Corvil markets MiFiD II compliance as differentiation factor

Rick Steves

Network data analytics company Corvil has launched its MiFiD II solution, enabling customers to meet the new European regulations (to come in force in January 2018, probably), including including real-time monitoring, surveillance, and precision clock-synchronized record-keeping with minimal impact to existing trade plants and software systems. In compliance with the legislative changes, Corvil will still […]

Corvil markets MiFiD II compliance as differentiation factor

Network data analytics company Corvil has launched its MiFiD II solution, enabling customers to meet the new European regulations (to come in force in January 2018, probably), including including real-time monitoring, surveillance, and precision clock-synchronized record-keeping with minimal impact to existing trade plants and software systems.

In compliance with the legislative changes, Corvil will still be able to provide accurate, time-precision transparency to the trade execution lifecycle, in real-time.

In addition to the regulation compliant model, Corvil introduced a lightweight agent that collects time-stamped machine events, integrating with the existing passive, wire-based collection mechanisms of the Corvil platform, allowing customers to produce a time-sequenced record of events without expensive and time-consuming application and database re-architecture.

Donal Byrne, CEO at Corvil said: “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.”

“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.”, added Byrne.

corvil

The Corvil platform gathers the precision data needed for MiFID II reporting and forensics, deployed non-intrusively as an overlay on existing infrastructure, seeing all trading activity without requiring configuration for systems or flows to opt in.

According to the firm: “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 solutions is applicable to four 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)
David Murray, Chief Business Development Officer at Corvil said: “We are excited about being able to offer customers a net positive business benefit for the required ‘tax’ of regulatory compliance.”

In mid-2015, Corvil had announced a collaborative venture with Solarflare, highly regarded in application-intelligent 10/40 Gigabit Ethernet (10/40GbE) technologies, to develop faster and scalable network data analytics, allowing Corvil to offer a 40Gb/s analytics engine at 44 percent lower cost to its customers.

 

 

 

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