Swiss Zürcher Kantonalbank targets trade speed with Corvil
Switzerland’s Zürcher Kantonalbank has installed a performance monitoring system from latency management specialist firm Corvil to monitor the performance of its market making and FX business, including market data quality, transaction analysis and FX order flow.
Zürcher Kantonalbank is the largest regional bank in Switzerland. Its name derives from canton, the regional subdivisions into which the country is divided. Based in the capital Zurich, the bank is wholly owned by the Canton of Zurich, making it a public bank.
The bank already subscribe to quotes on Deutsche Börse’s enhanced broadcast solution, SIX Swiss Exchange, and various FX brokers, which it uses as inputs to various trading strategies. The Corvil solution has been brought in to ensure the quality of these data sources, and to ensure the trading systems are responding swiftly to changes in market conditions.
“The Corvil solution gives us insight into the performance of our trading systems including quote to order latency, traded volumes, gateway latency, and order entry response times, said Andreas Hofstetter, IT service manager and head of development trading, Zürcher Kantonalbank. “Key metrics such as the real-time quality of market data and transaction flow analysis, as well as FX movements, enable us to react quickly to market events and capitalize on these for our trading strategies.”
Corvil is best known for its focus on helping firms to cut the latency of their trading systems. Latency is essentially a measure of the time delay between a message or a trade being sent and received at its destination – a factor that can be crucial in determining the success or otherwise of a trade.
Earlier this year, the CorvilNet performance monitoring system was rolled out at Nasdaq OMX across its US trading platforms. The company is also active in Asia.