Intercontinental Exchange, a global provider of technology and data, and Reddit, a community of communities, have announced an agreement for Intercontinental Exchange to leverage Reddit’s Data API to research, create and distribute new data and analytics products for the financial industry.
The products will leverage Intercontinental Exchange’s extensive data science expertise and the vast data available through Reddit’s Data API to offer innovative datasets and analytics to participants in capital markets.
“The conversations that take place on Reddit on any given day or any given minute can offer a real-time look at the news and trends that are happening around the world,” said Jonathan Flesher, VP Business Development and Partnerships, Reddit.
“These conversations could be a valuable tool for commercial partners such as ICE to offer new products to their customers to help improve and inform trading strategies or algorithms, or understand public sentiment of markets as they are happening in real time.”
With millions of daily posts, comments, videos and audio, Reddit captures a full spectrum of public opinions and trends that can be used by financial market participants for aggregated sentiment analysis, early trend identification and custom analytics.
“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 Intercontinental Exchange.
“We look forward to leveraging our deep experience with alternative datasets to create products and services utilizing Reddit’s Data API that can help give our customers valuable insights into the markets and also help them manage risk across their portfolios.”
By applying Intercontinental Exchange’s extensive data science and machine learning expertise, and infrastructure to the vast set of content provided over Reddit, this collaboration seeks to identify datasets and product offerings that provide transparency and insight into the trends that are moving global markets.
Some of the potential use cases include portfolio optimization, algorithmic trading, event-driven strategies, risk management and due diligence.
