Corvil today announced the launch of its MiFID II solution, which enables customers to meet electronic trading regulations, including real-time monitoring, surveillance, and precision clock-synchronised record-keeping with minimal impact to existing trade plants and software systems.
Corvil's solution leverages its proven ability to provide accurate, time-precision transparency to the trade execution lifecycle, in real-time. Today's launch includes the introduction of a lightweight agent that collects time-stamped machine events, integrating seamlessly with the existing passive, wire-based collection mechanisms of the Corvil platform.
These mechanisms, combined with Corvil's longstanding high-fidelity, nanosecond time-stamping, time synchronization monitoring, and open data streaming allow customers to produce a time-sequenced record of events without expensive and time-consuming application and database re-architecture.
"Accuracy and transparency in Financial Markets have been longstanding goals of the regulatory community and MiFID II requirements are some of the most stringent the European Union has introduced. The mandate to provide a sequenced, authoritative record of events may introduce a significant cost burden to firms -- both in terms of implementation and ongoing maintenance as applications, infrastructure, and regulatory requirements change," said Donal Byrne, Corvil CEO. "Corvil, already widely trusted for its highly accurate and complete data, provides a novel approach that can greatly reduce the time, cost, and complexity of meeting compliance requirements for today and into the future."
Corvil's unique approach uses a dedicated independent system to gather the precision data needed for MiFID II reporting and forensics. The Corvil platform is deployed non-intrusively as an overlay on existing infrastructure, seeing all trading activity without requiring configuration for systems or flows to opt in. This removes the need for trading venues and participants to overhaul internal IT systems. Other proposed solutions to meeting MiFID II requirements would necessitate costly and time-intensive hardware and server upgrades, in addition to coding changes to dozens or hundreds of applications and databases. Corvil's wire-based data collection and timestamp measurements drastically reduce the size of the PTP distribution infrastructure required. They also reduce the need for extensive application and database development efforts to support implementation and ongoing maintenance of a home-grown solution.
"With the Corvil MiFID II solution, investment firms get the added benefit of a rich set of a highly accurate, precise data that can be used for advanced analytics purposes to improve trade strategies and algorithms, to provide greater insight into client experience, and to optimize their systems," said David Murray, Corvil Chief Business Development Officer. "We are excited about being able to offer customers a net positive business benefit for the required 'tax' of regulatory compliance."
Corvil's solution is applicable to the following MiFID II requirements:
Clock Synchronisation (RTS 25)
Market Transparency and Reporting (RTS 22 and RTS 24)
Pre and Post-Trade Risk (RTS 6 and RTS 7)
Best Execution (RTS 27 and RTS 28)
Widely deployed across the largest venues and market participants of all kinds, Corvil is recognized as the best-in-class machine-time analytics solution for transparency of electronic Financial Markets. With its announcement today, Corvil is offering an industry-trusted solution for investment firms to get ahead of the problem in their preparation to meet the latest regulatory requirements.
This solution allows current customers to leverage their existing investment in Corvil, while new customers can obtain the benefits of real-time monitoring, precision order record capture and streaming publication of clock-synchronized reportable events to external systems for transaction reporting and surveillance.
Corvil's new application agent is free of charge, available for trial immediately and generally available in mid-May.