Corvil has expanded its Markets in Financial Instruments Directive II (MiFID II) product portfolio with a Coordinated Universal Time (UTC) traceability solution that helps market participants monitor and report electronic trading activity. This is key to the EU’s MiFID II and the US Consolidated Audit Trail (CAT) regulation, which both come into effect in 2018.
The UTC Traceability Solution provides continuous assessment of clock synchronisation stability, giving users visibility into clock accuracy compared to the UTC reference. It alerts users when synchronisation is not compliant and provides clock synchronisation quality reports to reduce risk associated with MiFID II and CAT compliance.
Corvil says the solution enables firms to meet the obligations of MiFID II RTS 25, Article 4 and CAT Reg 613, but also reports on variances in more detail to address any future tightening of compliance requirements. It adds to Corvil’s existing platform of MiFID II solutions, which cover transaction monitoring, reporting and surveillance, App Agent software for event timestamping and publishing, and a streaming API that collects data in near real time and makes it available to a range of databases and message brokers.
Corvil chief marketing officer David Murray comments: “UTC Traceability Solution provides an important capability for compliance with new regulations, but can be applied by any company looking to monitor critical business activity on their networks.”