The Gold Standard for Execution Transparency and Performance
See every order, every tick, for every client, to every venue in real-time for equities, options, derivatives, FX and fixed income in one integrated platform; everything time-stamped, normalized, stored and available on-demand.
Transparency and the real time ability to prove the quality of execution at this juncture is not a luxury. It’s a commodity. Everyone has to do it and that will be the standard going forward.
Vishal Sood, Director, Equities Electronic Execution Technology
The challenges for the modern broker business are numerous. Buy-side clients are demanding greater transparency and visibility into exactly how the broker is processing their orders. Where were the orders routed. Why were their orders routed to a given venue? Did they receive best-execution? Can you prove it? Buy-side clients are increasingly challenged with regulatory obligations which they are looking for their sell-side broker to provide the necessary data. In addition, every broker is trying to improve overall execution experience while managing their operating and technology costs. This demands a new level of visibility, analytics and data that empowers the broker operations team to provide these answers and services in an efficient manner.
A recent survey of our banking and financial markets customers by TechValidate found that 65% respondents use Corvil to investigate client execution quality issues and respond to inquiries faster – up from 37% in 2013.
IT Specialist, S&P 500 Financial Services Company
Corvil provides precision transparency and real-time analysis of the execution life-cycle through the entire trading loop from client through to the market. It tracks each order and associated messages live as it propagates though Client Gateways, SORs, Venue Gateways and across service provider venue connectivity.
Corvil passively taps into the packet data flowing in the network which, contains a highly granular and accurate record of all activity happening in the trade plant. The Corvil solution uniquely mines this packet data by automatically discovering all trading sessions and extracting all trade relevant intelligence. Corvil maintains this rich transaction data source and correlates all actions and transformations across processing hops so that the user can monitor, search, query or investigate any action or event, live or retrospectively at any point in the trade plant. The user can also access any Corvil data through its platform API and/or stream the Corvil data to third party BI, risk, compliance or data analysis tools.
Corvil provides full support for managing the quality and performance of market data with the ability to detect gaps, determine impact of microbursts and measure both absolute and relative latency for symbol updates or events in any feed. With support for all market data protocols globally, Corvil provides the most comprehensive off-the-shelf solution available for monitoring both order flow and market data within the broker environment.
With client and venue sessions being added and removed on a weekly or daily basis, it can be hard to keep application and monitoring systems up to date. Client onboarding processes don’t always notify the technology teams of required changes to monitoring systems, leaving you with potential blind spots. Corvil auto-discovery handles this, ensuring that all client trading flows are automatically discovered, tagged and monitored. Configuration APIs allow you to proactively push knowledge of sessions into your Corvil deployment.
Combining internal and external latency visibility, Corvil helps you determine how fast you need to be and pinpoints any bottlenecks that stand in your way. We provide comprehensive performance monitoring of external exchange latency, as well as hop-by-hop latency across internal processing stages, and across the networks that connect you to your markets and clients. And we analyze microburst workloads to help ensure that each network and application processing stage is correctly sized for optimal performance.
Order tracking state is used to monitor the success or failure of orders through the fill-rate calculation - the percentage of the request volume that was filled.
Calculates the algorithm response latency – the time from receipt of the triggering tick to the transmission of the order.
Calculates the venue response latency – the time from transmission of an order to receipt of tick update on the venue feed reflecting the trade.
Calculates the venue order response latency – the time from transmission of an order to receipt of acknowledgment of the order from the venue.
Calculates the volume of a specified metric for short-timescales, e.g. the number of messages received in 1ms.
Track the sequence numbers of all multicast market data feeds, and use this tracking to report and alert on any gaps.
Calculates the relative latency between two measured events with time-stamps from a common time reference.
Calculates an estimate of the amount of bandwidth need to meet a quality of service objective for a given traffic load e.g. a market data feed.