US financial data and technology provider Intercontinental Exchange (ICE) is to harvest insights and content from millions of posts made daily to the Reddit social media platform, which it will package into market-useful data products.
ICE said it would access Reddit’s Data API to “research, create and distribute new data and analytics products for the financial industry”.
The company said the posts on the platform would be used for sentiment analysis, early-trend indicators and custom analyses.
“The rich data set that flows across a platform like Reddit has the potential to provide opportunities for our customers as they look for new opportunities in global markets,” said Chris Edmonds, president of fixed-income and data services at ICE, adding that the data gleaned from Reddit posts “would help give our customers valuable insights into the markets and also help them manage risk across their portfolios”.
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