The Need for Speed in a Maturing FX Market

Corvil's Donal Byrne, who will participate in our advanced tech panel, weighs in on the maturing electronic market.

Ahead of our upcoming London Summit in November, the event’s speakers weigh in on what keeps them busy. In this latest installment, Donal Byrne, the Chief Executive Officer (CEO) of Corvil, lends his insight and perspective on the changes the industry has undergone in the wake of new regulatory regimes.

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1. What is your position and what does your role entail?

As CEO of Corvil, I manage vision, strategy, and execution across the company. The most important part of the role is making sure that Corvil has a great team and a great culture in place to consistently deliver excellence. The biggest challenge is in adapting to the new world order and democratizing the FX market.

2. What was the single most important event or development the market saw in 2016?

From our perspective, there is a drive towards greater transparency in trading operations that has been felt in 2016 across all sectors of the industry. It’s driven partly by regulation, as the industry in Europe gets ready for MIFID II. It’s also driven by demand for greater choice from market participants who want more options to control how trades execute.

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3. What are the biggest challenges that the FX trading community is facing? How do they affect your field?

The machines entrusted to carry out FX trading can fail in a fragment of a second

The electronic FX trading arena is maturing fast. The typical trading firm now connects to more venues and counterparts than in the past. Speed to market is more important, and at the same time regulatory oversight is increasing – especially for firms handling FX options and derivatives or multi-asset class strategies. Corvil’s customers are looking to us to provide the visibility and analytics they need to cope with these challenges.

Understanding speed across complex distributed systems is certainly part of that, and so is providing insight into infrastructure quality and its impact on trading outcomes. Access to precise and accurate records of exactly what happened when, within high-speed automated systems, is increasingly important to our customers. Corvil’s machine-time analytics platform gives users a powerful solution to meet each of these challenges.

4. What is the main message you’d like to convey to London Summit delegates?

The machines entrusted to carry out FX trading can act in ways that were not intended, and ultimately, fail to perform. Further, they can be hacked, resulting in negative and sometimes catastrophic business outcomes. All of this happens in machine-time, i.e. in a fraction of a second. To see and understand what’s happening in high-speed automated trading environments, you need a solution that can monitor, analyze and verify machine interactions in machine-time – the time it takes for a machine to act or respond. We call it machine-time analytics.

Donal Byrne will participate in our panel Ghosts in the machine: what happens in advanced tech. Learn more about the agenda here.

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