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Corvil - the microsecond, measured in Dublin
A Dublin company that turned packet capture into the trading floor's own measurements, and sold itself to a New York infrastructure provider in 2019.
Corvil was founded in Dublin in 2000 by Professor John Lewis, three Telia employees and three Trinity College Dublin post-graduate students, and became the network data analytics company of electronic trading: appliances that capture a trading infrastructure's traffic without loss, decode the market-data and order protocols inside it, and report what happened to every order, tick and fill, and how long it took. Its customers were the exchanges and banks, NYSE, the London Stock Exchange, Nasdaq, the Moscow Exchange, Nomura, Thomson Reuters and Commerzbank among them, and it kept offices in New York, London, Tokyo, Toronto and Kraków.
The product is worth describing precisely, because it is the one corner of this catalogue where a network is measured in the currency of the application running on it. Where a conventional monitoring tool reports utilisation and errors, Corvil reports feed latency and gaps, tick-to-trade times and fill ratios, with the network symptoms behind them, retransmissions, congestion and round-trip times, at one-second resolution. A millisecond has a price on a trading floor, and the analytics were built to state it.
On 9 July 2019 Pico, a New York provider of data-centre infrastructure, exchange connectivity and cloud services for the financial markets, signed a definitive agreement to acquire Corvil, expecting to close within thirty days; by late July the parties expected early August, and neither disclosed terms, both being privately held. The combined company was to serve more than four hundred banks, exchanges, asset managers, fintech vendors and trading firms across five continents, and Corvil's chief executive, Donal Byrne, became its chief technology officer. Pico itself operates some thirty-five data-centre locations and is minority-owned by Goldman Sachs, JP Morgan, UBS and Wells Fargo.
Today the name survives as Corvil Analytics, described by Pico as its network-derived analytics platform for financial markets: lossless packet capture and deep protocol decoding at up to 200 gigabits per second sustained, metrics for every order, tick and fill across the trading lifecycle. The Dublin engineering that began as university research is now the measurement layer of a Wall Street infrastructure company, which is a long way to travel on the strength of knowing exactly when a packet arrived.
Esta empresa não opera mais sob este nome. Hoje faz parte de Corvil Analytics, at Pico.
- Wikipedia: Corvil - a network data analytics company based in Dublin, Ireland; founded 2000 in Dublin by Professor John Lewis, three Telia employees and three Trinity College Dublin post-graduate students; offices in New York, London, Tokyo, Toronto and Kraków; customers including NYSE, LSE, the Moscow Stock Exchange, Nasdaq, Nomura, Thomson Reuters and Commerzbank; chief executive Donal Byrne (read 2026-10-05)
- Markets Media, 9 July 2019 - Pico signed a definitive agreement to acquire Corvil, a market leader in real-time analytics and machine intelligence for financial markets infrastructure; the combined company to serve over 400 banks, exchanges, asset managers, fintech vendors and trading firms across five continents; closing expected within 30 days (read 2026-10-05)
- FIA MarketVoice, 26 July 2019 - Pico, New York-based provider of data centre infrastructure and exchange connectivity with 35 global data centre locations, minority-owned by Goldman Sachs, JP Morgan, UBS and Wells Fargo, expected the Corvil acquisition to close in early August 2019; terms not disclosed, both companies privately owned; Corvil's analytics identify latency issues, optimise execution and enable compliance monitoring, with metrics such as fill ratios and tick-to-trade latencies; Donal Byrne to become chief technology officer of the combined entity (read 2026-10-05)
- Pico - Corvil Analytics: "Pico's network-derived analytics platform for financial markets"; every order, tick and fill across the trading lifecycle; 1-second metrics for congestion, TCP retransmissions, round-trip times and errors; feed latency and gaps; up to 200Gbps sustained lossless capture and deep protocol decoding (read 2026-10-05)