Trump Media's sale of fast access to social media posts that can move financial markets has drawn controversy, with critics questioning whether it could give some traders an unfair edge.
From trade wars to military conflicts, anything the US president says can shift markets within moments.
Teams of traders, along with automated computer systems, monitor his statements closely in order to execute trades within seconds of publication.
Selling quicker or more structured access to information is a familiar model in finance, where data providers charge for rapid feeds of news and economic figures.
“When seconds matter, whoever gets the information first has an advantage, and that is why the source of the feed matters so much.”
But critics argue the situation is unusual because the posts come from a sitting president and appear on a platform linked to his own business interests.
Some market experts say any arrangement that lets paying customers receive market-moving information faster than others deserves careful scrutiny.
Supporters counter that the posts are public and that such a service simply delivers them more efficiently, much like other commercial data products.
Securities lawyers say existing rules on fair disclosure were designed mainly for listed companies and their executives, and may not neatly cover statements made by politicians on social media. That ambiguity, they say, is part of why the issue has attracted so much debate.
It is not yet clear whether regulators intend to examine the arrangement.
The debate is likely to continue as automated trading plays an ever larger role in how markets react to breaking news.
