Industry Reports & Articles

Access a curated collection of industry reports, expert articles and independent research exploring the evolution of market structure, trading performance and capital markets technology.

Bringing together insights from BMLL, industry leaders and respected publications, these resources provide valuable perspectives on the opportunities and challenges facing market participants today. From regulatory change and execution quality to data analytics and market transparency, discover the research and thought leadership shaping the future of financial markets.

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The Tick of It: Assessing the impact of recent tick size changes on spread and liquidity across the FTSE 100

LSEG latest report 'The Tick of It' takes a closer look at the recent tick size changes across FTSE 100 stocks...

4 April, 2024

Block Trading at the JSE

Block trading has introduced efficiencies and reduced the market impact associated with the process of arranging and executing orders of significant sizes.

22 February, 2024

Trading at the close: key drivers and insights

This blog explains the significance of the closing auction as the largest liquidity event of the trading day continues to grow.

19 December, 2023

Introduction to trading mechanisms in the European equities market: Closing Auctions

This blog introduces and explains the mechanics of Europe’s second most popular trading mechanism: closing auctions.

27 September, 2023

Equity trading ‘Made in Italy’: From migration to price formation

Using BMLL data, the Euronext Equities Team provides an analysis of Milan equity markets, highlighting the market quality impact of the successful migration onto the Euro...

26 September, 2023

Exegy selects BMLL for historical data & analytics partnership

Exegy announces its partnership with BMLL. This new alliance is unique in providing low latency, real-time data, now with access to high-grade, global historical data and...

25 July, 2023

Does the Aquis MaC impact price formation at the close?

Aquis study uses BMLL data to examine the timing of price formation, with an in-depth look at the impact in varying ratio buckets.

13 July, 2023

How Does EU and U.S. Fragmentation Compare?

Using BMLL's Liquidity Maps, Phil Mackintosh, Chief Economist, Nasdaq, compares the fragmentation in the European and U.S. markets. Phil also touches on whether fragmenta...

12 July, 2023

Financial Stability Report - July 2023

Using BMLL Data, the Bank of England examined the stability of the UK financial system. The Financial Stability Report sets out the Financial Policy Committee's view on t...

10 July, 2023

Closing Mechanisms in European Equities

Plato published independent academic research that used BMLL Data to shed light on closing mechanisms in European equity markets. The study delves into the significance a...

8 June, 2023

Who Is Really Creating Market Quality in Nasdaq Nordic-listed Stocks

Using BMLL Data, Phil Mackintosh, Chief Economist, Nasdaq, examines two dimensions of the Nasdaq Nordic markets: price formation and implicit trading costs and compares t...

8 June, 2023

Portfolio Margining drives improved markets in Eris SOFR

Using BMLL Data, Eris Innovations demonstrates that Eris SOFR swap futures order book liquidity has grown tighter and deeper due to capital efficiency improvements from C...

17 April, 2023

Where does price formation truly happen?

Using BMLL Data, Euronext uses a range of metrics such as EBBO Setting percentage, Liquidity and Spreads to compare its venues' performance with its competitors across Fr...

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