By Manya Saini, Tatiana Bautzer and Pete Schroeder
July 21 (Reuters) - A top Democratic U.S. senator on Tuesday urged banks and trading firms to shun a new product offering early access to posts on President Donald Trump's Truth Social platform, warning it creates a "very troubling form of information asymmetry" for government policies, while Wall Street banks showed little interest in the product.
Earlier this month, TMTG unveiled a paid, licensed data feed that will give banks and trading firms "the fastest" access to posts from influential Truth Social accounts, including Trump's, whose posts often move global markets.
One source at a large bank said the institution was not considering acquiring the API, and if it did, a review of political risk would be needed. The person, asking for anonymity to discuss a sensitive issue, said access to the president's Truth Social posts would create a different risk than buying faster access to market or trading data, because it would mean paying for access to a government official discussing policy.
A second source familiar with the matter at another major bank said the bank was not currently considering subscribing.
#access #Social #banks #product
July 21 (Reuters) - A top Democratic U.S. senator on Tuesday urged banks and trading firms to shun a new product offering early access to posts on President Donald Trump's Truth Social platform, warning it creates a "very troubling form of information asymmetry" for government policies, while Wall Street banks showed little interest in the product.
Earlier this month, TMTG unveiled a paid, licensed data feed that will give banks and trading firms "the fastest" access to posts from influential Truth Social accounts, including Trump's, whose posts often move global markets.
One source at a large bank said the institution was not considering acquiring the API, and if it did, a review of political risk would be needed. The person, asking for anonymity to discuss a sensitive issue, said access to the president's Truth Social posts would create a different risk than buying faster access to market or trading data, because it would mean paying for access to a government official discussing policy.
A second source familiar with the matter at another major bank said the bank was not currently considering subscribing.
#access #Social #banks #product
3 months ago
