Twitter has been termed a ‘micro-blogging’ entity, where people are limited to posts of 160 characters. This keeps the ‘tweets’ short and concise, “which is what traders like” says Henry Allan of the London Lite Trading Group. Users within a certain niche, such as the Beacon sector, can follow other Twitter members who they want to receive updates from, and can themselves be followed. There is very little that is still local when it comes to city trading these days and often businesses and individuals need to stay connected to lots of other people around the world, who may be working in different time zone. This is made possible via Twitter, which allows various information and media outlets to communicate and feed off each other, often supplying information as it develops and without bias.
There have been some groups that have frowned upon the use of Twitter as they say it has potential to be a portal for insider trading as messages can be sent privately. Although supporters such as this cable ties business are quick to point out that this was always possible via email and the real power comes from the ability to alert hundreds of thousands of people publically, which of course can be monitored for underhanded dealings if necessary
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