Twitter, which is known as a micro-blogging site, allows users to update their profiles with posts of a maximum 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 Beacon sector, can follow other Twitter members who they want to receive updates from, and can themselves be followed. In the modern world of city trading where companies world in global markets, people from various different countries, sectors and time zones need to have easy communication channels. Twitter allows groups of people from various sectors such as the media, banking and business to alert each other of the latest updates or discuss predicted market trends.
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 cable ties 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
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