Pico, a provider of multi-asset electronic trading technologies, has teamed up with Corvil to help roll out a new trading platform for European markets, its latest development echoing its European strategy and product development, according to a company statement.
The new joint offering will look to create a unified network that aims to leverage Corvil’s technology whilst providing a cascade of European customers with granular business intelligence, via a real-time trading environment, as well as data feeds to help meet regulatory obligations, including the upcoming MiFID II legislation.
In addition, Pico’s new European infrastructure will also include concessions to European clients, including synchronized timing that’s calibrated in UTC. As such, the time sources are used directly by the Corvil platform to help facilitate UTC synchronized monitoring, reporting, surveillance, and order-record data management.
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According to Jarrod Yuster, co-founder and CEO of Pico in a recent statement on the offering: “Corvil is an integral part of our business. From our work deploying Corvil technology across all of our U.S. data centers, we knew it would serve as a key component behind our build out in Europe.”
“Integrating Corvil was the best way to improve the speed and accuracy of our trading infrastructure and to provide European customers with access to the level of transparency and data reporting needed to meet the demands of today’s trading business,” he added.
“Corvil has worked with Pico for years to provide the firm’s customers with deeper and more proactive visibility into the network. This expanded relationship is built on the trust, reliability and success we have experienced on both sides. We look forward to working further with the Pico team in Europe to help our mutual customers meet the challenges of the upcoming regulations recently published by ESMA,” explained Donal Byrne, CEO of Corvil, in an accompanying statement.
Earlier this month, Corvil also worked with Abide Financial to provide a new precision timestamped transaction reporting solution that helps meet the requisite compliance requirements associated with the upcoming MiFID II legislation and other international regulations.