Electronic TradingExchange

Trusted By All Major Exchanges Globally

Corvil Analytics for the Exchange Business

The Corvil solution for exchanges is used by the leading equities, options, derivatives, and commodities exchanges globally. It is the essential visibility and analytics platform for monitoring member execution experience, assuring infrastructure performance, and providing trusted data and forensics to demonstrate compliance in an increasingly regulated environment.

 

Outcomes

  • Provide full transparency to members for order execution
  • Reduce risk of service quality degradation and outages
  • Improve response time for execution enquiry from members
  • Slash time to troubleshoot and fix service quality problems
  • Optimize execution latency for every infrastructure hop and path
  • Maximize quality of data feeds with precise data and analytics
  • Lower regulatory tail-risk with trusted data to show compliance
  • Capture time synchronized audit trail for every transaction

In our commitment to better serve our member firms, we use Corvil’s powerful real-time data analytics to proactively monitor and enhance their trading experience. We believe the wider industry will also adopt this type of technology which provides greater visibility to deal with competitive and regulatory forces that shape exchange operations.

Executive Vice President

Problem Overview

Today’s electronic exchanges are powered by high performance computing infrastructures with machines capable of matching millions of trades per second. Member orders must be processed in an orderly and transparent manner. Market data reflecting latest venue prices must be distributed as quickly as possible. The modern exchange business is highly dependent on data driven analytical insight and transparency into electronic operations at unprecedented levels of detail to address, customer experience, business continuity, operational risk, and regulatory compliance challenges.

Challenges

  • Providing transparency and optimal execution outcome for member orders
  • Mitigating risk of operational brown-out or market outage from IT systems
  • Meeting the new data requirements for regulatory compliance
  • Achieving rapid time to respond to member enquiry and and fix underlying issues

A recent survey of our financial markets customers by TechValidate found that 83% respondents reduced their Mean Time to Resolution of problems by 50% or better since implementing Corvil.

IT Specialist, S&P 500 Financial Services Company

Solution Overview

Corvil provides machine-time visibility and real-time analysis of both order execution and market data publishing processes capable of handling the most demanding electronic exchange environments. The latency of every member order can be measured and tracked from the moment it is received, passed through the gateway and forwarded to the matching engine. All messages involved in the order execution process are captured, analyzed, recorded and can be streamed to external BI and data warehousing systems for further forensics and reporting.

The Corvil solution also monitors market data publication and distribution from feed assembly right through to the data hand-off point. Corvil provides a unique set of market data analytics to assure latency and quality of the distributed market data feeds. Finally Corvil provides comprehensive support for member monitoring both for colocation members and members accessing the venue via the WAN.

Manage Members

  • Auto-discover member order flow
  • Demonstrate execution transparency
  • Prove advantage of venue colocation
  • Improve Mean Time to Resolution
  • Analyze connection health

Manage IT Systems

  • Validate performance of gateways, ME, FA
  • Properly size capacity for optimal performance
  • Quickly troubleshoot and fix IT problems
  • Benchmark performance of software updates
  • Keep 3rd party service providers accountable

Manage Market Data

  • Analyze latency for every hop
  • Detect gaps and microbursts
  • Monitor network performance
  • Correctly size bandwidth for feed
  • Optimize order to tick response

Managing Market Data Quality and Performance

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.

Making Sure you Never Miss Member Flow

With sessions being added and removed on a daily basis, it can be hard to keep application and monitoring systems up to date. Member related operating 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 trading flows and new sessions are automatically discovered, tagged and monitored. Configuration APIs allow you to proactively push knowledge of sessions into your Corvil deployment.

Right-Sizing your Systems so you are “Optimally Fast”

Combining internal and external latency visibility, Corvil helps you determine how fast you should be and pinpoints any bottlenecks that stand in your way. We provide comprehensive performance monitoring of exchange latency, including hop-by-hop latency across internal processing stages, and across the networks that connect you to your members. And we analyze microburst workloads to help ensure that each network and application processing stage is correctly sized for optimal performance.

Trade Performance Analytics

Fill Rate

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.

Order Capture

Captures a time-synchronized record of all messages involved in the order execution life-cycle and streams them to external BI and big data systems.

Order To Tick

Calculates the venue response latency – the time from transmission of an order to receipt of tick update on the venue feed reflecting the trade.

Order Response

Calculates the exchange order response latency – the time from transmission of an order to receipt of acknowledgment of the order from the exchange.

Microburst Analysis

Calculates the volume of a specified metric for short-timescales, e.g. the number of messages received in 1ms.

Gap Detection

Track the sequence numbers of all multicast market data feeds, and use this tracking to report and alert on any gaps.

Relative Latency

Calculates the relative latency between two measured events with time-stamps from a common time reference.

Bandwidth Prediction

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.