Peter Hiom, deputy chief of the Australian Securities Exchange, says he does not like Twitter being considered as an appropriate mechanism for disclosure in US equities markets.
"We frankly think [it] is a terrible idea," he told the Stockbrokers' Association on Thursday. Mr Hiom said traders were building "incredibly sophisticated" algorithms that could scan huge amounts of data, including Twitter feeds, before executing trades. This means there will be a "huge onus" on listed companies to make sure data on Twitter is correct.
Paul Hilgers, head of Optiver Asia Pacific, one of Australia's biggest high-speed trading companies, said some trading firms were now using "microwave" set-ups to transmit information directly from wire news services into their trading strategies. Gareth Hutchens