Corvil, a provider of data analytics, is broadening its scope to encompass not only network monitoring but also capturing data off the network to feed real-time analytics. Its Giga platform, introduced last year, has been deployed by a number of large financial institutions for high-performance, low-latency and data-intensive applications.

“You might know us as a platform that monitors network performance and latency, and while that is still the primary use case, the bigger and more exciting use case now is using Corvil as a data acquisition and data analytics platform for the electronic trading business,” said Donal Byrne, CEO of Corvil. “Evidence of that would be that we have our systems and our platforms deployed in twelve of the top fourteen banks. What they all have in common is a demand for real-time data analysis of all activity that’s happening in their trading plants.”

Corvil is responding to what Byrne characterizes as a shift in the marketplace that’s taken place over the last 12-18 months away from pure speed of execution to using data analytics for regulatory compliance. “There is a whole new game in town that is all about providing transparency into the trading business and gaining access to the data that can defend you in front of regulatory requirements,” said Byrne. “The focus has shifted to what I broadly characterize as data governance and business governance, and that includes the aspects of risk management, compliance management and reporting, security protection from inside or outside infiltration, and overall providing a level of oversight and protection into the electronic trading business.”

He added, “We founded Corvil on the idea that knowledge and analysis about the speed of data in the network was the most valuable thing. The value proposition has evolved to one where knowledge and analysis of the data that flows through the network is the most valuable thing. It’s no longer simply about the speed of performance of an order, it’s about having the complete data available to as to how that order was routed and how it was filled, and being able to access that in real time.”

As an example of the compliance requirements, Byrne cited SEC Rule 603, which requires that any market information distributed by a broker or dealer (including ATSs and market makers) be made available to any securities information processors on terms that are fair and reasonable. “That has a very specific real time requirement, and our product today is used to monitor and to ensure that is the case,” he said. “If you’re not seen to be providing and implementing best practices in monitoring modern electronic trading solutions, you will run afoul of multiple regulations.”

Featured image via apinan/Dollar Photo Club