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February 4, 2021 01:00 pm

Wall Street Is Keeping Very Close Tabs On WallStreetBets

Registered Coward v2 writes: Wall Street has decided if you can't beat them, at least watch them. They're paying for data that shows which stocks are most talked about on Reddit stock forums, ostensibly to allow them to adjust their positions or take advantage of opportunities to trade based on Reddit. Nothing could go wrong there, since Reddit would decide to seed the data with misinformation, or simply pipe the data into a filter and produce their own free list... Thinknum Alternative Data has a tool that "provides its hedge fund and investment bank clients a ranking of the most-mentioned stocks on WallStreetBets as well as the Stocks subreddit," reports CNN. The platform's pricing "starts at $16,800 per seat per year and goes up from there based on how much data is consumed. Some clients pay six-figures per year for access to the platform." Nomura and Wolfe Research also recently launched the Wolfe Retail Red Alert basket -- a tool that "analyzes Fidelity, Reddit and other sources of retail trading flows to monitor mentions and trading activity and measure that information against statistics on how heavily shorted stocks are."

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