Corvil has announced the launch of a new solution that establishes a system of traceability to Coordinated Universal Time (UTC), a critical capability for monitoring, analysing and reporting activity on electronic trading networks.
This is now a mandatory requirement for businesses to comply with pending financial regulations such as MiFID II from the European Securities and Markets Authority (ESMA) and the Consolidated Audit Trail (CAT) from the US Securities and Exchange Commission (SEC). This capability also extends and is necessary to assure accountability, auditability, and performance in algorithmic and AI environments.
Corvil's UTC Traceability Solution provides business, technology, and compliance teams with visibility, quantitative analysis, and insight into computer clock accuracy compared to the UTC reference. It provides an independent, continuous assessment, and record of UTC synchronisation integrity and automatically provides alerts when clock synchronisation is not compliant. The solution also provides automatically generated reports for clock synchronisation quality
Supplementing its existing solutions for real-time monitoring, surveillance, and precision timestamped order record-keeping, Corvil now tracks variability to UTC. Corvil's UTC Traceability Solution delivers an independent, continuous assessment and record of UTC synchronisation integrity, which enables firms to meet the obligations of MiFID II (RTS 25, Article 4), and CAT Reg 613. Reporting on variances more granular than the level of current regulations, it is also expected to address the tightening of future compliance requirements.