Money Markets Use Twitter To Gather Knowledge
July 8th, 2009
Communication is clearly the life blood of any trading organisation, you only have to ask anyone in the city to realise this. They need to be one step ahead of the game in many respects and be tightly connected to the latest news. This information tends to come from a great deal of sources, including mediums such as press releases, business statements, cable news channels and many more. There is however an ever-increasing demand for information to be supplied and received faster and more readily. The phenomenon that is Twitter is now being adopted by city traders according to National Austalia Bank (NAB), as a means of staying connected to those in the know.
Twitter has been termed a ‘micro-blogging’ entity, where people are limited to posts of 160 characters. This obviously ensures that ‘tweets’ are not too long and focus on the key points, something that city business men find refreshing. Users within a certain niche, such as the Beacon sector, can follow other Twitter members who they want to receive updates from, and can themselves be followed. There is very little that is still local when it comes to city trading these days and often businesses and individuals need to stay connected to lots of other people around the world, who may be working in different time zone. Twitter allows groups of people from various sectors such as the media, banking and business to alert each other of the latest updates or discuss predicted market trends.
Because there is a function that allows users to send and receive private messages via Twitter, some parties believe that it could possible used for insider trading. Although supporters such as this cable ties business are quick to point out that this was always possible via email and the real power comes from the ability to alert hundreds of thousands of people publically, which of course can be monitored for underhanded dealings if necessary
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