Scottrade launches social media mining tool
Scottrade has launched a news alerts tool which uses software provided by social media analytics firm, Contix. The tool combs both social media and traditional news sources rating results by volumes of mentions and the source to notify users of breaking news.

Scottrade has partnered with social media analytics company Contix to track social media posts as a way for traders to identify financial events early.

Scottrade users can create special alerts to be notified of financial news as it breaks on sites like Twitter, as well as traditional news sources. News is rated not just by the volume of mentions, but the source of the news.

“We’re always looking for additional innovative and valuable tools that can help our clients,” said Brian Bachelier, Scottrade vice president of active trader strategy.

The tool is available to traders on the ScottradeELITE platform. It will be offered for free for the first two weeks, after which subscribers will get a discounted rate.

Bachelier added, “By making Contix alerts available within ScottradeELITE, we’re placing a powerful tool in the hands of our traders at a time when news is increasingly breaking on social media channels. Our clients demand the most sophisticated technology and analysis on the market.”