Market Surveillance

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.

Key Capabilities Monitor Markets, Detect Anomalies, and Investigate Market Behaviour

BMLL provides surveillance teams with the precision and visibility required to analyse market behaviour consistently across fragmented venues.

Anomaly Detection

Identify suspicious trading behaviour, spoofing, layering, and manipulation patterns across fragmented global markets.

Full Audit Trails

Reconstruct complete order books with nanosecond precision to analyse market conditions at the time of an event.

Regulatory Compliance

Generate exportable, evidence-ready datasets to support audits, investigations, and regulatory oversight.

Behavioural Analysis

Compare trading patterns across venues, instruments, and trading mechanisms simultaneously.

Essential Data & Metrics

Complete message-level order flow data for spoofing and manipulation detection.

Nanosecond-precision synchronisation across fragmented global venues.

Flags for auctions, trading halts, and off-book activity.

Full order book reconstruction capabilities for forensic analysis.

BENEFITS & USE CASES How BMLL Supports Market Surveillance

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.	• Forensic order book reconstruction • Anomaly investigation • Custom alert logic development
	Delivers normalised datasets and pre-computed analytics directly into your environment for seamless integration into existing workflows.	• Enterprise surveillance systems • Continuous compliance monitoring • Regulatory reporting pipelines
	A no-code analytics platform that provides instant visibility into market quality and liquidity dynamics.	• Visual market monitoring • Rapid anomaly detection • Evidence generation for investigations

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

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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10 February 2026

BMLL and Features Analytics partner to accelerate trade surveillance and market integrity analytics

BMLL and Features Analytics have partnered to develop AI-driven trade surveillance and market integrity analytics using BMLL’s high-fidelity historical order book data. The collaboration enables like-for-like benchmarking of market abuse detection, improves surveillance accuracy, reduces false positives, and provides regulator-ready, explainable evidence based on real market behaviour.

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7 January 2026

The data beneath the surface: what the first month of Reg NMS changes actually revealed

The US equity market is undergoing major structural change, and early analysis of the first Reg NMS updates shows that while reported liquidity metrics have shifted, underlying liquidity has not - only the way it is measured. Changes to round lots, upcoming fractional share reporting, odd-lot NBBOs, and dynamic tick sizes mean firms can no longer rely on top-of-book data without risking flawed analysis and backtests. At the same time, structurally growing overnight and hidden liquidity underscore the need for granular Level 3 data to trade, manage risk, and generate alpha as the market heads into 2026.

Read the Article

Market Surveillance

Key Capabilities Monitor Markets, Detect Anomalies, and Investigate Market Behaviour

Essential Data & Metrics

BENEFITS & USE CASES How BMLL Supports Market Surveillance

BMLL ECOSYSTEM Explore the BMLL Platform

LATEST INSIGHTS Case Studies and Client Insights

Ready to see the market differently?