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6 February, 2026

24-Hour Market Trading Regulation Issues - And How Some Are Already Being Solved

As U.S. equity trading expands overnight, regulation built for daytime markets is lagging. With after-hours ATSs growing in importance, gaps in transparency and oversight are becoming more pronounced. Exegy and BMLL examine how regulation is adapting to a 24-hour market and why high-quality data is essential to future oversight.

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24 October, 2025

Goldman Sachs: How Well Are UK & EU Stock Markets Working?

Stock markets in the UK and the EU have transformed over the last decade as increased competition among trading venues and a shift in the composition of market participants have changed how and where trading happens.

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5 December, 2026

Study on consolidation and reducing fragmentation in trading and post-trading infrastructures in Europe

EU capital markets remain too fragmented and complex to support the SIU’s goals. Outdated, costly infrastructure and slow progress on legal harmonisation, especially in tax and securities law, continue to block integration. Interviews with about 100 stakeholders confirm that national legal...

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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 fragmentation is a cost or a benefit.

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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 the stability of the UK financial system and what it is doing to remove or reduce any risks to it.

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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 and impact of these mechanisms on market activity.

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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 the findings to Nasdaq's regional competitors.

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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 CME’s introduction of Portfolio Margining.

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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 French blue-chip equities.

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5 April, 2023

Cboe Europe demonstrates big gains in liquidity and price formation

Selin Duz Tan, Head of Execution Consulting, Cboe Europe, discusses the exchange's recent market share growth and uses BMLL Data to demonstrate Cboe Europe's price quality and stability levels across French stocks.

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23 March, 2023

The Data and Analytics Race: How to win in a future determined by historic data

In this webinar, Dr Elliot Banks and industry leaders examined the strategies the sell side is deploying, and how the buy side is developing its approach.

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9 March, 2022

Why Physics Makes a Pre-trade Tape Impossible

Exploring the challenges of a European consolidated tape, Nasdaq uses BMLL data to examine the percentage of the time European stocks would have a stale EBBO.

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6 March, 2023

SIX Infosnack 12: Cancel Culture

Using BMLL data, this InfoSnack looks at order cancellations as a key driver of the order book shape, across the most liquid European equities.

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17 February, 2023

Nasdaq Analysis in Response to SEC Market Structure Proposals

Phil Mackintosh, Chief Economist, Nasdaq, recently conducted an analysis using data from BMLL to examine the optimal ticket size for tighter spreads in US securities trading as a response to SEC’s proposed regulation changes.

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24 January, 2023

Going for growth to democratise Level 3 data

Best Execution caught up with Paul Humphrey, CEO of BMLL, which recently secured $26m of Series B investment to support the firm’s growth strategy.

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