Wall Street Letter 04/13/11
Penson Financial Services will start offering Titan Trading Analytics TickAnalyst signals to its correspondents today in a move to make social media algorithms accessible to smaller institutional clients. As a clearing firm, Penson offers services to both institutional and retail brokers. “This is technology typically used by higher-end hedge funds or bulge bracket firms,” said John Coulter, president and CEO of Titan. “Titan is democratizing quantitative research.”
The Titan TickAnalyst offers users recommendations based on its database of extensive historical information and 10 algos that search for trading recommendations. It added a social media sentiment-aggregating component to its functionality in March. It gets social media data from third party market data provider MarketPsych, which draws it from Twitter. Coulter said the firms sees social media monitoring technology gaining critical mass and capable of giving a more complete picture of the potential movement of a stock.