This article is an extended look at what it calls Financial Twitter, which is the Twitter feeds and comments of people in the financial services industry. It discusses both the good and the many bad things that happen on Twitter.
For smaller players, including some hedge fund managers and investors, FinTwit has replaced the message boards and Wall Street gossip of earlier eras at a time when there are few trading floors (and no boundaries) left.
“If you Google a picture of the UBS trading floor, that was a magnificent state-of-the-art trading floor completed in 2007,” says Brown. Now it’s empty. The exchanges and futures trading pits, other places where people intermingled, are also gone. “Guys have been scattered to the four winds, but they still want to chatter.”
No one would argue that the trading floor of the past was a place of decorum. But though the talk may have been rude and crude, the commentary was confined to the people within earshot. Twitter messages on the internet have a wider reach, and the cloak of anonymity exacerbates the lack of accountability.