To play this video you need to enable JavaScript in your browser. This video can not be played Figure caption, Why is Trump Media selling early access to Trump's Truth Social posts? By Michael Race Business reporter , Reporting from New York Published 10 minutes ago When Donald Trump speaks, financial traders are among the keenest listeners. From trade wars to military wars, anything the US president says can shift markets, and so teams of traders - as well as a host of automated computer systems - monitor his statements to perform trades within seconds. Trump Media & Technology Group (TMTG) now wants to charge for such market-moving information put out on it Truth Social platform. It has launched a paid service to give Wall Street firms and institutional investors the "fastest access" to the social media site's most influential accounts. TMTG has not directly said the service includes the account of the president himself, but with some 13 million followers - the most on the site - it's fair to say that his posts would be among, if not the, most influential. However, the move has prompted a series of legal questions and ethical musings, including whether it is right that a company - of which the president's family remains the majority shareholder - stands to profit from his own public statements. What is the service all about? The service launched by TMTG is called Truth API. It is a new data feed that provides real-time access to posts in "milliseconds" from the "highest-ranking Truth Social accounts". The service was anticipated to become available to institutional customers on 1 August. The Financial Times reported , external that customers could be charged as much as $100,000 a month for high-speed access, but TMTG has not confirmed the figure. TMTG says it expects it to create a steady source of new revenue for the firm, which is currently loss-making. While anyone can pay for the service, it is mainly designed for so-called high-frequency and algorithmic trading firms - those TMTG states are "most impacted by the cost of a delay in information". For these firms, financial trading is automated. Electronic systems using algorithms buy and sell much faster and at a greater scale than humans, according to Charles Schwab. It is a case of "blink, and you'll miss it", the investment bank says. "Such systems are often designed to make just a tiny profit on each transaction, but through sheer speed and volume, they can generate large returns for their firms," it adds. Trump Media to sell instant access to 'market-moving' social posts Published 17 July Who has signed up? There has been a wall of silence in terms of who has signed up to the service so far. TMTG says it had customers register in advance of the launch date, but has not revealed how many. Joe Saluzzi, co-founder of Themis Trading, told the BBC that Truth API was "worthless" to trading firms, including his own, which did not have...
🔥 EXCLUSIVE PARTNER OFFER
D SERIES D1S D3S LED Car Headlights Bulbs D2R D2S D4R D4S D5S D8S Turbo Lights 6000K 70W Auto Lamp Plug&Play HID Conversion Kit
Special Price
🎯 Best price guarantee! Order now and enjoy fast shipping with global tracking.
Affiliate link — Commission earned at no extra cost to you
© EcoNews DZ — Global Economic & Financial News
Comments
Post a Comment