Bringing the highest quality
historical market data to
capital markets Bringing the highest quality historical market data to capital markets

Building systematic strategies requires clean, research-ready market data. But transforming raw feeds into usable datasets is complex and resource-intensive.

BMLL removes this burden by delivering harmonised historical order book data and analytics, enabling quant teams to focus on alpha generation, strategy development, and backtesting.

• Alpha Research
• Strategy Backtesting
• Execution Analysis
• Risk Management
• Internal data feed validation

Best execution and broker governance require an objective, cross-venue view of market activity. But fragmented data makes performance evaluation difficult.

BMLL delivers harmonised and normalised historical market data and analytics, enabling asset managers to evaluate execution quality, benchmark brokers, and strengthen governance frameworks.

• Trade Cost Analysis
• Broker Benchmarking
• Liquidity Monitoring
• Market Structure Analysis

Capturing alpha and optimising execution across global derivatives and futures markets requires clean, high-resolution historical data. But processing, normalising, and storing fragmented order book data across various international exchanges is highly complex and resource-intensive.

BMLL removes this barrier by delivering harmonised, nanosecond-precision historical order-book data and analytics. This empowers CTAs to backtest systematic models with absolute precision, uncover unique microstructure signals, and refine execution strategies without building or maintaining costly data infrastructure.

• Alpha & Signal Generation
• High-Fidelity Backtesting
• Execution Optimisation & TCA
• Macro Event Analysis
• Cross-Asset Liquidity Insights

Optimising execution, routing, and market insight requires high-quality historical data. But sourcing and standardising fragmented feeds is complex and resource-intensive.

BMLL removes this barrier by delivering harmonised, nanosecond-precision order book data and analytics, enabling trading desks and quant teams to analyse execution quality, refine algorithms, and generate insights without building or maintaining data infrastructure.

• Transaction Cost Analysis (TCA)
• Algorithm & Smart Order Routing Optimisation
• Market Structure Analysis
• Market Surveillance

Attracting order flow and improving market quality depend on accurate, high-resolution, comparable data. But standardising and analysing cross-venue datasets is complex and resource-intensive.

BMLL removes this barrier by delivering harmonised, nanosecond-precision historical order-book data and analytics, giving exchanges immediate access to deep market insights without building or maintaining cloud or on-premise infrastructure. This enables faster benchmarking of market quality, improved visibility of liquidity provision, and more effective product design.

• Peer Venue Benchmarking
• Market Maker Monitoring
• Product Development & Testing
• Regulatory Insight
• New Data Products

ETF issuers need to know how their products compare to competitors, how effective their liquidity providers are in creating a market, and how their products perform across different venues and currencies. But fragmented feeds and inconsistent raw data limit true analytical capability.

BMLL delivers nanosecond-precision historical Level 3 order book data and analytics, empowering issuers to evaluate product performance, optimise liquidity provision, and understand market dynamics with confidence.

• Liquidity Provider Analytics
• Competitor Product Analytics
• Venue Comparison Analytics
• Trading Efficiency Analysis

ISVs power innovation across capital markets, providing the platforms, trading systems, and analytics that clients depend on. 

BMLL accelerates ISVs’ product development, delivers differentiated capabilities, and reduces infrastructure costs by providing the highest-quality harmonised historical Level 3, 2, and 1 market data and pre-computed analytics, which can be easily fed directly into systems via scalable delivery methods.

• Pre-Trade Analytics & Embedded TCA

• Cross-Algo Benchmarking

• Surveillance & Risk Management

• Simulation & Market Replication

Standard post-trade TCA relies on top-of-book or delayed consolidated tape data, failing to capture true market states, fill dynamics, or liquidity conditions at the exact nanosecond of execution. Building and maintaining the full order book infrastructure required to achieve meaningful, high-fidelity execution analysis is complex and resource-intensive.

BMLL removes this operational barrier by delivering harmonised, and normalised nanosecond-precision historical order book data and pre-computed analytics. This allows execution desks, quantitative researchers, and compliance teams to reconstruct the exact state of the market around every trade, enabling deep analysis of slippage, market impact, and adverse selection without managing complex data pipelines.

• Full Order Book Reconstruction
• Queue Position & Fill Analysis
• Independent Broker Governance
• Pre- to Post-Trade Alignment:
• Venue & Liquidity Pool Evaluation

For quantitative researchers, data engineering is often the biggest obstacle to alpha generation. Cleaning, normalising, and stitching together fragmented venue data consumes valuable research time and delays strategy development.

BMLL removes this operational burden by delivering harmonised, nanosecond-precision historical order book data and analytics. We enable quantitative teams to focus directly on alpha discovery, rigorous backtesting, and execution modelling across multiple market regimes without managing complex data infrastructure.

• Alpha Research
• Backtesting
• Execution Modelling
• Strategy Optimisation

Detecting market abuse and ensuring regulatory compliance requires a complete and granular view of market activity. Standard top-of-book data is insufficient for investigating sophisticated manipulation strategies such as spoofing or layering.

BMLL removes this complexity by enabling surveillance and compliance teams to reconstruct full order books at nanosecond precision using harmonised historical market data. This allows teams to focus on investigation, monitoring, and evidence generation without managing the operational burden of storing and processing massive datasets internally.

• Anomaly Detection
• Full Audit Trails
• Regulatory Compliance
• Behavioural Analysis

Understanding market structure requires detailed insight into liquidity behaviour across fragmented trading venues. However, analysing disparate exchange datasets and venue protocols is often complex and time-consuming.

BMLL removes this friction by delivering harmonised historical market data and pre-computed analytics, enabling analysts to focus directly on liquidity analysis, venue benchmarking, and structural market insights without the burden of data engineering.

• Liquidity Analysis
• Venue Benchmarking
• Impact of Rules & Products
• Market Fragmentation Insights

Traders and analysts need to evaluate global market microstructure and execution quality to identify liquidity fragmentation, participant behaviour, and venue competitiveness. They need to combine trade data with quote data to generate TCA, Best Execution Analysis or compare Market Quality, using a combination of data feeds. Previously this has been a highly repetitive, iterative, and time-consuming process. 

The BMLL Trades Plus dataset removes this effort by capturing detailed trade information, BMLL’s proprietary trade classifications and quote-based analytics, into one single multi-purpose dataset. 

• Unlock execution intelligence

• See every trade in context

• Gain a complete picture