The latest enhancement means event detection and alerts will be made available on topics like agriculture and meats, base metals, oil and gas and precious metals to institutional traders.
Ryan Bailey, CEO of Contix, tells WatersTechnology the decision to add commodities was based heavily on customer feedback. While the plan was to eventually dive into the commodities space, Bailey says he didn’t expect clients to be so unified in their response to what they wanted next.
“We thought that it might be more evenly distributed between requests for foreign exchange (FX) or foreign companies, but it was actually a pretty resounding, strong demand for commodities,” Bailey says. “We always knew we wanted to do it, but the volume of the voices was what was surprising to us.”
That type of feedback came from both the buy and sell side, as banks, asset managers and hedge funds were all interested in the commodities space.
Bailey says often times they would ask a firm that had already implemented Contix if there were any other groups internally that might be interested in a similar product. Those involved in commodities were always the ones most eager to get social media tracking.
Contix is the leading social media event detection platform focused exclusively on the financial services industry. Contix delivers actionable alerts on market-moving news surfaced from social media sources. The company’s unique event categorization technology clusters related news from social and traditional sources to maximize breaking news coverage and place news in market context including price, trading volume, discussion volume and sentiment. Working with both institutional and retail traders, Contix helps discretionary equities traders act on breaking news events to generate alpha.
Binna Kim, Vested