---
title: "Corvil for Exchanges | Execution & Market Data | Pico"
description: "Trusted by all major exchanges globally: machine-time visibility and real-time analysis of order execution and market data publishing for equities, options, derivatives, and commodities."
source: https://www.pico.net/products/corvil-analytics/exchange/
markdown_url: https://www.pico.net/products/corvil-analytics/exchange.md
---

# Corvil for Exchanges
Trusted by all major exchanges globally: machine-time visibility and real-time analysis of order execution and market data publishing for equities, options, derivatives, and commodities.

- Monitor member execution experience with nanosecond precision
- Assure market data distribution latency and quality
- Time-synchronized audit trails for regulatory compliance
- Comprehensive colocation and WAN member monitoring

## How does Corvil help exchanges?

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 is measured and tracked from receipt through the gateway to the matching engine. All messages are captured, analyzed, recorded, and can be streamed to external BI and data warehousing systems for forensics and reporting.

## Corvil analytics for exchange operations

### Manage Members

Auto-discover member order flow, demonstrate execution transparency, prove colocation advantage, and improve mean time to resolution.

### Manage Market Data

Analyze latency hop by hop, detect gaps and microbursts, monitor network performance, and optimize order-to-tick response.

### Trading Analytics

On-prem, self-managed Corvil Analytics with 600+ decoders, Intelligence Hub, and modular capture-to-intelligence components.

## Who uses Corvil at exchanges?

### Member services

- Full transparency to members for order execution at nanosecond precision
- Improve response time for execution enquiries from members

### IT Systems

- Validate performance of gateways, matching engines, and feed assembly
- Benchmark performance of software updates and hold vendors accountable

### Market data

- Assure latency and quality of distributed market data feeds
- Detect gaps, microbursts, and correctly size bandwidth

### Regulatory compliance

- Time-synchronized audit trail for every transaction
- Lower regulatory tail-risk with trusted data to show compliance

## Frequently asked questions

Everything you need to know about Corvil for exchanges.

### How does Corvil help exchanges monitor member execution?

Corvil measures and tracks the latency of every member order 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, and recorded with nanosecond precision.

### Does Corvil monitor market data distribution?

Yes. Corvil monitors market data publication and distribution from feed assembly through to the data hand-off point, providing a unique set of analytics to assure latency and quality of distributed market data feeds.

### Can Corvil monitor colocation members?

Yes. Corvil provides comprehensive support for member monitoring both for colocation members and members accessing the venue via the WAN, with full visibility into connectivity health and execution latency.

### How does Corvil help exchanges with regulatory compliance?

Corvil captures time-synchronized audit trails for every transaction with nanosecond precision. This provides trusted data to demonstrate compliance and lower regulatory tail-risk in an increasingly regulated environment.

## Get machine-time visibility for your exchange

Talk to a Corvil specialist about how packet-level analytics can transform exchange operations.