disclaimer, not a BIS position. It states a risk; it does not report that AI-driven herding has been observed.
The evidence 03 primary source Supports the claim
Intelligent financial system: how AI is transforming finance (BIS Working Papers No 1194) ↗ Bank for International Settlements · 2024-06
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Source excerpt “With machine learning models, the risks of uniformity, model herding and network connectedness have only compounded.” Location in source PDF p. 5, introduction
How it was read Retrieved directly from the publisher
Machine-checked · 2026-11-06
Source details and check notes Authors Iñaki Aldasoro; Leonardo Gambacorta; Anton Korinek; Vatsala Shreeti; Merlin Stein Version Retrieved for the candidate pack on 2026-11-02 (SHA-256 708484671f6b6304466e8d4c257e993aaad725cb14abeabe253cb5281ae416fd). Retrieved again at admission on 2026-11-06 (same file). PDF as served on 2026-11-02 Canonical address Open the canonical source ↗ Accessed 2026-11-06 Language English (en) Attribution Iñaki Aldasoro, Leonardo Gambacorta, Anton Korinek, Vatsala Shreeti, Merlin Stein, “Intelligent financial system: how AI is transforming finance (BIS Working Papers No 1194)”, 2024-06. Reuse No open redistribution licence asserted. Bibliographic metadata, editorial paraphrases and short attributed quotations (at most 50 words each). Recheck terms before wider redistribution. Check notes Candidate pack passage, AI and money (research/ai-money). The quotation (16 words) matched a fresh retrieval of 2026-11-06 (the same file the candidate pack read). Matching ignored differences of whitespace, case, quotation marks, dashes, line-break hyphens and Unicode compatibility forms. No human editorial review. primary source Supports the claim
Intelligent financial system: how AI is transforming finance (BIS Working Papers No 1194) ↗ Bank for International Settlements · 2024-06
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Source excerpt “Correlated failures, in the form of flash crashes due to correlated autonomous actions might happen in a different form in financial intermediation, asset management, insurance and payments.” Location in source PDF p. 16, section on financial stability
How it was read Retrieved directly from the publisher
Machine-checked · 2026-11-06
Source details and check notes Authors Iñaki Aldasoro; Leonardo Gambacorta; Anton Korinek; Vatsala Shreeti; Merlin Stein Version Retrieved for the candidate pack on 2026-11-02 (SHA-256 708484671f6b6304466e8d4c257e993aaad725cb14abeabe253cb5281ae416fd). Retrieved again at admission on 2026-11-06 (same file). PDF as served on 2026-11-02 Canonical address Open the canonical source ↗ Accessed 2026-11-06 Language English (en) Attribution Iñaki Aldasoro, Leonardo Gambacorta, Anton Korinek, Vatsala Shreeti, Merlin Stein, “Intelligent financial system: how AI is transforming finance (BIS Working Papers No 1194)”, 2024-06. Reuse No open redistribution licence asserted. Bibliographic metadata, editorial paraphrases and short attributed quotations (at most 50 words each). Recheck terms before wider redistribution. Check notes Candidate pack passage, AI and money (research/ai-money). The quotation (27 words) matched a fresh retrieval of 2026-11-06 (the same file the candidate pack read). Matching ignored differences of whitespace, case, quotation marks, dashes, line-break hyphens and Unicode compatibility forms. No human editorial review. primary source Context only
Intelligent financial system: how AI is transforming finance (BIS Working Papers No 1194) ↗ Bank for International Settlements · 2024-06
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Source excerpt “The views expressed in them are those of their authors and not necessarily the views of the BIS.” Location in source PDF p. 2 (inside cover, series note)
How it was read Retrieved directly from the publisher
Machine-checked · 2026-11-06
Source details and check notes Authors Iñaki Aldasoro; Leonardo Gambacorta; Anton Korinek; Vatsala Shreeti; Merlin Stein Version Retrieved for the candidate pack on 2026-11-02 (SHA-256 708484671f6b6304466e8d4c257e993aaad725cb14abeabe253cb5281ae416fd). Retrieved again at admission on 2026-11-06 (same file). PDF as served on 2026-11-02 Canonical address Open the canonical source ↗ Accessed 2026-11-06 Language English (en) Attribution Iñaki Aldasoro, Leonardo Gambacorta, Anton Korinek, Vatsala Shreeti, Merlin Stein, “Intelligent financial system: how AI is transforming finance (BIS Working Papers No 1194)”, 2024-06. Reuse No open redistribution licence asserted. Bibliographic metadata, editorial paraphrases and short attributed quotations (at most 50 words each). Recheck terms before wider redistribution. Check notes Candidate pack passage, AI and money (research/ai-money). The text’s own statement of whose views it gives, shown beside the record; it is context, not support. The quotation matched a fresh retrieval of 2026-11-06. No human editorial review. Status and meaning Editorial status. Machine-checked . Machines found this record and checked it against its sources; no person accepted it individually. Each evidence record above shows how it was checked.
Relation. A passage of the document meets the proposition’s criterion. The record documents what the text states, in its register (fiction and satire are labelled); it is not evidence that the proposition is true and implies no influence on or from another text.
Date. Landing page shows 13 June 2024.
Record ID am-u01-bis-wp-1194