"And now, the news..." - pity you missed the profit

If you have an algorithm just reacting to a price line, here's a news flash: your competitors have traded at your expense, on the basis of the news story that preceded it, writes David Walker

You've heard of VWAP, and TWAP. Now, prepare yourself for NWAP - that's news average weighted price and it is a measure becoming more popular among hedge funds as news agencies provide news feeds that algorithmic trading systems can read and react on in a matter of milliseconds.

And, as Richard Brown, Reuters Newscscope business manager explains, milliseconds do mean money.

the main players

Reuters launched Reuters Newsscope Archive in November - an archive of algorithm-readable news stories with

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