ETF Issuers

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.

Key Capabilities Monitor ETF Performance and Optimise Liquidity Provision

BMLL provides full transparency into the ETF ecosystem through precise liquidity profiling, venue comparison, and competitor analysis.

Liquidity Provider Analytics

Go deeper than the spread at touch to analyse the full liquidity profile and evaluate key performance indicators of your market makers.

Competitor Product Analytics

Analyse how your ETFs perform relative to peers, evaluating how volatility, market impact, and liquidity depth influence trading volumes.

Venue Comparison Analytics

Compare ETF products across multiple listings and currencies to leverage a complete, harmonised picture of liquidity and market quality.

Trading Efficiency Analysis

Leverage robust historical order book data to analyse spread performance, reduce spread threshold breaches, and improve overall pricing precision.

BENEFITS & USE CASES How BMLL Supports ETF Issuers

Platform	Benefit	Use Cases
	A secure cloud-based research environment that enables deep, scalable analysis of harmonised historical market data and pre-computed analytics without infrastructure overhead.	• Competitor analysis • Market maker evaluation • Liquidity profiling
	Delivers normalised datasets and pre-computed analytics directly into your environment for seamless integration into existing workflows.	• Quantitative research feeds • Large-scale data archiving • Continuous performance tracking
	A no-code analytics platform that provides instant visibility into market quality and liquidity dynamics.	• Daily ETF monitoring • Spread and depth visualisation

BMLL ECOSYSTEM Explore the BMLL Platform

Access to our full range historical harmonised and normalised level 3, equities, futures, options and prediction markets market data, built in analytics and compute that scales across CPU and GPU. Built for alpha, insights, research, development and data science. Designed by quants.

Petabytes of historical market data and derived analytics, securely delivered to your environment by API, files, cloud warehouse or data platform. Level 3 order book granularity, normalised across venues and geographies, research-ready schema.

Intuitive no code visual application bringing all market participants exceptional granular insights over 500 metrics derived from BMLL best in class Level 3.

LATEST INSIGHTS Case Studies and Client Insights

16 June 2026

BMLL Market Lens: European Liquidity Maps

How you read the European tape depends on which viewpoint you take. This month only and in the context of ESMA current equity market structure call for evidence, we provide a lens built upon the notion of Real Economic Interest.

Read the Article

24 February 2026

Choosing the Right Market Data for Scalable Insight

While PCAP data provides the most complete record of market activity and is vital for analysing connectivity or protocol-level issues, it’s often unnecessary for most systematic trading research. In many cases, normalised historical data offers a more practical and cost-effective solution, delivering reliable insights without the added complexity and expense of maximum data fidelity.

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18 November 2025

Ultumus PCF Performance: Driving Tighter ETF Spreads

A leading European ETF issuer has seen a measurable improvement in primary market trading conditions since migrating their Portfolio Composition File (PCF) calculation to Ultumus.

Read the Case study

ETF Issuers

Key Capabilities Monitor ETF Performance and Optimise Liquidity Provision

BENEFITS & USE CASES How BMLL Supports ETF Issuers

BMLL ECOSYSTEM Explore the BMLL Platform

LATEST INSIGHTS Case Studies and Client Insights

Ready to see the market differently?