Neonet, a Stockholm-based agency broker and technology developer, is implementing latency monitoring and managing software from Corvil that monitors, analyzes and optimizes electronic trading and market data applications against ultra-low latency objectives within a firms infrastructure.
The software, called CorvilNet, also monitors latency externally through CorvilClear, a cross-asset solution that delivers visibility into latency performance among interconnected market participants. And it enables clients to specify and report against precise latency and loss SLAs (service level agreements) for intra- and inter-party application flows; deploy microsecond monitoring for applications and service channels across networks; troubleshoot violations through automated event capture and root-cause analysis; and leverage real time data of anomalies in applications, networks and resource requirements into a more efficient and competitive electronic trading value proposition.
For us it is essential to prove we have a very fast, low-latency, high performance system because we have a number of different types of clientsbanks and broker dealers, high frequency clients, proprietary trading desks, hedge funds, etc. and they are all demanding in different ways, but some of them are very demanding regarding low latency and performance, said Neonet CEO and president, Simon Nathanson. And that is where this new product comes in. We can use [CorvilNet] in two different waysone is to show we are as good as we say we are, and the other is be even better in optimizing every step in the transaction [process]. We have measured latency in our system before, but with this tool we will become even better in measuring all different parts. For example, we can measure how fast a marketplace venue is as well as measure latency between two of our four data sites in Stockholm, London, New Jersey and Frankfurt.
Neonet is implementing the latest version of Covrils software, CorvilNet 5.1. Key enhancements of the new release includes latency measurement of messages (e.g. FIX) that, combined with packet level measurement, provide a deeper and more sophisticated view of trading infrastructure performance. Corvil also upgraded the software with a multicast gap detection feature which monitors market data feed quality and pinpoints inconsistencies. With CorvilNet 5.1, Corvil has also significantly elevated performance and scalability through migration from a 32-bit to 64-bit architecture, the company noted.
We introduced some new capability around being able to look at the latency involved in order transaction flows and also, to detect any quality issues on multi-cast feeds for market data-- the combination of those two items were deemed very important by Neonet, said Corvil CEO Donal Byrne. CorvilNet 5.1 raises the bar for latency management systems with the integration of a host of new powerful features and performance improvements and the Neonet win underscores this value proposition.
Added Nathanson: The velocity of Neonets direct market access, algorithmic, smart order routing and real time market data services must continuously operate at peak, ultra low-latency performance levels, and will now have a strong catalyst in CorvilNet 5.1. It will also enable us to manage our IT infrastructure more efficiently.
Dublin-based Corvil, with operations in New York and London, serves a global client base of leading incumbent exchanges, alternative trading platforms, electronic traders and market service providers.
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