The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Wolverine Chooses Corvil To Pinpoint Latency Issues

Trading execution services provider Wolverine Execution Services (WEX) has chosen trading analytics provider Corvil’s platform to navigate factors affecting the functions in the trading environment such as networks, messaging, order routing and client support desk actions, according to company officials.

“Generally, Corvil has allowed us to tie everything together,” says Troy Googins, head of product and business development at WEX. “We may have a client that will send in an order via FIX that will hit a FIX server, then go out to a smart router, which goes out to an exchange. When a latency issue occurs, we can pinpoint the issue to the system or network at fault nearly instantly, which is extremely beneficial in the many cases where the latency issue is outside of WEX’s control in an external system.”

The Corvil platform allows WEX to more readily see if latency issues are occurring in its clients’ order flow, added Googins. “There’s a lot of value to isolating latency issues, both from a time perspective and the effort required to track it down,” he said. “The ability to make it more efficient is a big advantage for us.”

WEX sets a 99% fill rate for marketable options orders as a standard for itself. To maintain that standard, WEX needs a real-time picture of operations performance across its network of trading venues.

Overall, industry standards for monitoring access gateway latencies used to be more modest, according to Donal Byrne, CEO of Corvil. “Today, it’s a more sophisticated ask,” he said.

“You may have clients wondering what exactly happened to an order, why wasn’t a cancel accepted? Why did you send it to a venue or why was it matched against an internal pool? To answer all those questions, you need a complete view of both the overall client execution lifecycle all the way through your infrastructure hops, venues and back. If something is happening in the infrastructure, you need to be able to drill down and see if there was something in the market data or something strange going on in a particular gateway.”

In discussions with WEX that began last year, Corvil demonstrated that it could bring together the functions WEX needed coordinated, submitting a proof of concept and addressing use cases WEX supplied, Byrne recalled. WEX has been phasing in use of Corvil’s platform over the past month.

Related content


Recorded Webinar: Approaches to migrating market data to the cloud to drive agility in trading operations

Market data in the cloud is an attractive proposition in terms of reducing the cost of on premise servers and storage, and moving into a more agile and flexible data delivery environment. It is also well suited to working from home, the fall-back of many financial institutions during lockdowns caused by the coronavirus pandemic. But...


Low-Code: The New Standard for Sell-Side Fixed Income Desks

By Vuk Magdelinic, CEO of Overbond. Low-code programming isn’t coming — it’s already here. And 2021 is the Year of Low-Code, according to IT publications such as SD Times and TechRepublic. “The worldwide low-code development technologies market is projected to total $13.8 billion in 2021, an increase of 22.6% from 2020,” according to the latest forecast by Gartner. The...


Data Management Summit London

The Data Management Summit Virtual explores how financial institutions are shifting from defensive to offensive data management strategies, to improve operational efficiency and revenue enhancing opportunities. We’ll be putting the business lens on data and deep diving into the data management capabilities needed to deliver on business outcomes.


Entity Data Management Handbook – Fifth Edition

Welcome to the fifth edition of A-Team Group’s Entity Data Management Handbook, sponsored for the fourth year running by entity data specialist Bureau van Dijk, a Moody’s Analytics Company. The past year has seen a crackdown on corporate responsibility for financial crime – with financial firms facing draconian fines for non-compliance and the very real...