The New York Stock Exchange will be exploring the use of different forms of social media including Facebook and Twitter in the future.
Those working on the New York Stock Exchange will be using Twitter and Facebook as a way to find buyers and sellers for certain different stocks at the end of the day.
As the close of trading approaches each day, traders are looking for new ways to contact buyers and sellers quickly and effectively and both Twitter and Facebook are seen as real alternatives to sending an email.
The announcement that the New York Stock Exchanges was looking to new forms of contacting clients came after a technical problem with the email system delayed the sending of end of day emails by seven minutes.
The delay in sending out information caused huge problems at the exchange which relies on instant responses to buying and selling to be able to get the best deals possible.
Currently the use of Twitter and Facebook would only be used if the email system fails but there are already traders on the floor who use the different forms of social media to keep up with news in real time.
Dave Lutz, the managing director of Stifel Financial Corps told the Dow Jones Newswire: “I’ve been using Twitter for about 18 months at this point. We noticed that (bond investor) Bill Gross and other people would be tweeting things out. A lot of investors are starting to rely more and more on Twitter as a valid news resource, just because you have so many global newspapers and pundits. It’s a perfect aggregator on information.”
Other traders are not so keen on changing to a further digitalised environment at the New York Stock Exchange with some still preferring to do business face to face and to find out information from traditional sources within the exchange.
The entire issue of the delayed email was to do with an imbalance at the stock exchange which then allowed traders extra time to smooth out the problems.
The email was sent out to alert people as to the extra time being granted and the delay of seven minutes may have adversely affected trade.
By putting in a back up plan of alerting people via Twitter or Facebook as to issues within the exchange it is hoped that these problems of delays can be avoided in the future.
A date for implementing a new system has yet to be set by the New York Stock Exchange.