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Pico Launches Corvil Cloud Analytics Solution for Crypto Trading on AWS

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Pico, the technology services, software, data and analytics provider for financial markets, has announced the availability of its Corvil Cloud Analytics solution on Amazon Web Services (AWS), specifically tailored for crypto markets.

This crypto-focused launch follows the beta launch of Corvil Cloud Analytics in December 2022, and the general availability launch on AWS in May this year. The company is now extending its Corvil Cloud Analytics services to include crypto exchanges in public cloud settings. This addition provides crypto traders and market makers with robust, detailed data capture and analytics capabilities, ensuring thorough visibility and control without sacrificing quality or accuracy.

“A considerable portion of the crypto trading markets, including most exchanges, market makers and institutional investors are hosted in public cloud infrastructure. They run highly optimized workloads where performance or reliability issues directly impact trading outcomes,” says Ken Jinks, Executive Director, Product Management at Pico. “Corvil Cloud Analytics provides the visibility and timestamping of every crypto trade and market data message, which enables all parties to achieve deterministic performance in this highly dynamic environment.”

A key feature of Corvil Cloud Analytics for crypto markets is its ability to decrypt market data and order flow data in real time. This capability is particularly essential as all venues utilise perfect forward secrecy for encryption. Corvil Cloud Analytics offers a solution for decryption in this setting to enable full visibility of every order and every market data message.

The solution provides a range of capabilities, including connection drop analysis, order tracking and dispute resolution, latency measurements, algo performance monitoring, workload instrumentation, and microburst visibility.

In conversation with TradingTech Insight, Jinks discusses how firms in the crypto/blockchain space are now making use of Corvil Cloud Analytics:

“One of the major use cases for crypto traders is market making in the cloud,” he says. “Market makers need real-time visibility into latency and performance for every quote and order, as well as performance predictability, which is hard to achieve in the cloud. The real-time visibility provided by Corvil Cloud Analytics enables not only better understanding of the performance, but also provides the ability to understand the cause when performance degrades.”

He continues: “Another common use case is for running blockchains or digital ledgers on the cloud, which involve counterparty connections. Depending on the applications they’re using, these might entail long-lived connections. However, the inherent nature of cloud providers’ systems means they frequently tear down and reconstruct elements automatically, aiming for resiliency and self-healing. While these systems do recover, they often pause real-time applications for around 30 seconds before resuming where they left off. Although this automated healing process is effective, it doesn’t align with the behaviours that firms expect or are accustomed to in an on-premises environment. Thus, the solution we’re offering gives firms complete visibility and transparency into their operations under such circumstances.”

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