Effective market oversight requires granular, reliable trading data. But fragmented feeds and infrastructure constraints limit analytical capability.
BMLL delivers nanosecond-precision historical order book data and analytics, enabling regulators to reconstruct events, assess policy impact, and conduct independent oversight with confidence.
BMLL enables full transparency into market behaviour with precise reconstruction and analysis capabilities.
Rebuild full order books at nanosecond resolution to analyse suspicious activity.
Model structural changes such as tick sizes, auctions, and matching rules.
Track liquidity, spreads, and fragmentation across global markets.
Access exportable, auditable datasets to support investigations and enforcement.
| Platform | Benefits | Use Cases |
|---|---|---|
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A secure cloud-based research environment that enables deep, scalable analysis of harmonised historical market data and pre-computed analytics without infrastructure overhead. |
• Market reconstruction • Enforcement investigations • Policy simulation |
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Delivers normalised datasets and pre-computed analytics directly into your environment for seamless integration into existing workflows. |
• Surveillance engine feeds • Large-scale data archiving • Continuous monitoring |
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A no-code analytics platform that provides instant visibility into market quality and liquidity dynamics. |
• Daily market monitoring • Rapid anomaly detection • Executive dashboards |
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.
24 June 2026
New data shows why the SEC’s OPR no longer matters
The SEC’s order protection rule has become superfluous, with 99% of orders that don’t benefit from it doing better than , or at, the national best bid offer.
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.
18 June 2025
Into the Close: Unpacking U.S. Closing Auction Dynamics and the Impact of the Russell Reconstitution
This article examines U.S. closing auctions and their behavior during the annual Russell Reconstitution. It shows how different exchanges (NYSE, Nasdaq, NYSE Arca) and order types (like NYSE D-Orders) impact price formation, and how auction volumes and imbalances spike on rebalance day. Understanding these dynamics and historical data is key for traders managing execution and risk into the 2025 reconstitution.
Discover how BMLL helps trading desks optimise execution and market insight
