Twitter is finally arriving on Wall Street’s trading desks via Bloomberg terminals, after being largely blocked by Wall Street banks, NY times reported today.
Bloomberg announced on Thurday that it was incorporating a new feature into its data service that would allow traders and other professionals to stay informed about the companies and industries they follow and to keep an eye on social media buzz.
“We were getting requests from customers who were seeing news they wanted to be aware of on Twitter,” said Brian Rooney, core products manager for news at Bloomberg.
Rooney said that compliance officers from Wall Street banks had shown their interest in allowing employees to see tweets from the same industries and from the companies they follow.
“This isn’t where you monitor The Onion or Ashton Kutcher.” added Rooney while explaining the purpose behind enabling this feature. Bloomberg will allow tweets from companies, chief executives and other news-makers, in addition to certain economists and financial bloggers like Nouriel Roubini and Paul Kedrosky.
Twitter, now a days, is the quickest source of news even before they surface on any wire service.
“It just seems like there’s been a tipping point where more companies are using Twitter and other social media to put out announcements,” said Ted Merz, news content business manager at Bloomberg. “That’s evidenced by what the S.E.C. put out.”
Catching up to the new era of social media, and particularly a rise in the use of Twitter lately, the Securities and Exchange Commission recently outlined new disclosure rules that clarify how companies can use Facebook, Twitter and other social networks to disseminate information provided they meet certain requirements.