AFTAs 2025: Best data analytics provider—Pico

Overview

Corvil Analytics provides users with real-time visibility into every packet of market data, order flow and infrastructure traffic, delivering transparency into firms’ trading performance and operational health. Used by more than 250 institutions globally, including banks, exchanges, hedge funds, quant firms, market-makers, asset managers and retail brokers, Corvil is designed specifically address the industry’s challenges around monitoring latency, data quality and reliability. By capturing, decoding and analyzing all traffic down to the microsecond, it allows firms to assess and safeguard performance and compliance.

The problems it fixes  

Corvil Analytics captures and decodes all network, market data and trading traffic, correlating orders with responses to measure latency and performance. This packet-level intelligence identifies the source of issues, pinpoints data quality problems and provides user firms with high degrees of transparency. With monitoring and alerts, Corvil ensures clients across banking, trading, exchange and asset management environments are able to detect and address anomalies before they impact operations, supporting compliance and enhancing decision-making in real time.

Differentiators  

Corvil delivers independent, packet-level visibility across trading, market data and enterprise infrastructure. Its ability to decode and analyze every flow in real time provides a unified, trusted view of performance without reliance on counterparties or siloed systems. Serving over 250 institutions worldwide, Corvil’s scale and breadth of coverage allows user firms to optimize execution, ensure regulatory confidence and augment resilience in an increasingly complex market.

Recent enhancements

Pico recently:

• Launched IntelliVUE, integrating PicoNet and Corvil Analytics to deliver unified, real-time connectivity monitoring with interactive visualization and proactive alerting
• Expanded analytics for market data quality, including enhanced gap detection and microburst monitoring
• Introduced Corvil 12000, a 200 Gbps capture and analytics appliance that doubles performance of comparable solutions while ensuring network data is AI-ready 

Product roadmap

Pico plans to:

• Extend Corvil’s analytics to support new use-cases in digital assets and 24/7 trading, helping institutions prepare for around-the-clock markets
• Deepen integration with enterprise monitoring, compliance and risk systems to support global financial firms at scale
• Expand automation and alerting features to reduce manual investigation and accelerate resolution for hundreds of client environments worldwide

Why they won

The data analytics domain is vast and varied across the capital markets, which means that all analytics tools designed to interrogate large, fast-moving datasets and provide insights to improve trading and risk functions tend to fall under its umbrella. This in turn means that in recent years, the data analytics categories of these and other WatersTechnology awards have attracted the most entries of all on offer; a case in point is this year’s AFTAs, in which we received no fewer than 14 entries.

New York-based Pico wins its first ever WatersTechnology award thanks to its outstanding Corvil Analytics offering that addresses a critical need across the capital markets: accurate, dependable and real-time transparency into every element of trading performance. As trade volumes rise and trading becomes more complex, firms are looking for greater insights into latency, data quality and how their infrastructure is behaving. 

Corvil is designed to do just that by capturing and analyzing every data packet flowing into and out of user-firms, thereby providing them with a clear view of their trading environment without relying on external sources or fragmented analytics tools. This, in turn, delivers value for them by allowing faster and more precise anomaly detection and clearer accountability for performance and compliance functions. Corvil’s adoption across a range of capital markets firms, including banks, exchanges, brokers and the buy side underlines the platform’s role as a trusted means of operational transparency, control and intelligence.