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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. They need to be one step ahead of the game in many respects and be tightly connected to the latest news. 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. However, because the world of finance often moves faster than a speeding bullet, traders need to get the latest information from a wide variety of sources, and they need it now. Twitter is something that has been used by the masses for a few years now and according to the National Australia Bank (NAB) has recently caught the eye of traders who are using it to get info from the horse’s mouth.

Twitter has been termed a ‘micro-blogging’ entity, where people are limited to posts of 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. The financial sector operates in a global market these days and people need to be able to stay in touch with lots of different people who are in different countries and different time zones. Twitter provides a central platform for people within different niches or medias to communicate instantly and en masse, allowing them to remain up to speed with latest news and events.

Some people have voiced concerns that Twitter could be used as a platform for insider trading as messages can be sent out privately to people using the site. Although supporters such as this multicore cables 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