EXECUTION OBSERVABILITY TODAY

You kept the packets. Can you rebuild the record?

When a monitoring component fails, you can lose the processed record of a period even though the live traffic itself was never affected. If that period matters to a regulator, one question decides everything: can you rebuild it, or is the gap permanent? Under MiFID II, transaction-reporting completeness is not optional, and DORA now expects firms to evidence operational resilience rather than assert it — which makes a silent gap in the processed record exactly the kind of thing you may later have to explain. For firms that retain packet capture, the gap need not be permanent, but only if the architecture was built to recover, not just to store.

A gap in a transaction record does not necessarily mean the underlying activity has been lost.

Monitoring platforms depend on a chain of processing components: packet capture, protocol decoding, transaction correlation, datastores, reporting systems and downstream analytics. If one of those components is interrupted, the result may be a missing period in the processed data — perhaps a decoder stopped, a processing queue failed, or a datastore or downstream service became unavailable.

Live traffic may have continued throughout, but the operational record now contains a gap. The usual response is to investigate the outage, restore the affected component and resume processing. That fixes the live service, but it does not automatically restore what happened during the missing period. The gap remains.

 

Packet capture should be more than an archive

If the original network traffic was captured and retained, it can provide the evidence needed to reconstruct the missing records. This requires more than simply storing PCAP files. The relevant packet data must be:

•  Located using the affected time, traffic source, session, or instrument.

•  Isolated from the wider packet archive.

•  Returned to the processing queue.

•  Replayed through the same decoding and transaction-correlation logic.

•  Used to regenerate the missing transaction records.

•  Reconciled with the live operational dataset.

The objective is not merely to prove that traffic existed. It is to reproduce the processed information that the monitoring, investigation and reporting systems should have created at the time.

Recovery must not disrupt live monitoring

Historical traffic cannot simply be pushed back through the platform as quickly as storage can deliver it. Decoders, transaction engines, reporters and databases are designed around particular processing rates. An uncontrolled replay may overwhelm those components, create additional backlogs or interfere with live monitoring.

Recovery therefore needs to be controlled. Replay timing should be governed according to:

•  The capacity of the processing pipeline

•  The volume of missing traffic

•  Current live market activity

•  Databstore and reporting-system limits

•  The urgency of restoring the affected period

The live service must remain the priority. Historical processing should run alongside it at a safe and predictable rate. For smaller gaps, recovery may be possible during normal operations. Large-volume recovery jobs may need to be scheduled outside market hours or divided into manageable periods.

The distinction between retention and recoverability

Retaining packet data preserves the original evidence. That is valuable, but retention alone does not make the evidence operationally useful.

A recoverable architecture must also be able to:

•  Identify the correct packet subset

•  Preserve timestamps and ordering

•  Replay traffic consistently

•  Apply the correct decoder and configuration versions

•  Prevent duplicate transaction records

•  Demonstrate which records were reconstructed

•  Validate the result against the retained evidence

Without these capabilities, PCAP may remain little more than a large archive that requires specialist manual investigation whenever something goes wrong. With controlled replay, it becomes part of the operational recovery model.

Reproducibility matters

Reconstructed records should not be treated as if they were created during normal live processing. The platform should preserve a clear audit trail showing:

•  Why the replay was initiated

•  Which PCAP and time range were used

•  When the replay took place

•  Which processing configuration was applied

•  Which records were generated or amended

•  Whether the recovery completed successfully

This distinction matters for operational assurance, regulatory investigation and evidential integrity. The goal is not to hide the original processing failure. It is to restore the missing information while maintaining a transparent record of how that restoration was performed.

From passive evidence to an active recovery capability

Packet capture is often positioned as something used after an incident: evidence a specialist can open to determine what happened. Its value can go further.

Where the necessary packet evidence exists, xMetrics can use controlled replay to reconstruct incomplete processed transaction data while live traffic continues to be monitored in parallel. That turns retained PCAP from a passive forensic archive into an active recovery capability.

So, the important question is not “do we retain the packets?” It is “can we use those packets to rebuild the operational record when part of the processing chain fails?” If the answer is no, the evidence may still exist — but the gap could remain permanent.

Not sure whether your retained capture is genuinely recoverable, or simply stored? We can walk through it with you — where the gaps could form in your processing chain, and what it would take to close them. Get in touch and we’ll take a look.