New York (HedgeCo.net) – Gnip Inc announced a partnership with StockTwits, launching Gnip MarketStream, a product designed to incorporate the most relevant social media data streams into a single solution for hedge funds and high-frequency traders.
“While the use of social media data by the investment community has included news analysis and equity research, the primary adoption of social media across the last six months has been as a trading indicator,” said Seth McGuire, Gnip’s Director of Asset Management and Financial Technology. “Gnip MarketStream provides investment professionals access to valuable, realtime public social data at a time when social media has become an increasingly relevant news and sentiment channel.”
This latest expansion into financial services comes on the heels of increasing adoption of the use of micro-blogging data such as Twitter as a trading indicator. Within its current customer base, Gnip already serves a number of hedge funds – from niche firms to funds with assets under management of more than $5 billion– as well as financial signal providers in accessing data for exactly those purposes.
“Through targeted social media coverage, Gnip MarketStream provides financial industry clients with the “Voice of the Market,” including realtime streams of public data from Twitter and StockTwits. Designed for hedge fund managers, high-frequency traders, and signal providers, Gnip MarketStream solves the challenge of aggregating high-volume, low-latency new media into workable data for trend analysis and proprietary algorithmic development.” Gnip said.
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