Exchange

Trusted By All Major Exchanges Globally

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.

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.

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.

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

Customer Success

"At Flow Traders we are constantly looking to put in place the best tools and processes to optimize the performance and transparency of our IT systems, while minimizing operational risk. Corvil was the only platform capable of meeting our demands."

– THOMAS WOLFF, GLOBAL HEAD OF ITFLOW TRADERS


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

Customer Success

"We are getting visibility and trust in our ability to monitor for issues we have not had before from other tools. Everything from the customizations, to viewing the data collected in near real-time has had a profound impact on our organization."

– IT SPECIALISTS&P 500 FINANCIAL SERVICES COMPANY

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.

Tick To Order - Calculates the algorithm response latency – the time from receipt of the triggering tick to the transmission of the order.

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

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 Protection - 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.