Transparency, Optimization & Compliance: How Corvil Benefits Everyone in Electronic Trading

Corvil provides value to trading, technology, and compliance teams.

Transparency, Optimization & Compliance: How Corvil Benefits Everyone in Electronic TradingBy Timothy McGovern    December 15, 2016      Thinking

I was fortunate enough to represent Corvil and attend Institutional Investor’s FinTech Awards dinner and ceremony earlier this month. They hosted industry visionaries and financiers who ranked in Institutional Investor’s 2016 Tech 50, Fintech Finance 35, and Trading Technology 40, including our very own CEO Donal Byrne.

The attendees hailed from an impressive list of firms: BATS, Nasdaq, Tradeweb, Bloomberg, Bank of America, REDI, Algomi, and Citadel, among others. Corvil is fortunate to count many of these firms as our clients. As a member of Corvil’s business development team, I wish I had been able to meet everyone.

Looking around the room, I noticed that the attendees’ roles varied widely. However, each function sits within the electronic trading environment and benefits from Corvil’s capabilities, albeit in different ways. Some might use Corvil directly, while others may benefit from Corvil data.

Here are some of the primary challenges Corvil solves for; it is clear that Corvil is essential for electronic trading, no matter what your role!

Transparency for Execution Traders, Chief Operating Officers, and Trade Support

Execution Traders, COOs, and Operations teams care about making sure their customers are getting best execution and service throughout the day so they continue to receive order-flow; one of the biggest reasons they use Corvil is for order execution transparency. The Corvil platform enables you to see every order and tick with nanosecond time precision through every step of its journey: from the time it arrives at your doorstep, through every hop and stop in your trading infrastructure, out to the trading venues and back again. Corvil monitors and captures all information associated with that order and can provide a full audit trail for use with a client enquiry or to respond to specific enquiry from risk or the regulator. Simply put, the Corvil platform puts continuous machine-time transparency at your finger-tips.

Optimization for Chief Technology Officers, Network Engineers, and Infrastructure

CTOs and network engineers are cost-conscious and understand that every dollar spent by IT needs to generate a return to their business, so infrastructure optimization is one of their top challenges. While you may be able to cut corners on infrastructure projects for other businesses, you simply cannot with electronic trading. No business is more dependent on technology than the electronic trading business. In electronic trading, business performance is directly and inextricably tied to infrastructure performance. There is no margin for error or complacency.

Traditionally, it has been impossible for the business to see – directly and transparently – how investments in technology infrastructure impact business outcomes. Yet, questions like these are essential for business operations:

  • How has our recent investment in the Secaucus co-lo lowered our latency and have we seen a corresponding improvement in fill rate?
  • Do we need to upgrade our venue connectivity bandwidth? Why? How much do we need?
  • How much faster is a specific stock symbol updated on the direct feed versus the consolidated feed. Did that improve execution outcome?

These are bread and butter questions Corvil answers for our customers, which allows them to optimize their operations and infrastructure investment decisions while providing the service quality necessary to be competitive.

Transaction Reporting and Order Record Keeping for Compliance and Regulatory Officers

The compliance officer or regulator may very well have the biggest challenges of them all – particularly in Europe where MiFID II requirements for latency-dependent algorithmic trading are particularly difficult: every message involved in an executed order must be tracked and captured with a timestamp resolution of 1 microsecond and synchronized to the universal time standard UTC with an accuracy of 100 microseconds or better. On top of that, all data must be retained for five years and you must be able to defend regulatory compliance inquiries on every order during this period of time. Fortunately, Corvil’s MiFID II solution produces a time-sequences record of events and enables compliance officers to meet electronic trading regulations.

What do all of these people have in common? Despite working in different roles and within different departments, they all depend on Corvil to address their challenges. Corvil enables electronic trading businesses to bridge the divide between IT and the business by allowing them to address their transparency, infrastructure optimization, and regulatory challenges.

If you would like to better understand how the world’s leading electronic trading businesses depend on Corvil to address their challenges around execution transparency, cost optimization, and regulatory compliance, please reach out to me at [email protected]

Transparency, Optimization & Compliance: How Corvil Benefits Everyone in Electronic Trading

Timothy McGovern, Sales Development Representative, Corvil
Corvil is the leader in performance monitoring and analytics for electronic financial markets. The world’s financial markets companies turn to Corvil analytics for the unique visibility and intelligence we provide to assure the speed, transparency, and compliance of their businesses globally. Corvil watches over and assures the outcome of electronic transactions with a value in excess of $1 trillion, every day.

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