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InvestIndependently confirmed2 publishers3 min readPublished Updated

Scalable Capital puts ChatGPT, Claude and Grok inside the European order ticket

A Munich broker has connected mainstream AI assistants to a regulated execution rail. The one independent test cited alongside it says the models pick well and size badly.

The Investor · Invest desk

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Photograph accompanying Scalable Capital puts ChatGPT, Claude and Grok inside the European order ticket
Photo: thenextweb.com

What happened

  • Scalable Capital's new Agentic Investing service connects customer accounts to supported AI agents through the Model Context Protocol.
  • Through ChatGPT, Claude or Grok, European customers can analyse portfolios, set up savings plans and place trades by prompt.
  • The Munich bank told Reuters it is the first in Europe to open its platform to major AI assistants.
  • An Elm Wealth study in June found Claude beat human players in 76% of about 200 market-prediction sessions, ChatGPT 63%, Grok 51% and Gemini 43%.
  • The same researchers found the models chose what to buy reasonably well but sized positions badly, taking too much risk for the context.

Why it matters

  • capability Advice has been available from these models for two years; what is new in Europe is a supervised execution rail behind the chat window, reachable without opening the broker's own app.
  • contradiction Scalable's three connected assistants sit 25 points apart on the only cited measure of skill, so the quality of the counsel now depends on which vendor the customer happened to subscribe to.
  • exposure With the four model makers silent on trading use, the confirmation tap is the point where responsibility for a badly sized order attaches, and it attaches to the retail customer.
  • precedent Because MCP is a generic connector rather than a bespoke build, rival European brokers can expose the same surface cheaply, and the live question becomes which ones decline and why.

Alexander Siepp's own description of the design is the part to read closely: the client journey starts inside an AI assistant and finishes inside Scalable's regulated banking infrastructure [3]. That splits a trade across two custodians of responsibility. The analysis, the screening and the wording of the instruction happen in a chat product the bank does not run. The order lands on a rail that European supervision actually reaches. The seam between them is one tap.

Scalable's guardrails are real as far as they go: the customer approves each trade and savings plan, assistants cannot make payments or pull money out, and the connection uses the same authentication as the existing apps [5]. But approval is a weak instrument when the thing being approved is already written. Siepp's example has the assistant find stocks that have fallen for consecutive months, watch them, then prepare the order from the user's instructions [8]. What the human contributes at that point is the absence of an objection, not an independent calculation of size.

Size is exactly where the Elm Wealth work says the models fail. Bell, Haghani and White found the systems relatively good at deciding what to invest in and poor at deciding how much, comfortable with the Kelly criterion and the Merton share as concepts and unable to apply them under simulated pressure [11]. Their measured average position sizing was 7x to 12x, against a US market that has moved more than 9 percent on seven days since 2000 [12]. Run that arithmetic: a 9 percent adverse move at 7x exposure costs 63 percent of capital, and at 12x it costs 108 percent [15]. The strong headline number and the dangerous one come from the same study.

Scale matters for who absorbs that. More than 60 billion euros of client assets spread across more than a million customers, mostly in Germany and Austria [6], implies an average account of roughly 60,000 euros [14]. These are not desks with independent risk limits reviewing the ticket. Siepp concedes the rollout will not reach all client segments at the same speed [9].

Two things Fortune's account leaves open. Scalable said in July it would offer more than 1.8 million derivatives from seven issuers [7], and the piece does not establish whether those instruments are reachable through the assistant connection, which is the difference between a prompt that buys an index fund and one that buys leverage. And OpenAI, Anthropic, Google and xAI did not respond to questions about their assistants being used to trade [13], which leaves the bank as the only party on the record for the workflow. Siepp calls the result a level playing field, with information, compute and intelligence available in your pocket around the clock [4]. What is being distributed at that scale is a capability the only cited test rates strong on selection and unreliable on the sizing decision that determines whether an account survives a bad week.

What to watch

  • Whether the assistant connection reaches Scalable's derivatives catalogue, or stays limited to cash instruments and savings plans.
  • Whether BaFin or ESMA takes a position on suitability and record-keeping when the order is drafted by a third-party model.
  • Whether OpenAI, Anthropic, Google or xAI set terms on brokerage execution through their assistants, having so far not commented.

Clarity's read

What the record supports and how the coverage leans. The claims behind it follow.

Reality

Evidence58
Adoption22
Hype gap+34
Incentives74
Confidence64
Why these scores

Claim ledger

Ranked by verification strength, evidence, and original report placement.

  1. [1]

    Scalable Capital is opening its investment platform to AI assistants including ChatGPT, Claude and Grok, giving European investors the ability to analyze portfolios, set up savings plans and place trades through prompts.

  2. [2]

    The new service is called Agentic Investing and allows customers to connect their Scalable accounts to supported AI agents through the Model Context Protocol (MCP).

  3. [3]

    Scalable Capital Chief Product Officer Alexander Siepp told Fortune the company sees the integration as a way for investors to begin their financial client journey inside an AI assistant and complete it through Scalable's regulated banking infrastructure.

    ReportedSupportedSource: Alexander Siepp, Scalable Capital, to Fortune2 sources— create a free account to open themView cited source

Sources

2 independent publishers whose own reporting we read for this story.

  1. crowdfundinsider.com

    1 article · August 26, 2026

    Scalable Capital to Allow AI Agents to Manage Investment Portfolios
  2. fortune.com

    1 article · August 26, 2026

    A major German bank just let Claude and ChatGPT trade for customers. In one test, Claude beat human traders 76% of the time—but there’s a catch

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