Contix, the leading social media event detection platform exclusively for traders, today announced robust enhancements to the Contix platform that further enable alpha-generating opportunities for retail and institutional traders.
Contix has expanded to mine both traditional and social media to identify key market events that impact stock prices. Contix also now offers social networking functionality so that traders can further collaborate within their own teams in a compliant way.
“As the lines between traditional and social media blur, traders need to be using every possible surveillance opportunity to ensure they don’t miss valuable minutes when a stock price may be moving,” comments Ryan Bailey, CEO and Co-Founder of Contix. “In an environment where even Twitter’s earnings results are broken via Twitter, traders and investors have a unique opportunity to be leveraging social intelligence to make swifter trading decisions as and when valid news events occur.”
In the most recent suite of enhancements, Contix has expanded to mine over 500 million social media and over 500 traditional media sources each day. Taking in the Twitter firehouse and traditional media updates, the platform uses natural language processing and statistical analysis to surface events algorithmically. Through a unique credibility assessment process, Contix identifies breaking news events reported by valid sources on Twitter or traditional media outlets that will impact specific equities and alerts the trading universe.
Also, now available to enterprise-level traders at asset managers, hedge funds, prop desks and other institutions, Contix offers in-platform social networking functionality, to allow traders to collaborate on trade ideas. All networking in the platform is compliant with FINRA regulations over social media and communications.
Daniel Leuck, CTO and Co-Founder of Contix, comments, “Unlike sentiment analysis firms, Contix focuses on event detection because traders need intelligence they can definitively act on. By surfacing need-to-know events that will impact a stock price, Contix enables institutional and retail traders to quickly trade on news events before the wider public is made aware. Our alerts have flagged breaking news 15, 20, even 30 minutes before the news is reported on other outlets - a crucial time period in which a stock price may have already begun moving upwards of 10%.”
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