Bank Accelerates Regulatory Reporting by 3 Months

Corvil provides streamlined order record keeping for MiFID II compliance

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About the Customer

Large Commercial Bank:

  • Supports companies, savings banks, private and institutional investors with capital market matters
  • Executes high-volume transactions across 10+ venues subject to regulatory requirements
  • Supports multiple asset classes with diverse trading platforms

Challenge

Rising Cost and Complexity of Compliance with Emerging Regulation

Faced with the increased compliance complexity posed by MiFID II transaction record keeping requirements, the bank was challenged by the high cost and complexity of:

  • Compliance implementation across diverse trading platforms and execution venues
  • Creation of a consistent means of timestamping and capturing reportable events across multiple asset classes

Solution

Single System for Consistent Capture Across Multiple Asset Classes, Platforms and Protocols

Corvil Analytics was deployed to passively capture trading activity across multiple asset classes and platforms with no impact to trade plant operations or performance to provide:

  • Time-sequenced record of the entire order lifecycle for Equities and Fixed Income transactions
  • Automated correlation and normalization of messaging changes that occur across infrastructure such as gateways and smart order routers
  • Nanosecond-precision order record timestamping with identification of clock synchronization anomalies to satisfy current regulatory requirements and to reduce cost burden of future, more stringent rules regarding timestamping
  • API integration with existing storage systems to automate long-term record keeping data retention

Results

Reduced Operational Cost and Complexity of Compliance

Compliance timeline by 3 months
Compliance-driven changes to trading operations
IT staff productivity through automation

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