A tremendous number of FX firms have realized the value of social media in not only attracting clients to their fold, but also in engaging them and ensuring greater lifetime value, a matter of considerable concern in these times of expensive client acquisition and fierce competition.
As a retention tool, social media has proven its worth in several fields, from instant messaging, to copy trading and as a medium for providing real time trading signals.
Last year, a series of boutique companies such as LiveSquawk initiated services which included audible news which could be provided alongside Twitter at a time when there was a large amount of hyperbole across all industry sectors surrounding the then-imminent IPO of social media giant Twitter. This week, a development by North American firm Infinigon Group Inc, a New York based developer of social media analytics for global financial market has released an advanced API (Application Programming Interface), demonstrating that whilst the social media aspect of electronic trading is prominent indeed, it is now becoming the subject of evolutionary development.
Founded by Alicia and Sid Belzberg in 2011, Infinigon Group brought what it considers to be a trend setting innovation to the market via its ECHO product, a real-time analytics tool that captures actionable, early information from multiple sources including the entire Twitter Firehose.
The new API has been designed to provide access to the company’s ECHO platform.
This advanced real-time system processes millions of tweets daily delivering sophisticated analytics which provide detailed insight on volume variances, trending topics as well as sentiment and, in real-time, correlates data with the price movement of 10,000 publicly traded companies. The ECHO™ predictive analytics engine enables market participants to find precursors to the price movement on traded securities, ahead of mainstream news stories.
“There is a new fundamental and intriguing opportunity in intelligent, automated trading emerging from Social Media” said Alicia Belzberg, Chief Executive and Founder of Infinigon Group Inc. “As financial technologists, our team has decades of combined experience building cutting edge trading systems. Through exceptionally creative programming efforts employing Deep Learning techniques and utilizing our proprietary algorithms, we have brought an innovative way for the trading community to take full advantage of the massive data entrenched across the world of Social Media” said Ms. Belzberg.
As far as functionality is concerned, ECHO captures and analyzes multiple social media data streams and makes use of its up to date activity correlated with real-time prices, identifying critical changes in market conditions. Through the new Infinigon Group API, firms can integrate their systems with ECHO allowing for quantitative and qualitative alerts on early impactful information.
Additionally, it enables users to arbitrage information, evaluate news impact, analyze information credibility and evaluate topics on a general level or in a granular fashion, all of which are critical to today’s professional traders.