Pico Taps Corvil to Build All-New Trading Platform for European Markets
Corvil.com- DUBLIN, IRELAND and LONDON – Pico, a group of affiliated managed services providers of multi-asset electronic trading technologies, today announced an expansion of its relationship with Corvil as part of Pico’s continued growth in European markets. Throughout 2016, Pico has rapidly expanded its European presence and solutions offering, creating an advanced network that leverages Corvil technology to provide European customers with granular business intelligence, a fast trading environment, and data which may be used as an added tool for customers seeking to further support their regulatory compliance obligations, such as MiFID II.
Pico’s new European infrastructure includes a substantial investment in time sources that are synchronized to UTC. These time sources are used directly by the Corvil platform to create UTC synchronized monitoring, reporting, surveillance, and order-record data management. By leveraging these technologies and advanced capabilities, Pico is able to provide customers with UTC monitoring and reporting of trade transactions and market data events as part of its portfolio of managed infrastructure services.
“Corvil is an integral part of our business. From our work deploying Corvil technology across all of our U.S. data centers, we knew it would serve as a key component behind our buildout in Europe,” said Jarrod Yuster, co-founder and CEO of Pico. “Integrating Corvil was the best way to improve the speed and accuracy of our trading infrastructure and to provide European customers with access to the level of transparency and data reporting needed to meet the demands of today’s trading business.”
A first-in-class network requires a first-in-class solution to monitor, report and analyze all activity happening in the network and to make sense of this in real-time so that customer issues and queries can be pro-actively managed and answered. Pico utilizes Corvil to deliver this solution as a diagnostic tool to show customers what is happening within their network at certain points in time and as an alerting tool to notify of any issues or problems.
“Corvil has worked with Pico for years to provide the firm’s customers with deeper and more proactive visibility into the network,” said Donal Byrne, CEO of Corvil. “This expanded relationship is built on the trust, reliability and success we have experienced on both sides. We look forward to working further with the Pico team in Europe to help our mutual customers meet the challenges of the upcoming regulations recently published by ESMA.”
The Corvil solution is already deployed and operational in Pico’s European network. Full details of Pico’s managed infrastructure and trading services can be found on www.picotrading.com.
Pico offers premium technology hosting and managed services, specializing in trading technology via Pico Global Ltd., a private limited company registered in England and Wales, under company number 09365923, with a registered office at Paternoster House, 65 St. Paul’s Churchyard, London, England, EC4M 8AB and Pico Quantitative Trading LLC, based in the U.S. To learn more, visit: www.picotrading.com
Corvil safeguards business in a digital world. We see a future where all businesses trust digital machines to algorithmically conduct transactions on their behalf. For some businesses, this future is now. We provide big data analytics products that examine digital machine communications, in machine time, and apply analytical and statistical methods to deliver new levels of trusted, streaming intelligence needed by business, IT and security operations teams to safeguard the transparency, performance, and security of critical business applications and services. Corvil was forged on Wall St. where it is trusted by leading financial institutions to safeguard their businesses in a digital world.
There are three key areas where action is required.
Some material changes have come out of ESMA’s review of algorithmic trading.
A consolidated tape will significantly improve transparency and create a level playing field.
AFME said there should be mandatory free data contribution to the consolidated tape.
The review is an opportunity to recalibrate MiFID II regulations post-Brexit.