While in London recently, I met with Richard Quigley, CEO of DataGenic. Among other news, Mr. Quigley told me more details about their plans to roll out a cloud-delivered intelligent decision support desktop platform in the near future that will be focused on mining unstructured data for the energy markets. This news was not just interesting but also quite gratifying for Commodity Technology Advisory as before starting development of the service, DataGenic enlisted ComTech to conduct a survey of 25 trading firms globally to understand how they used unstructured data for trading. The results of this study showed that most traders use three or four terminals and have a preferred news source. The survey concluded that for around half of those surveyed, the volume of data they have to deal with has almost doubled over the last two-years. Commodity traders will need to cope with and manage, an ever-increasing amount of data in the future. Social media has also become a very popular medium over the last several years and is arguably a relatively untapped source of potentially useful intelligence for commodity and other traders. Social media outlets such as Twitter and the blogosphere are increasingly being utilized in other … continue reading
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