For the trial, HSBC armed its AI Markets trading terminal with quantum protection, using Quantum Key Distribution to safeguard a €30 million trading scenario from Euros to US dollars.

HSBC global head of FX and emerging markets rates and commodities, Richard Bibbey says: “In the world of foreign exchange trading, currency dynamics are evolving faster than ever. Ensuring the security of our client’s data is paramount and we must constantly innovate and stay ahead of the curve.”

“This ground-breaking quantum experiment marks a considerable leap in the world of finance. For the first time, we have leveraged the power of quantum communications to further reinforce our secure trading and transactions.”

HBSC has been at the forefront of exploring the application of quantum technologies in the financial sector.

In September, the bank collaborated with Terra Quantum on an experiment to test the use of quantum technology for optimising capital allocation.

In July it became the first bank to join BT and Toshiba’s quantum-secured metro network - connecting two UK sites using Quantum Key Distribution (QKD) to prepare its global operations against future cyber threats.

The bank has also struck a multi-year deal with IBM to investigate the technology and is actively recruiting research scientists to build a dedicated capability within its innovation team.

In June, it also embarked on a long-term partnership with Quantinuum, the self-described world’s largest quantum computing company, with an initial focus on cybersecurity.

CEO of HSBC Bank, Colin Bell, says: “The quantum revolution is not on the horizon; it’s already here. By investing and experimenting in quantum technologies now, HSBC is not just preparing for the future; we’re shaping it.

“Today’s trials will define tomorrow’s triumphs. Successfully pioneering quantum protection for our FX trading is a significant step with far-reaching implications for the blueprint of our future cybersecurity."