Exchanges & Trading Venues

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.

KEY CAPABILITIES Demonstrate Market Quality with Confidence

As competition for liquidity intensifies across global markets, exchanges need a clear, objective view of how their markets are performing. BMLL provides the tools to analyse market behaviour consistently and optimise trading environments with confidence.

Peer Venue Benchmarking

Compare spreads, depth, and liquidity dynamics across domestic and global venues using harmonised datasets.

Market Maker Monitoring

Measure liquidity provision and refine incentive programmes using granular order book analytics.

Product Development & Testing

Simulate changes to tick sizes, auction logic, matching engines, and fee structures using high-fidelity historical market data.

Regulatory Insight

Assess the real-world impact of regulatory reforms and structural market changes.

New Data Products

Create differentiated, white-label analytics for members and market participants.

BENEFITS & USE CASES How BMLL Supports Exchanges & Trading Venues

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.	• Market quality benchmarking and peer venue comparison • Liquidity provider and participant analysis • Complex product simulation and strategy research
	Delivers normalised datasets and pre-computed analytics directly into your environment for seamless integration into existing workflows.	• Regulatory reporting and compliance analytics • Market surveillance and risk monitoring • Scalable internal analytics and data distribution
	A no-code analytics platform that provides instant visibility into market quality and liquidity dynamics.	• Daily market quality monitoring • Cross-venue and cross-region comparison • Visualisation of liquidity and fragmentation trends

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

4 February 2026

Smaller round lots: tighter spreads, but thinner liquidity

Smaller round lot sizes led to tighter spreads for impacted securities, particularly those reduced from 100 to 10 shares. However, overall liquidity declined both at the top of book and deeper in the order book, making larger trades harder and more expensive to execute. Corporate equities experienced the strongest effects, with greater spread improvements but significantly sharper liquidity reductions compared with ETPs.

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29 September 2025

Enhancing Venue Performance: How Aquis Markets Built an Analytics Solution with BMLL to Drive Growth

Aquis Markets is a leading pan-European equities trading venue known for its innovative approach to market structure and its commitment to fair, transparent, and efficient trading. Aquis Markets operates lit and dark order books and periodic auctions. It is Europe’s largest alternative closing auction service, covering 16 European markets.

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11 July 2024

The Swiss Stock Exchange Initiative for delivering the Swiss EBBO service

In order to monitor participant level performance on Swiss EBBO and provide post trade best execution analysis, BMLL worked with SIX to provide customised order book analytics for Swiss EBBO. These analytics combine anonymised orderbook data from The Swiss Stock Exchange with BMLL's unique harmonised Level 3 Data.