Corvil, a provider of latency monitoring systems, has announced the general availability of its Enterprise Monitoring System.
Based on the CorvilNet platform, the system offers high-speed data capture, distributed transaction-application-network monitoring, and real-time business analysis.
The Enterprise Monitoring System offers integrated visibility between applications, transactions and network performance on one platform, high-velocity data and analytics tools.
“The enterprise application environment is starting to look increasingly like what we deal with in the world of electronic trading – faster networks, more data, lower latency,” said Donal O’Sullivan, vice president of product management at Corvil. “And the link between IT performance and successful business outcomes is just as strong. If you couple this with the desire in 2013 to consolidate IT systems, it’s quite natural that there is a strong demand for the type of integrated monitoring system that Corvil provides and has proven so successful in financial markets.”
Portware adds over 20 clients to Alpha Vision in 2012
Portware, a multi-asset class trading solutions provider, has announced that 10 asset managers and 11 brokers joined its Alpha Vision service bureau in 2012.
Alpha Vision is an algorithmic optimisation tool that helps traders ensure they are using the right strategy at the right time. The software communicates directly with traders in real time, giving them control and information on each order.
Over US$1.4 billion worth of trades was executed through Alpha Vision in Q4 2012, resulting in US$2.4 million worth of cost savings, according to Portware.
The technology vendor also reporting a doubling of its FX client base across the US, Canada and Europe.
“During a challenging year for the market, Portware chose to invest in innovation to help redefine the execution management system space,” said Alfred Eskandar, CEO of Portware. “From the top industry talent we brought on board to the artificial intelligence we injected into the trader’s workflow, it’s incredibly rewarding to see these investments pay off.”
Contango Markets launches new derivatives unit
Contango Markets, a specialist derivatives consultancy, is launching a new division to help market participants deal with new pre- and post-trade issues related to swaps market reforms.
Contango Operations will offer post-trade expertise in clearing and collateral management across asset classes and clearing houses, analysis, integration and implementation of technology for exchange-traded and OTC derivatives for the front- and back-office, compliance, connectivity advice and transaction reporting expertise.
The Contango Operations team includes Brian Cooke, previously president and CEO, Rolfe & Nolan USA; Richard Wilkinson, previously director – clearing and infrastructure sales at RBC; Jonathan Cowan, previously founder of Eccoware and global head of futures and options at BGC and Steve Morris, previously operations manager at Sucden Financial.
“We have always recognised that the product and business development work we undertake doesn’t go on in a vacuum,” said David Setters, senior associate and head of business development at Contango Markets. “Virtually all of the projects we undertake impinge in some way on clearing, operational and compliance processes. The wealth of experience that our staff and associates have in the world of market infrastructure means that we are fully primed to offer expertise which will guide firms through the jungle of regulatory reform and aid their efforts to comply with it in a timely fashion.”
Mantara offers at-trade risk solution
Mantara, a provider of advanced ultra-low latency trading and risk solutions, has added new at-trade risk solution to its ExpressWay risk offering, giving clients the ability to aggregate real-time trade, order, and execution data across a broker’s trading infrastructure.
The new solution, ExpressWay A-T offers advantages over the traditional ‘drop copy’ methodology used for post-trade risk aggregation, according to Mantara. These include zero additional latency, the ability for risk calculations to be performed at-trade, without being deployed in the critical path, a consolidated view of order and execution information, and kill switches.
“We view post-trade risk as a thing of the past. Today, clients can significantly improve their ability to manage risk real-time via the combination of our industry leading pre-trade and at-trade risk solutions,” said Michael Chin, president and CEO of Mantara. “With the speed of trading now measured in nanoseconds, it is not practical to manage risk today relying on archaic methods such as drop copies.”
Fidessa tool helps brokers with MAD II compliance
Trading technology vendor Fidessa has launched a new market abuse monitoring service for European sell-side clients.
The firm’s Market Abuse Monitor delivers fully automated surveillance and detection capabilities that flag behaviour likely to give rise to suspicions of insider dealing and market manipulation.
The new service is designed to help brokers prepare for the revision of the Market Abuse Directive II, which is currently making its way through the European legislative process.
“The European Securities and Markets Authority has raised the bar for market abuse detection for brokerage firms across Europe. As recent high profile cases have shown, falling foul of the regulations has enormous reputational as well as financial implications,” said James Blackburn, marketing director, Fidessa. “By fully integrating the Market Abuse Monitor into our trading workflow we can provide brokers with a streamlined, straightforward and effective means of addressing these challenges.”
Legacy systems pose buy-side risk – SimCorp
A new study from SimCorp StrategyLab, a private research institution sponsored by SimCorp, has found that legacy buy-side systems require more spend compared to more sophisticated systems that are easily scalable.
The survey took the view of 125 respondents across Europe, the US and Asia Pacific, and focused on the cost of IT operations and the spending differences between firms running on a patchwork of older, custom-built solutions (legacy systems) versus those with state-of-the-art IT platforms.
Respondents using legacy systems spent 39% of their budgets on internal staff and execution consultants, compared to 36% for those running state-of-the-art systems, legacy systems required increased IT operations budgets (56% vs. 60% for state-of-the-art system respondents who intend to maintain or decrease IT operations spend) and the need for greater overall investment among those using older systems.
The study suggests that investment managers running on legacy systems should act now or risk losing market share to competitors who may be better equipped to capture the advantage.
“For any business, knowing the critical value of maintaining systems versus investing in state-of-the-art technology for future growth is imperative. These dual objectives are even more important in the investment management industry where performance and cost are integrally tied to IT, particularly in light of increasing regulatory pressures,” said Indo Walter, CEO of SimCorp StrategyLab and professor at the Stern School of Business, New York University. “The SimCorp StrategyLab study reinforces that buy-side firms who rely on legacy systems are exposed to ‘creeping underinvestment’ and may face greater costs and obstacles to growth down the road. Those firms with state-of-the-art IT systems can measurably gain a competitive advantage and be better prepared for market growth.”
US futures fund manager selects Connamara for market access
Prescient Ridge Management (PRM), a managed futures fund specialising in short-duration, systematic trading strategies, has picked Connamara Systems to improve market access.
PRM will deploy Connamara’s customisable Made-to-Measure solution across its new trading infrastructure.
The system includes a new user interface for PRM to control strategies and monitor risk and integrated back office support.
“Connamara’s development methods, expertise in markets and financial technology, and long-term track record, were the major reasons we decided to work with Connamara Systems,” said Alan Swimmer, president, PRM. “Third-party vendors and other consulting firms didn’t offer the flexibility or the comprehensive suite of automated testing and agile methodologies we knew we needed. The new trading infrastructure is highly scalable and flexible. It will aid us as we plan increase the number of markets we access.”