Contix, a company that helps traders scan social media for market-moving information, has extended its service to commodity markets. The company has developed algorithms that scan social media and traditional sources of information and identify breaking news events relevant to financial markets. The service was developed for equity traders, but in September the company announced that its algorithms now generate market-moving alerts related to energy, metals, grains and other commodity markets.
“Our trading clients had expressed strong interest in commodities event detection in addition to the equities markets,” said Daniel Leuck, the company’s chief technology officer. “With the amount of data related to commodities flowing through both traditional and social media, Contix can add enormous value to any institution with commodities exposure by surfacing the earliest mentions of valid market-moving news to the trader.”
Contix was established in 2012 as a spin-out from Ikayzo, a company based in Hawaii that combines software development with creative design for clients in finance, government, fashion and e-commerce. Contix says it searches through more than 500,000 social media posts per day and sifts through that information to identify actionable alerts for retail and institutional traders.
