When Email Fails, #NYSE Leans On @Twitter

September 28, 2012
NYC05-020 New York Stock Exchange by myke., on Flickr Creative Commons Attribution-Noncommercial 2.0 Generic License??by??myke.?
According to the New York Stock Exchange or #NYSE, Twitter and Facebook can be very effective in showing updates on trading imbalances. When email alerts experience technical glitches, social media can immediately become a reliable backup plan. The two social media giants will be used to look for investors and set closing stock costs if emailing fails. Email has been the traditional approach in providing information and generating more investors. The NYSE came up with the idea after a technical glitch again disrupted operations last week. The trading imbalance on September 21 involved Weatherford International Ltd. The company was supposed to purchase 2.9 million extra shares, with the exchange spurring brokers to work out the difference within the 30 minutes extra allotted period. Changes in the email and Internet methods led to the extensions. Finally, Weatherford stocks closed at $13.54 per share, not altering from the previous trade in normal session. Huge differences in buy and sell orders during closing periods can push stocks to go higher or below the last trading stage. Thus, members have suggested the creation of a guideline that will provide more time to obtain accurate details whenever price disturbances and sudden changes occur. Social media seems to be a very dependable, and practical, way to provide information and alert traders every time email methods do not work as expected. According to stock exchange experts, the usefulness and reliability of social media channels are known and acknowledged in the industry. Thus, tweeting pertinent stock trading details can become a valid and accurate source of information. Twitter has become widely accepted in many fields as a means of getting quick and real information. The same can apply in the stock exchange market. The compatibility of social media and mobile devices also makes work more convenient for many. This means that traders and stockholders can rest assured that information will be acquired at the right time without any compromise.  

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