The SEC is using Twitter to come back from behind and now, apparently, traders are using the social networking site to get ahead and make make money money take take money money on rumors about Jon & Kate and other info you can't wait to hear from slow as fuck newswires.
Traders are using software developed by US-based technology StreamBase to monitor "tweets" for price sensitive information.The software plugs into Algorithm-based automated trading platforms that have been used by traders for years. But rather than searching Reuters or Bloomberg the software now scans Twitter.com.
Streambase - whose client base includes Royal Bank of Canada and London-based hedge fund BlueCrest Capital Management - was commissioned to develop the software by several "unnamed" clients.
It remains to be seen whether or not they'll actually make (or lose) any clams on it but it seems at least a few big guys are thinking twats might be the ticket to some big pay days. So far, though, they're just using it for fun.
kengriffin: K&W up 7% MTD, so f'ing back, baby!
stevieboyc: @kengriffin congrats wonderboy, only 3 yrs to go 'til the HWM
Related: SEC To Make Up For Completely F*cking Up By Joining Twitter
Posted by guest , Jun 24, 2009 11:37AM
They are also planning on a massive hiring spree to aide the effort... come July they are adding several dozen or so people with the title "Twats"
Posted by guest , Jun 24, 2009 11:37AM
twats is right.
Posted by guest , Jun 24, 2009 11:40AM
cnbc is going to use this to justify reminding us for the 938,3984th time that you can follow power lunch on twitter.
Posted by guest , Jun 24, 2009 11:42AM
steveacohen: @kengriffin SUCK IT, TREBEK!
Posted by Anal_yst , Jun 24, 2009 11:46AM
The best part is how lost barrons, cnbc, etc are when it comes down to financial stuff on twitter. Neither, apparently, has even heard of stocktwits, and that's just scratching the surface...
Of course, like the rest of teh internet, twitter is best used for pron, but that's besides the point (or not?)
Posted by guest , Jun 24, 2009 11:55AM
Story reads like advertising. Greg, is that you?
Posted by guest , Jun 24, 2009 11:55AM
@6 you're an idiot
Posted by guest , Jun 24, 2009 11:59AM
You know what really grinds my gears?
Anything written by Greg or not written by Bess.
Posted by guest , Jun 24, 2009 12:15PM
I saw the ad for m lee's porn show this morning. it was shot on video but otherwise had high production qualities.
Posted by merkin capital partners , Jun 24, 2009 12:15PM
BACluvsBoones: @taxesR4pussies why didn't u and @TheBeardAbides invite me 2 the bball game?
Posted by guest , Jun 24, 2009 12:25PM
BQuickCNBC: Thinking of a playboy spread...
[Hedge funds go long kleenex]
Posted by Lowly Assistant , Jun 24, 2009 12:31PM
10,
hah, thebeardabides.
It most certainly does.
Posted by guest , Jun 24, 2009 12:43PM
THE_REAL_SHAQ: @boonepickens spectin NG futurz to spike cuz drillas be shuttin down mo rigs, you feelin that?
26 minutes ago from web
Posted by guest , Jun 24, 2009 3:40PM
Those are some !SWEET TWEETS THAT CAN'T BE BEAT!
[shoots Twitter bird like skeet]
Posted by guest , Jul 10, 2009 2:48PM
CNBC discussing this story now, only three weeks after the fact.