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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 Outdated, costly infrastructure and slow progress on legal harmonisation, especially in tax and securities law, continue to block integration.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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9 January, 2023

Cboe Europe Equities Yearly Recap and Look Ahead

Using BMLL harmonised data Natan Tiefenbrun, President, Cboe Europe, compares time at EBBO, across the FTSE100, with Cboe's competitor venues.

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22 December, 2022

The TRADE predictions series 2023: Data

Paul Humphrey, CEO, BMLL Technologies: 'Firms that realise the predictive power of Level 3 data will understand their markets better, derive more predictive analytics, and leave those still using lower-quality data behind.'

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8 December, 2022

Tight NBBO Matter to Off-exchange Trades Too

Using BMLL Data, Phil Mackintosh, Chief Economist, Nasdaq, explore the differences in price between odd NBBO and the NBBO-midpoint for the same stock and highlights why the difference is importance for the end investor.

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14 November, 2022

IEX ‘Boxes and Lines’ market structure podcast

IEX’s Ronan Ryan and John Ramsay talk with BMLL’s Paul Humphrey and Dr Elliot Banks in Ep. 72 ‘What’s historical data anyway?’.

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11 October, 2022

BMLL Launches Data Visualisation Tool for Equities & ETFs

BMLL Vantage democratises access to Level 3 order book data and analytics through an intuitive visualisation tool, thereby removing the need to code in order to derive meaningful insights.

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6 October, 2022

What Makes Other Countries’ Trading Tick?

Using BMLL Data, Phil Mackintosh, Chief Economist, Nasdaq, examines how the system of round lots and 1-cent ticks in the U.S. creates inefficiency as stock prices rise and fall.

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15 September, 2022

Comparing AAPLs and Apples

Using BMLL Data, Phil Mackintosh, Chief Economist, Nasdaq, analyses 'Average Spread at Notional Depth' when comparing Nasdaq and NYSE market quality.

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13 September, 2022

SIX Infosnack 11: Crumble in the Jungle

Using BMLL data, SIX highlights the trade-off between fill probability and adverse selection utilising Order Book Imbalance (OBI) state and a Crumbling Quote Signal (CQS).

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12 September, 2022

Euronext confirms resilient market quality for equity trading

Using BMLL Data, Euronext runs cross-venue market quality analyses to demonstrate how its venues perform compared to its peers.

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14 July, 2022

BME Trading Focus - Find the liquidity you need. When you need it.

This study - using BMLL data - aims to provide an insight into the structure of the main order books in which Spanish securities are traded. Some metrics such as ‘fill probability’ represent the interaction between aggressive and passive orders.

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17 May, 2022

Kepler Cheuvreux and BMLL partner on order book analytics and algo development

Kepler Cheuvreux works with BMLL to boost its order book analytics and improve algo performance. The collaboration will free up Kepler’s quant researchers to spend more time on research and less time on data management.

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10 May, 2022

Is the equity market becoming more resilient to global turmoil?

Using BMLL Data, Euronext provides analysis comparing the market quality metrics in 2020 during the first wave of the Covid-19 outbreak and the recent market turmoil in 2022 caused by the Ukraine-Russia crisis.

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