One of the Financial Times’ (FT) popular destinations for traders is its Alphaville section which has become the online editions center for aggregated market news and community opinion. Within FT Alphaville is Markets Live, a real-time feed of trading discussions with FT’s own analysts, professional traders, and reader commentators who are ranked by how effective their tips are.
Adding a new feature to the discussion, the FT has partnered with Myriada to provide forecasts of stocks and other assets based on sentiment analysis of Markets Live commentators. Announced today, the new feature will be going live next week on December 1st.
To base its forecasts, Myriada uses machine learning algorithms which analyze collective forecasts and strategies from traders, analysts, economists, quants, researchers and portfolio managers. According to the firm, their belief is that on an individual level, forecasts tend to be inconsistent, but when aggregated and analyzed, the results are much more accurate.
In its current partnership with the Financial Times, Myriada will be opening its platform to Markets Live users daily between 11AM to 12PM where they can submit their forecasts on price movements, data releases and economic indicators, with a collective result calculation then being outputted for viewers. In its initial launch next Monday, viewers will be forecasting the results of the ISM Manufacturing PMI number which is scheduled to be released later in the day. Myriada and FT Alphaville then plan on expanding the platform to include further releases such as next Friday’s US Non-Farm Payrolls numbers, bitcoin price movements, and index and rate moves.
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For Myriada, the FT partnership is a media-based use case of their product, with their primary focus towards financial institutions that use the collective algorithm results to assist them with their trading decisions. Overall, the product is part of an emerging class of platforms that aggregate forecasts from professional analysts and trading communities to find important points in the crowdsourced data.
In a joint statement from the FT and Myriada, Paul Murphy, Editor of FT Alphaville, commented, “Alphaville continues to have an appetite for novel forms of engagement with its readers – Myriada’s innovative group forecasting platform is a prime example.”
Arjun Hassard, Founder of Myriada, added, “Collective intelligence technology augments existing human abilities to deliver remarkable solutions – enabling collaborative, diversity-driven strategy and investment decisions. In the long-term, every organisation in the world will be using some form of collective intelligence platform.”