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October 12, 2009

Morgan Stanley Selects Corvil

To provide real-time latency transparency to its trading businesses and clients

By CBR Staff Writer

Morgan Stanley has selected Corvil’s Latency Management System for its next generation trading infrastructure. CorvilNet allows Morgan Stanley to monitor, analyse and optimise its market data plants in New York and London, and CorvilClear for inter-party latency monitoring to its execution venues.

CorvilClear is an inter-party latency management solution for electronic trading and market data applications providing policy driven peer-to-peer exchange and monitoring of microsecond latency and loss performance. It is also reported to provide real-time latency compliance reporting and automated event capture with common root-cause analysis tools for collaborative problem-solving.

Reportedly, in using CorvilClear, Morgan Stanley was able to measure in real-time the true end-to-end latency and loss for market data and order execution traffic from its data center all the way through to the execution venue matching engine. Complete latency transparency between all parties was achieved and latency service level violations were quickly identified and fixed.

Kevin Twitchen, executive director of Morgan Stanley, said: Precise monitoring of latency both within our trading plant and to the exchanges is critical to optimal performance of our trading strategies. With CorvilClear, we intend to collaborate closely with all of our exchange and MTF partners to provide real-time latency transparency to our trading businesses and clients. Together with Corvil’s powerful low-latency infrastructure analytics, we are confident that our new trading plant can meet the stringent performance levels demanded by our electronic trading businesses.

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Donal Byrne, CEO of Corvil, said: Latency compliance management and latency transparency within electronic trading infrastructure have become hot topics within high frequency trading. Unfortunately, demonstrating compliance to latency service level agreements and/or regulations is often made more difficult by not having the right technologies and tools in place. With Morgan Stanley, we were delighted to have the opportunity to collaborate with their team to explore the set of technologies and tools needed by them to address these challenges. We are very pleased that our CorvilNet and CorvilClear solutions were selected as the platforms of choice for intra and inter-party latency management of their next generation low-latency trading infrastructure.

Corvil is a provider of electronic trading and market data latency management systems. Corvil, with operations in New York, London and Dublin, serves a global client base of exchanges; alternative trading venues; investment banks, market makers and market service providers.

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