Financial Services Compliance

Regulatory Reporting

Pico's Corvil platform passively captures complete order lifecycle data with nanosecond-precision timestamps and — in partnership with NEX Abide Financial — delivers end-to-end transaction reporting compliance for MiFID, MiFIR, EMIR, Dodd-Frank, ASIC, and MAS obligations.

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Overview

Pico's Corvil platform, combined with the NEX Abide Financial Data Hub, provides a complete, end-to-end solution for regulatory transaction reporting compliance across major international regimes including MiFID, MiFIR, EMIR, Dodd-Frank, ASIC, and MAS. Corvil's Streaming Analytics Platform passively captures complete order lifecycle data from the wire and enriches it with nanosecond-precision, UTC-synchronized timestamps. The NEX Abide Financial Data Hub performs data enrichment, normalization, business rules validation, reconciliation, and formatted delivery to ARM, APA, EMIR Repository, REMIT RRM, and DTCC facilities. NEX Abide Financial is an authorized Approved Reporting Mechanism (ARM) under MiFID.

The Challenge

The complexity and diversity of international regulatory reporting regimes continue to increase. Under MiFID II Article 50 and RTS-25, every reportable event must be timestamped with millisecond accuracy, and high-frequency traders must record to 1 microsecond resolution with 100 microsecond accuracy — requirements that cannot be met reliably through application-layer logging alone. Organizations investing in compliance are retrofitting systems and building large internal compliance organizations — a burden that yields little client value while the cost of non-compliance grows.

Key Capabilities

Passive Transaction Capture with Precision Timestamping

Corvil augments traditional data sources with passive capture of the complete order lifecycle directly from the wire, including nanosecond-precision UTC-synchronized timestamp enrichment. This exceeds MiFID II RTS-25 requirements for both standard participants (millisecond accuracy) and high-frequency traders (1 microsecond resolution, 100 microsecond accuracy).

Data Enrichment, Validation, and Reconciliation

The NEX Abide Financial Data Hub validates transaction data based on formatting, completeness, user-defined rules, workflow-based logic, and product-based elements. A rules engine identifies errors, evaluates reportability, and reconciles transaction data against the order lifecycle record — providing a safety net against regulatory misreporting before data reaches the regulator.

Routing, Publication, and Ongoing Monitoring

Formatted messages are delivered to appropriate regulatory endpoints — ARM, APA, EMIR Repository, REMIT RRM, and DTCC for CFTC, ASIC, and MAS. Ongoing tools for trade lifecycle performance management, cyber-risk detection, and continuous enhancement provide additional operational value beyond compliance.

Use Cases

Banks and brokers subject to MiFID II transaction reporting under RTS-24 use Corvil wire capture to obtain complete order lifecycle records with millisecond-accurate timestamps — without modifying trading systems or adding logging overhead.
High-frequency trading venues required to timestamp reportable events to 1 microsecond resolution under RTS-25 rely on Corvil hardware timestamping to meet those requirements from a single non-intrusive deployment.
Compliance teams use the NEX Abide reconciliation engine to cross-check transaction data against the wire-captured order lifecycle record, identifying omissions and errors before they reach the regulator.
Firms subject to multiple international regimes — EMIR, Dodd-Frank, ASIC, MAS — route normalized transaction data through a single integrated platform to meet obligations across jurisdictions.

Solution Highlights

Nanosecond-precision timestamp enrichment exceeds MiFID II RTS-25 requirements for both standard participants and high-frequency traders — built in, not bolted on.
Authorized Reporting Mechanism (ARM) status under MiFID for NEX Abide Financial ensures reports are delivered through a regulatorily recognized channel, reducing submission risk.
Passive, non-intrusive capture from the wire minimizes changes to trading systems — reducing implementation time and preserving trading performance while ensuring completeness of the transaction record.
Advanced error checking via the rules engine evaluates completeness and formatting before submission — a safety net against the fines that arise from inaccurate or incomplete reporting.

What You Achieve

Regulatory tail risk is reduced through complete reporting backed by wire-captured data and rigorous pre-submission validation — catching omissions before they reach the regulator.

Cost to meet MiFID II RTS requirements is reduced by minimizing required changes to trading systems and providing a single integrated platform for capture, enrichment, reconciliation, and multi-regime publication.

Future-proofing against more stringent regulations is built in — the wire-based capture and nanosecond-precision timestamping architecture is already operating beyond current mandated thresholds.

Ready to see it in action?

Talk to a Pico specialist about your environment and how Regulatory Reporting fits your needs.

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