Worrall: Auditory display as a tool for exploring emergent forms in exchange-trading data

Overview of the research
The material for this seminar is available at http://www.avatar.com.au/sonify/sonsem1/


The senses are suited to different kinds of tasks. Evolution would suggest that that's why we have them. The psychophysical Modal Specific Theory [
Friedes D. (1974)] recognises that that each sense has unique sensory and perceptual qualities and distinct patterns of transduction that are adept with different kinds of complex information. For example hearing is effective for monitoring sounds from all directions, even when the source of the sound is not visible [Cohen (1994)].

Becasue hearing is capable of a high temporal resolution, auditory events ranging from milliseconds to several thousand milliseconds can be distinguished [
Stuart R. (1996)]. Sound is particularly important in situations where the visual channel is fully utilised, which it clearly is in trading (see later) and when either more data needs to be displayed [(Wenzel E.M (1994)] or in order to reduce modal fatigue.

There is growing experimental evidence that information embedded in multivariate multistream data, such as that used by traders, most often in realtime, can sometimes be better accessed cognitively when it is represented as sound than when represented visually either as numbers of graphically. The technique for producing these sonic representations as auditory displays is known, generally, as sonification.

To date, trained users have observed patterning in market-trading data using tools which are primarily visual in the form of graphs and charts, or numerical and computational.

The aim of this research is to sonify data from trading exchanges so as to make information embedded in the data more immediate and cognitively accessible by it's users. In doing so it is hoped to facilitate their decision-making which is based on that information.

The principle objectives of this research are to ascertain whether, in presenting this data in auditory displays:
1. patterns which trained users can recognise visually can be recognised aurally, and
2. other patterns in the data which cannot be observed visually can be observed aurally.


Secondary objectives of this research are:
1. to enunciate new principles which are useful for the sonification of multivariate data sets,
2. to compile and encapsulate a set of tools to enable traders to integrate auditory display into their trading practice, and
3. to create a number of audio works based on the sonification of the data sets under study.

The three-year FTE study can be broken down into three operational stages of roughly equal duration:
1. Refine the topic and the establish a context for the research by reviewing related work by other researchers in the field,
2. Design the auditory display experiments, the auditory display system in order to undertake out these experiments, and then undertake those experiments, and
3. and analyse the experimental results, create the audio works, iterating over 2. above as necessary. Writing up the thesis.

The Approach
I will adopt a "user-centered" approach [
Preece, J., et. al. (2002)] to the development and testing of the tools. .This process consists of five basic steps:
1. Task analysis
2. Data Characterisation
3. Display Design
4. Display Prototyping.
5. Display Evaluation (Formative, Heuristic, Summative)

A number of peer—reviewed publications are planned, including the presentation of papers at the International Conference on Auditory Display (ICAD), in a human-computer interface journal, and an economics or econometrics journal.

This seminar is being presented after 9.5 months FTE work, including three major alterations to the original topic. This presentation will thus be primarily concerned with the first stage, which is not yet complete, but I will also report on progress made so far on some of the experimental work of stage 2.

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Cultural context: Pure Data (Mitchell reference?),
"Pure data, such as streams from the internet, can be sonified as part of new media production. Introduction of cognitively accessible points of segmentation into such data streams is probably essential for their impact (ref ?). In addition, the pure data of pre-existing recordings may be perturbed in performance to create new 'meta-data' sound works (these range from wounded CDs, the efforts of glitch artists and scratch musicians, to literal or 'faulty' reading of computer encoded data and code), which also generate segmented impacts (ref ?)." from Nesbitt




Stage 1. Literature and materials relating to this research


Auditory display is the use of nonverbal sound ...to convey meanings to people working with information. [Ibid.] p.XV.

Exchange-trading data (ETD) is data generated from the actions of traders responding to supply and demand by buying and selling through an exchange. Over time and through different timeframes, patterns emerge in that data.

Stage 2. Auditory display experiments

Audification experiments in which an attempt is being made to reduce market returns to a direct or near direct audible pattern.

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