The Guardian reports that Reuters will soon be launching it’s own financial social networking site, aimed at fund managers, traders and analysts. Reuters has some 70,000 subscribers to it’s messaging service, which is the first social feature of its site. Given this large number of existing subscribers, I suspect that Reuter’s forthcoming social network has strong potential to influence the financial community.
Reuter’s Chief Executive, Tom Glocer says that the site will only be open to subscribers and it will enable “financial services users the ability to post their research or if they are traders, their trading models.” I’m curious about why fund managers/traders would want to share strategic information with potential competitors, but I can see how this social network would be useful for discussing market trends, etc. I’ll be interested to see whether members of the financial community use this tool for genuine sharing, or whether they use it in an attempt to influence the stock markets and financial markets to their advantage.