Electronic TradingOrder Lifecycle Tracking

A Time-Sequenced Audit Trail Of Every Execution Message

Understand complex trading behavior as it happens

Track the entire lifecycle of every client execution; from the initial order through to the final Execution Report.

Corvil keeps state of every related message; including replaces, fills and rejects. All precisely time-stamped, indexed and stored.

Responding to client queries is simple. Search for any order to see a detailed, time-sequenced record of precisely what happened, including every message, fully decoded and augmented with performance metrics.

 

Outcomes

  • Analyze specific orders by key message field e.g. ClOrdID, OrderID
  • Click the “Order Tracking” button – to see the full order lifecycle
  • Every related message is automatically & logically linked.
  • Every message is stored with precision timestamps that exceed regulatory demands
  • Respond quickly to client and business queries

What happened after the order was submitted?

Corvil tracks the entire lifecycle of every client order, allowing you to quickly answer questions such as, “How many partial fills were there for order XYZ?”

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How to accurately record data with traceability to UTC

MiFID II demands order records be stored for a minimum of 5 years, and RTS-25 stipulates accurate time-stamps are recorded with traceability to UTC. How do you do that?

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DMA Gateway: Latency Correlation

If you’d like to understand how quickly your trading gateway is processing clients orders, Corvil provides the answers, by tracking the latency of every message, in both directions.

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What happens after I send my orders to the venue?

It’s important to understand venue performance, to help resolve client enquiries fast but also to ensure the infrastructure is scaled appropriately.

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Trace a client order, hop by hop through the infrastructure.

Corvil’s Multi-hop Analysis automatically tracks the path an order takes, revealing the latency across each hop.

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How Quickly does a Trading Algorithm react to market data

Being able to accurate measure the decision time of an Algo is key to optimizing it’s performance. See how Corvil provides real-time visibility into Algo decision latency.

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Corvil is the only tool that exists to track orders, alert on Market Data gaps, alert on WAN link microbursts, diagnose who’s consuming our WAN links and… generate weekly reports on all the above. In short, Corvil makes me look like a god. (I would recommend it more, but I’m afraid everyone would then know my secrets).

Trade Performance Analytics

Highly Granular

Recorded with UTC synchronized, nanosecond time-stamps, Corvil provides a highly granular and actionable audit trail of all activity, accurately time sequenced to understand cause and effect.

Customizable Dashboards

See infrastructure latency in true real-time with flexible and intuitive dashboards. Explore and interact with the data. Quickly drill into events to investigate root cause, or select longer time periods to spot trends, performance patterns & anomalies.

Complex Latency Correlations

Corvil’s correlation engine reports the per-message latency across each infrastructure hop. It takes care of multiple protocols and messaging changes that occur across devices such as Gateways and SORs.

Infrastructure Scaling

Using Microburst rather than average measurements, Corvil provides a detailed understanding of transient and dynamic loads, enabling infrastructure components to be correctly scaled to meet performance requirements.

Multi-hop Transaction Tracking

Corvil’s multi-hop analysis tracks transactions across network and application hops, to execution venues and back again. It provides an intuitive and graphical representation of the latency over the entire journey.

Real-time Alerting

Analysing transactions in real-time reveals performance anomalies as they happen. When latency spikes occur, Corvil immediately notifies operations teams and provides the crucial data to understand and resolve the event.