Electronic TradingRegulatory Reporting via Provider

A Complete Solution For Regulatory Reporting

Stay Compliant

Complexity of regulatory regimes such as MiFID, MiFIR, EMIR, Dodd Frank, ASIC, MAS continue to increase, driving organizations to:

  • Invest significantly to address regulations.
  • Retrofit systems and data practices for compliance
  • Build large internal teams to accommodate these changes

Except for the avoidance or minimization of fines, this “tax” yields little in terms of new services or value for customers and shareholders.

Corvil integrates seamlessly with ARM providers such as NEX Abide Financial to provide a simpler and cost effective end to end solution that collects, organizes and reports transaction data while safeguarding against regulatory misreporting.

 

Outcomes

  • Complete solution for regulatory transaction reporting obligations
  • Reduced cost to meet RTS requirements for MiFID II
  • Minimized changes to Trading Systems
  • Future proofing against more stringent future rules
  • Faster implementation of transaction reporting
  • Advanced error checking
  • Industry leaders in data precision and accuracy

Clock Synchronization for MiFID II

Corvil CEO, Donal Byrne explains the context surrounding the RTS-25 clock synchronization requirements for MiFID II.

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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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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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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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Access to accurate, reliable and timely data will be critical to demonstrate the provision of best execution; as such, the majority of respondents to a recent TABB survey highlighted data concerns as their main challenge.

Complete End-To-End Solution

Corvil accurately records every trading transaction, timestamping, normalizing and streaming the data to Approved Regulatory Mechanisms (ARM).

The ARM further enriches the Corvil Data with metadata from middle and back office systems to provide detailed and trusted regulatory reports.

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Zero Impact to Trading Systems

Because Corvil gathers data non-intrusively from the network, it means that critical trading systems do not need to be modified or retrofitted with timestamping hardware to meet regulatory demands.

It also enables developers to be freed up from regulatory initiatives to focus upon new products and services that drive revenue for the business.

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UTC Traceability

Every packet is recorded with a high precision nano-second timestamp, synchronized to external time sources, including NTP, PTP and GPS/PPS.

Furthermore, Corvil’s patented clock modeling algorithms provide UTC traceability statistics to demonstrate regulatory compliance with MiFID II RTS-25.

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Data Capture

Corvil’s suite of analytic plug-ins fully decode and analyze every network packet to report full details of every market data tick, every client transaction and every middleware message.

Corvil plugin’s automatically detect new trading flows, extract transactional data and present it in a normalized form with UTC synchronized nanosecond timestamps.

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Data Streaming

Time-synchronized Transactional Data is streamed reliably from Corvil appliances to the reporting provider in real-time .

Corvil ships with a comprehensive suite of connectors for fast and effective integration with industry leading platforms.

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Data & Reporting Services

When Corvil data is received by the reporting provider it is enriched with metadata from middle and back office systems to provide full order records that are precisely timestamped and traceable to UTC.

Business rules are then applied, reconciliation occurs and reports are generated for the regulatory authorities.

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