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September 16, 2009

Twitter Meets AIM

By James Ramage

Information sifters Psydex wants to help traders mine the river of news sources, feeds and tweets for nuggets they can use to inform their trading.

The two-year-old Atlanta-based company, which launched its primary Psyng product for traders, journalists and others in April, has introduced a lighter version of the technology, called Psyng Bot. The technology communicates real-time information to traders through the AOL Instant Messenger window on their screens, said Rob Usey, Psydex's chief executive and co-founder.

"In the area of unscheduled new events, there are lots of tradable signals-early indicators around events that will impact volatility and trading in energy or other stocks," he said.

Feeds include TV, AP, Dow Jones, Reuters, Bloomberg and Twitter. Psydex does heavy number crunching of those feeds to filter out "noise" by weighting the news sources. For example, it weights Twitter less than mainstream media. But it also lets users weight their own feeds.

Users receive the information and can act upon it. They can tweet through the interface, and can email the content they see.

Psyng Bot monitors news sources and senses deviations from norms in real time. In well under a second, it generates signals to users that say something is being reported currently that's above normal chatter levels, Usey said.

Psyng Bot leverages Twitter. This is significant, as about 80 percent of all the unscheduled tradable events involve Twitter users, Usey said.

 

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