Twitter Changing The Way Traders Stay In Touch
Ask any city trader, such as a hedge fund manager or invest banker and they will tell you that communication plays a massive role in their job. It is vital for them to have open channels of communication with others and be connected to the latest business information. 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 social media platform Twitter is now a tool that is being used by many traders to keep up with business knowledge according to the National Australia Bank (NAB).
Twitter, which is known as a micro-blogging site, allows users to update their profiles with posts of a maximum 160 characters. What this means is that posts have to be to the point and not include small talk, which according to Trevor Keen of the City Trading Union in NY “is exactly the kind of information traders want”. Users within a certain niche, such as the obstruction light 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.
There have been some groups that have frowned upon the use of Twitter as they say it has potential to be a portal for insider trading as messages can be sent privately. 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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