Execution Analytics at Scale

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.

Key capabilities Consistent view of every historical trade to gain deep execution insights

Trades Plus saves you coding effort and computation time with data you can use immediately to accelerate your research.

Unlock Execution Intelligence

Benchmark trades against best execution standards (e.g. arrival price, VWAP), calculate quote-driven analytics such as spread capture, price improvement, and build out pre and post-trade markouts to analyse adverse impact trends.

See Every Trade in Context

Filter trades using enriched classifications and flags (e.g. identify hidden/dark, aggressor side, odd-lot, block, retail trades, MMT fields), analyse addressable volume consistently using BMLL’s normalised trade classifications globally across complex, fragmented markets.

Gain a Complete Picture

One easy-to-use table combining disparate datasets, such as data from the US consolidated tape (SIP) alongside proprietary data from each US venue feed. Quickly compare order book analytics or attributes for trades on an individual venue (BBO) versus the region-specific tape e.g. NBBO, CBBO.

Trades Plus combines detailed trade-by-trade data with:

BMLL Trade Classifications

Distinct trade classifications providing a clear and comprehensive view of all on- and off-exchange trading activity across execution mechanisms (e.g. Dark above LIS, Closing Auction, etc.)

Extensive Trade Flags

Filter to Retail, Odd-lot, Block Trades, reference MMT Flags, etc.

Order Book Analytics

Leverage single venue or consolidated quote analytics to calculate metrics like Spread Capture, Price Improvement, Time or Volume-based Mark-Outs and more.

BMLL TRADES PLUS The cleanest, most consistent order book data in global markets

BMLL Trades Plus is built on the robust foundation of BMLL’s gold-standard Level 3 Data.

Global Coverage

All trades across global exchanges (primary and secondary markets) and trade reporting facilities in a simple, normalised format.

Fully Normalised

Consistent normalisation for market state messages enables fast, seamless cross-venue analysis. Leverage nanosecond timestamp granularity and trade amendments for accuracy and consistency.

Deep History

Trade data from 2014.

Flexible Access

Available via BMLL Data Feed, BMLL Data Lab, Snowflake and Databricks

BENEFITS AND USE CASES How BMLL Supports Execution Analytics at Scale

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.	Study market impact: query individual trades with full quote context to build price impact and markout curves by size and aggressor side. Build custom trade analytics: construct bespoke aggregations, intraday volume profiles, auction participation, dark pool hit rates, directly in Python or SQL. Easily consume trades, quotes and related analytics to speed up research.
	Delivers normalised datasets and pre-computed analytics directly into your environment for seamless integration into existing workflows.	Benchmark execution quality: ingest markouts and prevailing BBO/CBBO/NBBO at trade time to measure slippage and best-execution compliance. Report venue market share: aggregate 25 trade classifications into lit/dark/SI/bilateral splits for daily internal and regulatory reporting. Easily consume trades, quotes and related analytics to speed up research.
	A no-code analytics platform that provides instant visibility into market quality and liquidity dynamics.	Break down classified trades by venue and classification (count, notional, shares). Aggregate classified trades over custom time windows with built-in currency conversion.

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

30 April 2026

BMLL at TradeTech 2026 - BMLL Trades Plus

At TradeTech, Sybille Mueller, Streets Consulting, spoke with Dr Elliot Banks, BMLL’s Chief Product Officer, about BMLL Trades Plus. Designed to bring everything needed to analyse a trade into one place, BMLL Trades Plus is a unified analytical dataset that helps firms move faster from raw data to real insight. BMLL Trades Plus removes the burden of stitching together complex datasets. It is a game changer for teams who need to rapidly conduct high-value analysis.

Read the Article

3 October 2025

Accelerating Market Insight with BMLL Trades Plus

BMLL Trades Plus is a dataset that links trades and quotes to give users a richer, holistic view of intraday market dynamics. This article highlights how Trades Plus helps buy-side firms optimise routing, brokers benchmark algorithms, and venues assess performance - delivering deeper insights with less complexity.

Read the Article

10 September 2025

A-Team Insight - BMLL Frees Quants from Data Prep with New Trades Plus Offering

Data and analytics provider BMLL has launched Trades Plus, a new equities dataset designed to eliminate the complex and time-consuming process of combining trade and quote data, a significant and resource-intensive challenge for quantitative analysts and trading firms.

Read the Article

Execution Analytics at Scale

Key capabilities Consistent view of every historical trade to gain deep execution insights

Trades Plus combines detailed trade-by-trade data with:

BMLL TRADES PLUS The cleanest, most consistent order book data in global markets

BENEFITS AND USE CASES How BMLL Supports Execution Analytics at Scale

BMLL ECOSYSTEM Explore the BMLL Platform

LATEST INSIGHTS Case Studies and Client Insights

Ready to see the market differently?