Corvil Wins Best Time Synchronisation Solution at A-Team Group's RegTech Awards 2018
Corvil's UTC Traceability solution for MiFID and CAT compliance recognized for its innovation and value in accelerating customer compliance with emerging regulations
DUBLIN, Ireland, May 04, 2018 (GLOBE NEWSWIRE) -- Corvil continues to be recognized as the "gold-standard" for machine-time analytics, achieving the "Best Time Synchronisation Solution" award in the A-Team Group's RegTech Awards 2018, for its Coordinated Universal Time (UTC) Solution for MiFID and CAT Compliance.
Regulatory bodies have turned to time precision and integrity as a critical dependency for providing transparency, auditability, and accountability for algorithmic business such as digital financial transactions, including electronic trading. Under MiFID II and incoming Consolidated Audit Trail (CAT) rules, market participants must establish, demonstrate and maintain clock synchronization with a Coordinated Universal Time (UTC) source to a high degree of accuracy.
Corvil's UTC Traceability solution watches over clock synchronization integrity to assure compliance and reduce regulatory tail risk. Furthermore, it demonstrates the firm's ability to excel in agile innovation and build cost-effective solutions to extend its business and operational value to help customers respond to evolving regulatory regimes.
"We have long seen precision time-handling as the basis for establishing causality for forensics as well as accurate business transaction analysis, network and application performance management, and cyber-security," said Raymond Russell, Corvil's co-founder and CTO. "Our core platform's handling of time, short time-scale analysis, and identification of clock synchronization status by message not only provide a key asset for current and future regulatory compliance, but is proving a minimum requirement for effective digital business, cyber surveillance, and AI Ops."
Corvil has a nearly 20-year history of shaping trading and algorithmic business technology through transforming network data into intelligence for execution performance, client intelligence and experience, regulatory compliance and cyber risk surveillance. The firm's industry-leading precision in nanosecond time-stamping of every reportable event in a transaction's lifecycle goes well beyond current regulatory requirements.
Providing a solution to likely address future tightening of clock synchronization and timestamping requirements, Corvil Analytics delivers a robust, long-term solution for customers. This forward-looking capability, Corvil's de facto industry standard solution for trade performance monitoring, as well as automated daily and on-demand reporting for compliance and business teams are among the differentiators that have propelled Corvil's RegTech success. Today, Corvil proudly counts almost every major stock exchange and global bank as a customer.
"We are pleased to congratulate Corvil on their prestigious RegTech Awards 2018 win," said Laurie McAughtry, Editor at A-Team Group. "Our readership of senior trading technology executives clearly recognized Corvil's contributions to their operational, business, and compliance solutions in voting Corvil as the leading provider of Best Time Synchronisation Solution."
"We are delighted with the recognition of our UTC Traceability Solution from our peers. MiFID II and CAT are significant not only to the world of finance but to the wider business landscape as they represent a new era of digital algorithmic and AI oversight through the lens of machine-time, - where faster and smarter machine technology operates autonomously at nanosecond speed," said David Murray, Chief Marketing and Business Development Officer at Corvil. "Our expertise in this new reality of time , puts us in a strong position to address future regulatory rules as well as apply our RegTech capabilities to other algorithmic and AI powered businesses."
Corvil's strong performance in empowering firms with insight into client and trader intelligence, market data quality, order and transaction performance as well as technology performance to optimize execution, continues to garner peer recognition. In the past 12 months the firm achieved "Best Time-Stamping / Infrastructure Performance Monitoring" at Intelligent Trading Technology Awards 2017; "Best Financial Transaction Security Platform" in 2018 FinTech Breakthrough Awards while Institutional Investor recently named Corvil CEO, Donal Byrne, among world's top 25 Innovators in trading technology.
Corvil is the industry leader for deriving Security, Operational, and Business intelligence from network data. As companies adopt faster and smarter machine technology, it becomes critical to tap into richer and more granular machine data sources to safeguard the transparency, performance and security of critical infrastructure and business applications. The Corvil streaming analytics platform captures, decodes, and learns from network data on the fly, transforming it into machine-time intelligence for network, IT, security and business teams to operate efficiently and securely in this new machine world. Corvil uses an open architecture to integrate the power of its network data analytics with the overall IT ecosystem providing increased automation and greater operational and business value outcomes for its users. The Corvil solution is trusted by leading financial institutions to safeguard their businesses across the globe involving 354 trillion messages with a daily transaction value in excess of $1 trillion.
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