After Selerity’s scoop of Twitter’s earning (ironically sent out over a tweet) sent the stock through the floor, it’s clear social data matters but how seriously are traders incorporating it in to their decisions and workflow? We spoke with Ryan Bailey, CEO of financial social media platform Contix, to get his opinion on the growing adoption of social information in trading.
We’re seeing more chatter about social data being incorporated in to trade decision making. What are you seeing as you try to pitch your solutions to the financial industry?
When Contix launched just under three years ago, most traders found the idea absurd. We got a lot of strange looks during pitches. A lot has changed in three years. While still a nascent space, the hypothesis that you can find differentiated breaking financial news on social media has been proven. We are seeing traders gaining increasing awareness that social media is routinely the fastest conduit of breaking news and they are starting to incorporate it more and more into their trading decisions and workflow. The scoop on Twitter’s earnings is a very recent and visible example, but social media scoops traditional media on a daily basis, and there is a rapidly growing number of traders and firms that know this… Full Article