With Saxo Bank aiming to launch its new HTML5 Trading Platform next month, Saxo Bank has chosen Corvil’s data analytics platform to provide the broker with end to end trading data monitoring. According to Corvil, Saxo Bank will be using their platform to monitor market data, network and application flows in real-time, identifying potential inconsistencies as they occur to ensure a consistent and secure trading and pricing environment.
The integration comes as monitoring technology has become in greater demand from brokers, banks, and exchanges due to an increase in high frequency trading, regulatory requirements, and growth of voice traded assets getting added onto electronic marketplaces. For the forex industry, a sector specific problem is it being a highly fragmented market of Liquidity providers and takers. As such, monitoring services assist firms in reviewing the quality of pricing data and executions.
The speed at which network data travels is both a blessing and a curse for the financial markets - Donal Byrne
In regards to how the evolving financial marketplace has led to demand in data monitoring solutions, Donal Byrne, CEO of Corvil stated in the firm’s public comments about the deal that “The speed at which network data travels is both a blessing and a curse for the financial markets. On one hand, it means quick trades and instant money transfers. On the other hand, lots can go wrong. The Corvil solution provides a watchful eye over any network, enabling us to notify our partners at the moment of any inconsistencies so they can react in near real-time."
