Corvil, a supplier of latency management tools, has enhanced its CorvilNet product to help buy-side firms ensure their orders are being fairly handled by their sell-side counterparts.
CorvilNet now allows firms to view the latency of an order as it is sent from the buy-side to the sell-side, processed and routed through to the final liquidity destination. The enhancement allows measurement of an algorithm's latency at each step until the order updates post-trade data feeds. New orders, modifies and cancels are correlated with all responses for complete order tracking and market response time analysis.
The new version of CorvilNet also enables clients to get details of end-to-end order processing latency for the market open and close, for the past day, past week, or continuously via a live portal.
“Orders undergo complex transformation in a DMA environment and our new release helps brokers and buy-side firms to track all of this activity and obtain a clear view on factors like how long an order resides at the exchange, and how long it takes to get a response back,” Donal O'Sullivan, vice president, product management, Corvil, told theTRADEnews.com.
O'Sullivan added that while high-frequency traders, hedge funds and market makers are the main users of CorvilNet, traditional long-only buy-side firms are beginning to express greater interest in how their orders are being handled.
“Buy-side firms are demanding greater visibility into the performance of their orders to ensure they are being treated fairly by their brokers,” he added.
Corvil reported that trading services provider The Schneider Group has been using the new release of CorvilNet to enhance its offering.
“This in-depth analysis and understanding of latency at a very granular level enables us to quickly take action to optimise the performance of our entire trading services,” Collin Coleman, COO at The Schneider Group.