Social Media Gains in FX Trading Strategies & Solutions

May 25, 2011 - PRLog -- Finance IQ: Firstly to you, Elena. You recently posed a question in a blog that was entitled, Is Momentum growing in Social ForEx? Basically, I'd like to put this question back to you and ask are we seeing a growth in social media channels, and what impact is it having on FX trading.

E Theodorou: What we've started to see, essentially, is more of the banks beginning to adopt the different tools, so the likes of iPad applications, iPhone. But also, linked in specifically, a lot of the banks now are getting profiles on there in order to connect with clients and other people that they may work with, like vendors in the industry, to connect to a network, to grow their business. We're starting to see some other institutions looking at Twitter as well and starting to adopt other channels. Let's Talk FX, for example, is another key channel. Since that started in June/July last year, that's now got 3,000 people signed up to it, so people are starting to look at leveraging new tools, new technologies in social networking space.

Yes, these social profiles are becoming more prevalent, and at the moment, really, where we are is in the education phase for me. In terms of the impact on trading, at the moment, it may not necessarily be that you can see a direct correlation between, say, a sales person going on to LinkedIn, and then seeing an increase in their trading revenue, for example. But what you do start to see is them beginning to build their profile in the market space. For example, if you look back traditionally for somebody in FX to raise their profile, without these tools, it would actually take quite a long time to build credibility in a dealing room. But now, with LinkedIn profiles you can actually put your best foot forward. So by having a profile, for example, you can know that a client can check and see who you are and look at your profile either before or after a meeting.

Finance IQ: In some ways, it's about almost building your own personal brand and your own personal credibility within the market?

To access the interview transcript and mp3 in full please click here: http://www.fxtradingeurope.com/Event.aspx?id=491528&utm_c...




Elena Theodorou and Fiona Mulliner will be speaking at the FX Trading Strategies & Solutions Europe 2011 Conference, which will take place on 29th June at the Sheraton Park Lane. For details please visit: www.fxtradingeurope.com, email enquire@iqpc.co.uk or call 0800 652 2363